BioLife Solutions Reports Third Quarter 2024 Financial Results

Core Insights - BioLife Solutions reported a sequential growth of 6% in Cell Processing revenue, reaching $19.0 million, and a 43% increase compared to the same period in 2023 [1] - The company achieved a GAAP gross margin of 51% and a non-GAAP adjusted gross margin of 54% for Q3 2024 [5] - BioLife Solutions announced a GAAP net loss from continuing operations of $1.7 million, with a non-GAAP adjusted EBITDA of $6.1 million, representing 20% of revenue [7][8] - The company has increased its Cell Processing revenue guidance for 2024 by $2 million, now projecting between $72.0 million and $73.0 million, while total revenue guidance for 2024 is set at $98.0 million to $100.0 million [1][8] Financial Performance - Total revenue for Q3 2024 was $30.6 million, a 30% increase from $23.6 million in Q3 2023, and an 8% increase sequentially from Q2 2024 [4] - For the nine months ended September 30, 2024, total revenue was $85.7 million, reflecting a 4% increase from the same period in 2023 [4] - Cell Processing platform revenue for Q3 2024 was $19.0 million, a 43% increase from Q3 2023, and a 6% increase sequentially [4] - Biostorage Services platform revenue was $7.5 million, a 14% increase from Q3 2023 [4] Gross Margin and Operating Loss - The GAAP gross margin for Q3 2024 was 51%, up from 48% in Q3 2023, while the adjusted gross margin was 54%, compared to 44% in the prior year [5] - The operating loss from continuing operations for Q3 2024 was $1.6 million, significantly improved from a loss of $15.5 million in Q3 2023 [6] Net Loss and Adjusted EBITDA - The net loss from continuing operations for Q3 2024 was $1.7 million, compared to a loss of $15.8 million in Q3 2023 [7] - Adjusted EBITDA for Q3 2024 was $6.1 million, or 20% of revenue, compared to $1.4 million, or 6% of revenue, in Q3 2023 [8] Cash and Marketable Securities - As of September 30, 2024, cash, cash equivalents, and marketable securities totaled $39.3 million [8] Business Highlights - BioLife processed 16 new U.S. FDA Master File cross references for biopreservation media, bringing the cumulative total to 744 [2] - The company completed the sale of SciSafe Holdings, Inc. for $73 million in cash, allowing for a more focused investment in high-growth cell processing products [2][1]