BioLife Solutions(US:BLFS)2024-05-10 21:11Revenue Performance - Total revenue for Q1 2024 was $31.727 million, a decrease of 16% from $37.703 million in Q1 2023[33] - Product revenue from freezers and thaw systems decreased by 33% to $8.334 million, down from $12.381 million[33] - Cell processing revenue declined by 15% to $16.186 million, compared to $18.993 million in the previous year[33] - Biostorage services revenue increased by 29% to $283,000 from $219,000 year-over-year[33] - Service revenue from biostorage services rose by 30% to $4.975 million, up from $3.825 million[33] - Product revenue decreased to $24,803,000 in Q1 2024 from $31,593,000 in Q1 2023, a decline of approximately 21.5%[80] - Total revenue for Q1 2024 was $31,727,000, down from $37,703,000 in Q1 2023, representing a decrease of about 16%[80] - Service revenue increased to $5,088,000 in Q1 2024 from $4,471,000 in Q1 2023, marking an increase of about 13.8%[80] - Revenue concentration from CryoStor was 41% for the three months ended March 31, 2024, compared to 44% for the same period in 2023[137] - The company reported that 80% of its revenue for the three months ended March 31, 2024, came from the United States, slightly up from 79% in the previous year[137] Financial Position - As of March 31, 2024, total long-term debt was $15.681 million, down from $18.311 million as of December 31, 2023[49] - Total short-term obligations as of March 31, 2024, were $10.0 million[40] - The estimated sales tax liability was approximately $5.0 million as of March 31, 2024[41] - As of March 31, 2024, total debt amounted to $24.3 million, with scheduled maturities of $5.975 million for 2024 and $10.511 million for 2025[51] - Total current assets decreased from $120.6 million as of December 31, 2023, to $111.7 million as of March 31, 2024[73] - Total liabilities decreased from $75.1 million as of December 31, 2023, to $68.2 million as of March 31, 2024[73] - Total shareholders' equity as of March 31, 2024, was $333.4 million, a decrease from $337.7 million as of December 31, 2023[75] - The company had 46,030,886 shares of common stock outstanding as of May 3, 2024[64] - The company reported a depreciation expense of $1,364,000 for the three months ended March 31, 2024, compared to $1,721,000 for the same period in 2023, indicating a 20.8% decrease[107] - The company’s total assets measured at fair value as of March 31, 2024, amounted to $32.661 million, compared to $41.870 million as of December 31, 2023[154] Cash Flow and Expenses - Cash and cash equivalents decreased from $35.4 million as of December 31, 2023, to $29.7 million as of March 31, 2024[73] - Cash used in operating activities for the three months ended March 31, 2024, was $4,475,000, compared to $2,712,000 for the same period in 2023, indicating a 64.9% increase in cash outflow[107] - The company’s cash flows from investing activities resulted in a net cash outflow of $221,000 for the three months ended March 31, 2024, compared to a net cash inflow of $2,926,000 in the same period of 2023[107] - The company’s cash interest paid for the three months ended March 31, 2024, was $445,000, a slight decrease from $497,000 in the same period of 2023[109] - The cash, cash equivalents, and restricted cash at the end of the period were $29,725,000, a decrease of $5,648,000 from the beginning of the period[109] - Net cash used by operating activities was $4.5 million in Q1 2024, up from $2.7 million in Q1 2023[210] Loss and Profitability - Net loss for Q1 2024 was $10,221,000, compared to a net loss of $13,714,000 in Q1 2023, showing an improvement of approximately 25.5%[83] - Operating loss improved to $(10,128,000) in Q1 2024 from $(13,605,000) in Q1 2023, reflecting a reduction of about 25.5%[80] - Basic and diluted net loss per share improved to $(0.22) in Q1 2024 from $(0.32) in Q1 2023, an improvement of about 31.3%[80] - The net loss for the three months ended March 31, 2024, was $10,221,000, an improvement from a net loss of $13,714,000 for the same period in 2023, representing a 25.3% decrease in losses[107] Stock Compensation and Equity - The company reported stock-based compensation of $6,183,000 for the three months ended March 31, 2024, down from $7,363,000 in the same period of 2023, reflecting a 16.0% decrease[107] - The aggregate fair value of service-based vesting awards granted was $3.2 million during Q1 2024[186] - Stock compensation expense related to service-based vesting awards was $4.7 million in Q1 2024, with $35.4 million in unrecognized compensation costs expected to be recognized over 2.6 years[187] - The company recognized stock compensation expense of $0.2 million related to performance-based restricted stock awards in Q1 2024, with $1.7 million in unrecognized costs expected to vest over 1.8 years[190] Divestiture and Future Outlook - The company divested Global Cooling, Inc. on April 17, 2024, impacting financial results as of March 31, 2024[28] - The company completed the divestiture of Global Cooling, Inc. on April 17, 2024, which will be reflected in future financial results[113] - The company anticipates that its current level of cash and liquid assets will be sufficient to meet liquidity needs for at least the next twelve months[133] - The company continues to face cost pressures and economic uncertainty affecting customer purchasing patterns, which may impact future revenue[134]