BioLife Solutions Inc. - BLFS STOCK NEWS

BioLife Solutions, Inc. has launched a new large-capacity controlled-rate freezer (CRF) called IntelliRate i67C. With a capacity 40% larger than other tabletop CRFs, it fulfills the need for higher volume production of cell therapies. The freezer features a 67-liter volume, the largest touchscreen controller in its class, and offers options for enhanced monitoring and sample management. It expands BioLife's cryogenic freezer platform and supports autologous and allogeneic CGT customers from preclinical research to commercial-scale manufacturing.

BioLife Solutions reports Q1 2023 revenue of $37.7 million, a 4% increase over Q1 2022. Adjusted gross margin improves to 37%. The company plans to explore strategic alternatives for ultra-low temperature and cryogenic freezer product lines. Q1 2023 customer highlights include nearly 200 new customer acquisitions and significant growth in evo cold chain shipments.

BioLife Solutions reported a record full year revenue of $161.8 million for 2022, marking a 36% increase from 2021, with biopreservation media revenue growing by 45%. Q4 2022 revenue reached $44.3 million, up 19% year-on-year. Adjusted EBITDA for the year was $3.6 million, and for Q4, it was $1.7 million. The company anticipates 2023 revenue between $188 million and $202 million, reflecting growth rates of 16% to 25%. CEO Mike Rice emphasized continued demand for their products in the growing cell and gene therapy markets, with expected revenue growth largely driven by cell processing platforms and storage services.

BioLife Solutions (NASDAQ: BLFS) has addressed its banking relationship with Silicon Valley Bank (SVB) amid recent concerns. The company states there is no immediate risk to its operations, with deposit accounts at SVB below $1 million, well within FDIC insurance limits. BioLife also mentions that its credit facility with SVB remains under assessment but anticipates no short-term borrowing needs. Furthermore, various other institutions manage their third-party investments, mitigating potential liquidity issues linked to SVB.

BioLife Solutions (NASDAQ: BLFS) will release its fourth quarter and full year 2022 financial results after market close on March 16, 2023. The company will also host a conference call at 4:30 PM ET to discuss these results and provide a general business update. Investors can access the call via BioLife's Investor Relations page or by dialing in. The results are critical as they will reflect BioLife's performance in the rapidly evolving cell and gene therapy market, where it supplies bioproduction tools and services. The conference call will also include insights into the company's future outlook.

BioLife Solutions (NASDAQ: BLFS) has launched Ultraguard, a groundbreaking non-toxic and non-flammable -70°C phase change material (PCM) designed for ultra-low temperature (ULT) protection. This innovative product serves two main applications: maintaining temperature during power outages in ULT freezers and providing a safer, more economical alternative to dry ice for benchtop storage of biologic materials. Ultraguard addresses storage challenges posed by extreme weather and electrical grid issues, enhancing operational reliability for clients. Beta tests with significant customers, including major logistics providers, confirm its effectiveness.

BioLife Solutions, a leader in bioproduction products for cell and gene therapy, has announced its 2023 Analyst Day scheduled for March 23, 2023, at SciSafe Biorepository in Billerica, MA. The event will feature discussions on product updates, portfolio progress, and financial performance, with in-person attendance by invitation only. Virtual participation will be available starting March 1, 2023. Additionally, BioLife will partake in several investor conferences, including the Cowen Annual Health Care Conference on March 7 and the Oppenheimer Healthcare Conference on March 14. For further information, visit BioLife Solutions.

BioLife Solutions reported record revenues for Q4 2022 at $44.4 million, up 19% year-over-year, and for the full year at $161.9 million, an increase of 36% from 2021. The company anticipates 2023 total revenue between $188 million and $202 million, reflecting growth of 16% to 25% over 2022, focused on its Cell Processing Platform, expected to contribute $89 million to $93 million. Management expects positive Adjusted EBITDA for 2022 and 2023.