BioLife Solutions Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - BioLife Solutions reported a 7% sequential increase in Cell Processing revenue to $20.3 million in Q4 2024, with a 12$73.5 million for the full year [1][10] - The company achieved a GAAP gross margin of 60% and a non-GAAP adjusted gross margin of 63% for Q4 2024, reflecting improvements from the previous year [1][10] - BioLife expects 2025 Cell Processing revenue to range from $86.5 million to$89.0 million, representing an 18% to 21% increase over 2024, with total revenue guidance of $95.5 million to$99.0 million, up 16% to 20% [1][11] Financial Performance - Total revenue for Q4 2024 was $22.7 million, a 31$17.4 million in Q4 2023 [10] - The company reported a GAAP net loss of $2.0 million for Q4 2024, an improvement from a loss of$7.2 million in Q4 2023 [10] - Adjusted EBITDA for Q4 2024 was $4.0 million, or 18$3.7 million, or 21% of revenue, in Q4 2023 [10][27] Business Strategy - The company divested non-core product lines, including its freezer and biostorage businesses, to enhance gross margin and adjusted EBITDA margin [2][6] - BioLife aims to deepen relationships with biopreservation customers and increase adoption of its broader cell processing product lines through cross-selling [3] - The focus remains on strategically enhancing the cell processing portfolio to strengthen market leadership and deliver long-term value [3] Operational Highlights - BioLife processed 19 new U.S. FDA Master File cross references for biopreservation media in 2024, bringing the cumulative total to 769 [6] - The biopreservation media was embedded in 17 unique approved cell and gene therapies as of December 31, 2024, with expectations for additional approvals in the next 12 months [6] - The company ended 2024 with a cash position exceeding $100 million, bolstered by the sales of SciSafe and CBS [2][6]