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) announced an extended collaboration with Seattle Children's Therapeutics to enhance biopreservation practices and closed-system manufacturing for cell therapy. The partnership will implement Sexton's AF-500 for viral vector delivery, utilized in Seattle Children's new VectorWorks facility. This system will automate the filling and sealing of vials to increase throughput and reduce contamination risks. BioLife's ongoing support with CryoStor's cGMP freeze media underscores the commitment to improving pediatric treatment processes and is seen as vital for advancing cell and gene therapies.
BioLife Solutions (NASDAQ: BLFS) announced a partnership with UNICEF to enhance the storage of temperature-sensitive COVID-19 vaccines in regions with limited power infrastructure in Africa, the Middle East, and South America. The partnership involves using Stirling's SU780XLE and UL25NEU freezers, which operate effectively under extreme conditions and can be transported via air freight. This initiative aims to improve healthcare access in remote communities.
BioLife Solutions (BLFS) reported significant financial growth for Q3 2021, achieving total revenue of $33.8 million, a 200% increase from Q3 2020. Organic growth was at 37%. The company completed the acquisition of Sexton Biotechnologies, adding over 230 new customers. Despite strong revenue, gross margin decreased to 25% from 52% due to operational challenges and warranty expenses. For 2021, revenue guidance was raised to $115 million to $119 million, representing a growth of 139% to 147%.
On November 4, 2021, BioLife Solutions (Nasdaq: BLFS) announced significant changes in its executive management team. Troy Wichterman, previously Vice President of Finance, has been promoted to Chief Financial Officer, succeeding Roderick de Greef, who now assumes the role of President and Chief Operating Officer after postponing his retirement. Former COO Dusty Tenney has resigned but will consult until year-end. The leadership changes aim to enhance operational efficiency and support ongoing integration efforts following acquisitions.
BioLife Solutions (NASDAQ: BLFS) announced it will release its third quarter 2021 financial results after market close on November 11, 2021. Following the release, a conference call is scheduled for 4:30 PM ET where management will discuss the financial results and provide a business update. Investors can access the call through the company’s Investor Relations page or via phone. BioLife is a leading supplier of bioproduction tools and services for the cell and gene therapy market.
Biolife Solutions (NASDAQ: BLFS) has announced the opening of a new 40,000 square-foot biorepository Center of Excellence in Amsterdam, enhancing its support for cell and gene therapies. The facility features a CAR-T cell storage suite and more than 300 ultra-low temperature freezers, aimed at improving global access to biologic therapies. Already partially contracted to a major pharmaceutical client, the facility is part of BioLife's commitment to innovative infrastructure and biostorage best practices, ensuring the integrity of sensitive biological materials.
BioLife Solutions (NASDAQ: BLFS) announced a collaboration with a top 10 global pharmaceutical company to employ its CryoStor freeze media, evo cold chain management platform, and SciSafe storage services for the launch of a new CAR T-cell therapy. This engagement represents BioLife's strategic push in the cell and gene therapy market. CEO Mike Rice highlighted the company's commitment to supporting bioproduction needs. Currently, CryoStor is used in the manufacturing of several approved therapies and is embedded in additional therapies expected to gain regulatory approval soon.
BioLife Solutions (Nasdaq: BLFS) announced the appointment of Joydeep Goswami to its board of directors, effective October 1, 2021. Goswami, who previously held senior roles at Illumina and Thermo Fisher Scientific, will replace retiring board member Andrew Hinson. The addition aims to bolster the company's strategic planning and partnerships, enhancing shareholder value. CEO Mike Rice expressed excitement about Goswami's expertise in life sciences, anticipating a positive impact on business growth.
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