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 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.
BioLife Solutions (NASDAQ: BLFS) will announce preliminary 2022 revenue and 2023 guidance on January 9, 2023, prior to the J.P. Morgan Health Care Conference in San Francisco. CEO Michael Rice expressed confidence in the company's operational performance and plans to shift towards high-margin, recurring revenue streams. The company aims to position itself strongly within the cell and gene therapy market amidst increasing demand for biologic medicines. An updated investor presentation is also available on its corporate website.
BioLife Solutions, Inc. (Nasdaq: BLFS) announced its selection for the BioSpace Best Places to Work in Biopharma 2023 Report, recognizing its commitment to workplace flexibility, inclusion, and employee engagement. Following nominations from over 2,000 biopharma professionals, BioLife ranked among the top 60 companies, highlighting its strong company culture driven by teamwork and respect. CEO Mike Rice emphasized the importance of team members as the company's key asset, celebrating this recognition amid a competitive recruitment environment.
BioLife Solutions reported a record revenue of $40.7 million for Q3 2022, a 21% increase from Q3 2021, with biopreservation media revenue soaring 50%. Cash flow from operations was $1.5 million, and adjusted EBITDA stood at $1.4 million. The company tightens its 2022 revenue guidance, projecting a 34% to 38% year-over-year growth, driven by strong demand in its Cell Processing segment. Despite challenges due to supply-chain issues, 44% of total revenue came from proprietary consumables, affirming BioLife’s leadership in cell and gene therapies.
BioLife Solutions (NASDAQ: BLFS) will release its third quarter 2022 financial results after market close on November 9, 2022. A conference call and live webcast are scheduled for 4:30 PM ET the same day, where management will share financial insights and a business update. Investors can access the conference via the company's Investor Relations page. BioLife Solutions specializes in bioproduction tools and services aimed at cell and gene therapies, positioning itself as a key player in the biopharma sector.
CSafe has joined BioLife Solutions' global partner network to enhance cold chain solutions for cell and gene therapy (CGT). This partnership aims to support 10,000-12,000 evo shipments within the next year, catering to CGT products at various developmental stages. CSafe, with over 50 service centers worldwide, has a proven track record in temperature-controlled shipping, including solutions for billions of COVID-19 vaccine doses. The collaboration is expected to improve reliability, security, and service for CGT partners.
BioLife Solutions (NASDAQ: BLFS) has announced that Roderick de Greef, President and COO, will retire and return to the Board of Directors effective January 3, 2023. De Greef has served with the company for 22 years, steering significant operational improvements, notably in the ULT freezer product line. Geraint Phillips, previously Vice President of Freezer Operations, will take on the role of Senior Vice President, Global Operations. This transition is aimed at ensuring the continuity of leadership and operational success as the company grows.
BioLife Solutions (NASDAQ: BLFS) appointed Timothy L. Moore to its board of directors, enhancing its leadership. Moore, a seasoned executive with over 30 years in biopharmaceutical manufacturing, previously served as President and COO of PACT Pharma and held key roles at Kite Pharma and Genentech. His expertise is expected to guide BioLife in optimizing its marketing strategies and operational efficiency in the cell and gene therapy sectors.
BioLife Solutions reported record revenue of $40.5 million for Q2 2022, a 30% increase year-over-year with organic growth of 44%. Revenue guidance for 2022 has been updated to $160 million to $166 million, reflecting a year-over-year growth of 34% to 39%. Adjusted EBITDA was $1.5 million compared to a loss of $814,000 in Q1. Despite operational challenges, the biopreservation media segment achieved 46% growth. However, a non-cash impairment charge impacted financial results significantly, leading to a $72.6 million net loss for Q2.
BioLife Solutions, a supplier of bioproduction tools for cell and gene therapies, will announce its second quarter 2022 financial results after market close on August 9, 2022. A conference call and live webcast are scheduled for 4:30 PM ET, where management will discuss the financial results and provide a business update. The webcast can be accessed via the Investor Relations page on BioLife's website.