BioLife Solutions(US:BLFS)2025-05-08 20:20Revenue Performance - Total revenue for the three months ended March 31, 2025, was $23.9 million, representing a 30% increase from $18.4 million in the same period in 2024[154]. - Product revenue increased by $5.6 million, or 33%, to $22.3 million for the three months ended March 31, 2025, driven by increased customer demand for cell processing products[155]. - Cell processing product revenue rose by $5.4 million, or 33%, during the three months ended March 31, 2025, compared to the same period in 2024, due to market improvement and increased purchases from major customers[156]. - Service revenue was immaterial during the three months ended March 31, 2025, with rental revenue decreasing by $0.1 million, or 5%, to $1.6 million compared to the same period in 2024[158][159]. Operating Expenses - Total operating expenses for the three months ended March 31, 2025, were $25.2 million, an increase of $3.4 million, or 16%, from $21.7 million in the same period in 2024[160]. - General and administrative expenses increased by $1.1 million, or 11%, primarily due to professional fees related to the acquisition of PanTHERA[164]. Interest and Cash Position - Interest income for the three months ended March 31, 2025, was $681,000, a significant increase of $821,000 compared to a net interest expense of $140,000 in the same period in 2024[169][170]. - As of March 31, 2025, the company had $107.6 million in cash, cash equivalents, and available-for-sale securities, a slight decrease from $109.2 million as of December 31, 2024[171]. Divestitures and Acquisitions - The company divested its Global Cooling and SciSafe businesses, which are now presented as discontinued operations in the financial statements[146][147]. - The acquisition of PanTHERA was finalized on April 4, 2025, and is considered a subsequent event to the financial results presented as of March 31, 2025[150]. - The Global Cooling Divestiture was completed on April 17, 2024, involving cash funding of $6.7 million and additional cash expenditures of $6.1 million related to post-closing requirements and severance expenses for 47 employees[172]. - The SciSafe Divestiture was finalized on November 12, 2024, generating net proceeds of $71.3 million, with additional expenses of $0.5 million for transaction services and $4.0 million in stock compensation[173]. - The CBS Divestiture was completed on November 14, 2024, resulting in net proceeds of $3.4 million and $2.0 million in stock compensation expenses for former employees[174]. - The acquisition of PanTHERA was finalized on April 4, 2025, with a total purchase price of $22.7 million, including $10.0 million in cash and contingent stock payments of $7.2 million[176]. Cash Flow and Liquidity - Net cash provided by operating activities was $1.7 million for the three months ended March 31, 2025, a significant improvement from $4.5 million used in the same period in 2024[179]. - Net cash used in investing activities increased to $27.2 million for the three months ended March 31, 2025, primarily due to $24.0 million in additional purchases of marketable securities[180]. - Net cash used in financing activities totaled $3.0 million for the three months ended March 31, 2025, compared to $1.0 million in the same period in 2024, driven by a $2.5 million increase in Term Loan payments[181]. - As of March 31, 2025, total short-term purchase obligations amounted to $10.0 million[183]. - The company believes its current cash and liquid assets will meet liquidity needs for at least the next twelve months, but may consider raising additional capital for strategic purposes[177]. - The company’s long-term debt primarily bears interest at a fixed rate, with fluctuations in interest rates not materially impacting financial statements[184].