BioLife Solutions(BLFS) - 2024 Q1 - Quarterly Results

Revenue Performance - Total revenue for Q1 2024 was $31.7 million, a decrease of $6.0 million, or 16%, from $37.7 million in Q1 2023[8] - Total revenue for the three months ended March 31, 2024, was $31,727,000, a decrease of 16% compared to $37,703,000 for the same period in 2023[32] - Product revenue decreased to $24,803,000, down 21.5% from $31,593,000 year-over-year[32] - Service revenue increased to $5,088,000, up 13.8% from $4,471,000 year-over-year[32] - The Biostorage Services platform revenue was $7.1 million, an increase of 25% from the same period in 2023[9] - Total revenue for the same period was $31,727,000, with revenue adjusted for Global Cooling at $26,779,000, indicating a significant contribution from other segments[54] Profitability and Loss - The net loss for Q1 2024 was $10.2 million, compared to a net loss of $13.7 million in Q1 2023[15] - Net loss attributable to common shareholders for the three months ended March 31, 2024, was $(10,221,000), compared to $(13,714,000) for the same period in 2023[32] - For the three months ended March 31, 2024, BioLife Solutions reported a net loss of $10,221,000, compared to a net loss of $13,714,000 for the same period in 2023, representing a 25.5% improvement[52] - Adjusted net loss for the three months ended March 31, 2024, was $(9,014,000), compared to $(10,601,000) for the same period in 2023[44] - The net loss adjusted for Global Cooling was $4,453,000, showing a reduction from the unadjusted net loss[56] Gross Margin and EBITDA - GAAP gross margin for Q1 2024 was 38%, up from 35% in Q1 2023, while adjusted gross margin (non-GAAP) improved to 40% from 37%[11] - Gross profit for the three months ended March 31, 2024, was $11,979,000, resulting in a gross margin of 38%, compared to a gross margin of 35% in the same period last year[46] - The adjusted gross profit excluding Global Cooling was $14,189,000, resulting in an adjusted gross margin of 53%[54] - Adjusted EBITDA for Q1 2024 was $3.6 million, compared to an adjusted EBITDA loss of $1.2 million when excluding GCI[3][7] - The adjusted EBITDA excluding Global Cooling was reported at $3,583,000, reflecting a positive operational performance[56] Cash and Assets - Cash, cash equivalents, and marketable securities as of March 31, 2024, totaled $46,126,000, down from $52,274,000 as of December 31, 2023[37] - Total assets as of March 31, 2024, were $401,602,000, a decrease from $412,714,000 at the end of 2023[37] - Current liabilities decreased to $38,658,000 from $42,178,000 at the end of the previous year[37] Strategic Initiatives - The company processed 22 new U.S. FDA Master File cross references for biopreservation media, bringing the total to 716[4] - BioLife Solutions affirmed its 2024 revenue guidance of $95.5 million to $100.0 million, with expectations for growth in both Cell Processing and Biostorage Services platforms[12] - The company completed the sale of Global Cooling, Inc. (GCI) on April 17, 2024, which transformed its financial profile[5] - Management expects full-year positive adjusted EBITDA and adjusted EBITDA growth in 2024[21] - The company continues to focus on enhancing its product offerings and market expansion strategies to drive future growth[56] Cost Management - Share-based compensation (non-cash) for the three months ended March 31, 2024, was $5,237,000, down from $7,363,000 in the previous year[56] - The company incurred acquisition and divestiture costs of $237,000 during the period, which is a decrease from $833,000 in the same quarter of the previous year[52] - The depreciation expense for the quarter was $1,434,000, compared to $1,731,000 in the prior year, indicating improved asset utilization[52] - Operating loss for the three months ended March 31, 2024, was $(10,128,000), an improvement from $(13,605,000) in the prior year[42]