BioLife Solutions Reports Second Quarter 2024 Financial Results

Core Insights - BioLife Solutions reported a sequential revenue increase of 11% in Cell Processing revenue, reaching $18.0 million, and raised its full-year 2024 revenue guidance to between $99.0 million and $101.0 million [1][12][13] Financial Performance - Total revenue for Q2 2024 was $28.3 million, a decrease of 3% year-over-year but an increase of 6% sequentially [6] - Cell Processing platform revenue for Q2 2024 was $18.0 million, down 4% from Q2 2023 but up 11% sequentially [6] - Gross margin for Q2 2024 was 51%, up from 35% in Q2 2023, while adjusted gross margin was 52%, compared to 45% in the same period [7] - The company reported a GAAP net loss from continuing operations of $7.1 million for Q2 2024, which included a $4.1 million write-off of an equity investment [9] Business Highlights - The company processed 12 new U.S. FDA Master File cross references for its biopreservation media, bringing the total to 728 [3] - BioLife's biopreservation media is now embedded in 15 unique commercial CGTs, with expectations for 9 additional product approvals or geographic expansions in the next 12 months [3] - The introduction of the CellSeal® CryoCase™ aims to meet the needs of CGT primary packaging [3] Revenue Guidance - The revised guidance for Cell Processing platform revenue is now set at $70.0 million to $71.0 million, reflecting a growth of 6% to 8% compared to 2023 [13] - Biostorage Services platform revenue guidance has been adjusted to $29.0 million to $30.0 million, indicating a growth of 3% to 7% compared to 2023 [13] Management Commentary - The CEO highlighted the stabilization of the business and the benefits from high-margin, recurring product offerings, indicating a positive outlook for the second half of the year [2] - The company is strategically aligned with favorable trends in the CGT market, including a more favorable regulatory environment and increased therapy approvals [2]