Welcome to our dedicated page for BioLife Solutions news (Ticker: BLFS), a resource for investors and traders seeking the latest updates and insights on BioLife Solutions stock.
BioLife Solutions Inc. (NASDAQ: BLFS), headquartered in Bothell, WA, is a frontline developer, manufacturer, and marketer in the healthcare sector. The company specializes in proprietary clinical-grade cell and tissue hypothermic storage and cryopreservation freeze media. Additionally, BioLife Solutions offers a cloud-hosted biologistics cold chain management application for smart shippers.
The company’s primary offerings include the CryoStor® and HypoThermosol® biopreservation media for shipping and storage, the ThawSTAR® series of automated, water-free thawing devices, the evo® cold chain management system, high-capacity cryogenic storage freezers, and products from acquired entities such as Stirling Ultracold mechanical freezers and SciSafe biologic storage services.
BioLife Solutions has recently announced strategic advancements, including the divestiture of Stirling Ultracold and Custom Biogenic Systems (CBS) freezer assets by December 31, 2023. This move is expected to optimize their product portfolio and focus on higher-margin, recurring revenue streams. Mike Rice, Chairman and CEO, emphasized the commitment to starting 2024 without the freezer product lines, indicating potential for higher shareholder value.
Financially, BioLife Solutions reported updated revenue guidance for 2023 ranging from $144 million to $158 million, and with positive adjusted EBITDA growth expected for 2024. They have also completed notable transactions such as the divestiture of Global Cooling, Inc., which is anticipated to enhance financial performance by reducing operational costs.
Other recent milestones include the introduction of the CryoCase, an innovative cryo-compatible rigid container designed for closed-system fill and retrieval, expected to be available in August 2024. Early evaluations show promising results in cell viability and reduction of particulates, underscoring BioLife’s commitment to innovation in the biopreservation market.
For those interested in the broader financial health and operational developments, BioLife Solutions regularly provides updates through its earnings calls and investor relations webpage.
BioLife Solutions (BLFS) has appointed Tony J. Hunt, Executive Chairman of Repligen , to its board of directors effective January 2, 2025, expanding the board to six members. Hunt brings extensive experience in bioprocessing innovation and leadership, having served as Repligen's CEO for nine years before becoming Executive Chairman in September 2024. His prior roles include President of Bioproduction at Life Technologies and Senior Director of Pharma Programs at Applied Biosystems. BioLife Solutions, a leading supplier of cell processing tools for the cell and gene therapy market, aims to leverage Hunt's expertise to strengthen its position in CGT bioprocessing solutions.
BioLife Solutions (NASDAQ: BLFS) has announced the sale of its Custom Biogenic Systems (CBS) freezer subsidiary for $6.1 million in cash. This transaction completes the company's strategic divestiture of all freezer and related businesses, following the sale of Global Cooling in April. The move aligns with BioLife's strategic refocus on proprietary, higher-margin, recurring-revenue cell processing products for the cell and gene therapy market, moving away from capital equipment freezer and storage businesses that previously included Stirling, SciSafe, and CBS.
BioLife Solutions (Nasdaq: BLFS) reported its Q3 2024 financial results, showing a 30% increase in total revenue to $30.6 million compared to Q3 2023. Cell Processing revenue grew 6% sequentially to $19.0 million, marking a 43% increase year-over-year. The company achieved a GAAP gross margin of 51% and a non-GAAP adjusted gross margin of 54%. Despite a GAAP net loss of $1.7 million, BioLife posted a non-GAAP adjusted EBITDA of $6.1 million, or 20% of revenue. The sale of the SciSafe biostorage business for $73 million in cash was completed, and 2024 revenue guidance was updated to $98.0-$100.0 million. The company also noted a reduction in GAAP net loss from $15.8 million in Q3 2023 to $1.7 million in Q3 2024. BioLife's cash, cash equivalents, and marketable securities stood at $39.3 million as of September 30, 2024.
BioLife Solutions (NASDAQ: BLFS) has sold its biostorage subsidiary SciSafe for $73 million in cash. SciSafe, which generated $10.4 million in revenue during the first half of 2024, was originally purchased by BioLife in October 2020 for $39 million. The sale aligns with BioLife's strategy to focus on proprietary, higher-margin recurring-revenue consumable solutions. Following the transaction, Todd Berard, BioLife's Chief Marketing Officer, will become Chief Commercial Officer, while Garrie Richardson will transition to CEO of the independent SciSafe.
BioLife Solutions (NASDAQ: BLFS), a leading developer and supplier of bioproduction products for cell and gene therapies and biopharma markets, has scheduled its third quarter 2024 financial results release for November 12, 2024, after market close. The company will host a conference call and webcast at 4:30pm ET to discuss financial results and provide a business update. Investors can access the webcast through BioLife's website, or join via phone using toll-free numbers. A replay will be available for 90 days on the company's investor relations page.
BioLife Solutions (Nasdaq: BLFS) announced its Q2 2024 financial results, highlighting an 11% sequential increase in Cell Processing revenue to $18 million. Total revenue for Q2 was $28.3 million, a 3% decrease year-over-year but a 6% sequential increase. The GAAP gross margin improved to 51%, while non-GAAP adjusted gross margin was 52%. The company experienced a GAAP net loss of $7.1 million and non-GAAP adjusted EBITDA of $4.8 million, or 17%.
BioLife revised its full-year 2024 revenue guidance to between $99 million and $101 million and increased Cell Processing revenue guidance to $70 million to $71 million. The company also noted a $4.1 million write-off related to its iVexSol equity investment.
Additional business highlights include 12 new FDA Master File cross-references and the launch of the CellSeal CryoCase. The sale of the GCI freezer division was completed in April, and its financials have been excluded.
BioLife Solutions (NASDAQ: BLFS), a leading supplier of bioproduction tools and services for cell and gene therapies and biopharma markets, has announced its second quarter 2024 financial results release date. The company will disclose its Q2 2024 results after market close on Thursday, August 8, 2024. Following the release, BioLife Solutions will host a conference call and live webcast at 4:30pm ET (1:30pm PT) on the same day.
During the call, management will provide an overview of the company's financial performance and offer a general business update. Investors and interested parties can access the webcast through the Investor Relations page on BioLife Solutions' website. For those preferring audio-only participation, a toll-free dial-in option is available. A replay of the webcast will be accessible approximately two hours after the call and will remain archived on the company's investor website for 90 days.
BioLife Solutions (NASDAQ: BLFS) introduced the CryoCase, a new addition to its CellSeal product line at the ISCT Conference in Vancouver. The CryoCase is designed for cell and gene therapy (CGT) primary packaging, aiming to replace cryopreservation bags with a fracture-resistant, rigid construction. It supports both manual and automated, closed-system use.
Available for demonstration at the ISCT event and expected to release to CGT developers in August, the CryoCase offers volume versatility, structural rigidity, and fill/retrieval port designs. It complies with USP 790 and USP 1790 standards and has shown high resistance to leaks and fractures during drop tests.
Early user tests indicated CryoCase may reduce particulates in single-use disposable manufacturing, potentially improving cell viability and recovery. Compatible with BioLife's Signata CT-5 system, CryoCase is expected to lower risks and costs in CGT manufacturing.
BioLife Solutions, Inc. (Nasdaq: BLFS) reported first quarter 2024 financial results with cell processing revenue up 10%, GAAP gross margin at 38%, net loss of $10.2 million, and adjusted EBITDA of $3.6 million. They affirmed revenue guidance for 2024, emphasizing realignment and divestiture of non-core assets to improve financials. Key financial metrics show revenue of $31.7 million, gross margin of 38%, and a net loss of $10.2 million. The company anticipates revenue growth in cell processing and biostorage services platforms.
BioLife Solutions, Inc. (NASDAQ: BLFS) will report its first quarter 2024 financial results on May 9, 2024. The company, a leading supplier of bioproduction tools and services for cell and gene therapies, will host a conference call and webcast to discuss the results and provide a business update. Investors can access the webcast and call details on the BioLife Solutions website.
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