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 (Nasdaq: BLFS) has filed a Form S-3 registration statement with the SEC to register approximately 10.7 million shares of restricted common stock. These shares are held by stockholders from acquired companies including Global Cooling, Inc. and Sexton Biotechnologies, and also include shares from Casdin Capital. CEO Mike Rice emphasized the strategic importance of recent acquisitions in a growing market. The filing is in compliance with obligations related to these acquisitions, and no new shares are being issued.
BioLife Solutions (Nasdaq: BLFS) announced the closing of its acquisition of Sexton Biotechnologies on September 1, 2021. This acquisition enhances BioLife’s portfolio with proprietary bioproduction tools, such as closed vials for cell therapy packaging and human platelet lysate media, integral to over 50 ongoing clinical trials. CEO Mike Rice emphasized the strategic significance of this acquisition for expanding revenue and capabilities in the cell and gene therapy market, marking it as BioLife's sixth acquisition in just over two years.
BioLife Solutions (BLFS) announced its inclusion in the S&P SmallCap 600 Index, effective August 30, 2021. This recognition reflects the company’s commitment to enhancing shareholder value through its innovative bioproduction products for cell and gene therapies. The S&P SmallCap 600 Index comprises small-cap companies that meet specific liquidity and financial viability criteria. BioLife's CEO, Mike Rice, emphasized this milestone as a tribute to the team's dedication to customer satisfaction and long-term growth.
BioLife Solutions (BLFS) reported a record second quarter 2021 revenue of $31.2 million, reflecting a 215% year-over-year increase. The growth was fueled by acquisitions, including Stirling Ultracold, contributing $13.3 million. Adjusted net income was $422,000 for the six months ending June 30, while earnings per diluted share rose to $0.19. The company also updated its 2021 revenue guidance to between $108 million and $117 million, showing continued confidence in their market position.
On August 9, 2021, BioLife Solutions (NASDAQ: BLFS) announced its agreement to acquire Sexton Biotechnologies for a total deal value of $30 million. This acquisition aims to enhance BioLife's capabilities in the cell and gene therapy sector by integrating Sexton's innovative technologies such as CellSeal cryogenic storage vials and the Signata CT-5 fluid handling system. The merger is expected to strengthen BioLife's product offerings and relationships with cell and gene therapy developers, positioning the combined organization for further growth.
BioLife Solutions (Nasdaq: BLFS) has announced its acquisition of Sexton Biotechnologies for $24.0 million, paid through 506,382 newly issued shares. This transaction is expected to close by September 1, 2021. Sexton's products, including closed vials and human platelet lysate media, are integral to over 50 clinical trials. The acquisition is projected to contribute approximately $2 million to BioLife's 2021 revenue and $8 million in 2022, benefiting from synergies between both companies' offerings.
BioLife Solutions (NASDAQ: BLFS) will release its second quarter 2021 financial results on August 12, 2021, after market close. A conference call and live webcast will follow at 4:30 p.m. ET. The call will provide insights into the financial results and an overall business update. Investors can access the webcast on BioLife's Investor Relations page or join the call using Conference ID: 8083954. BioLife is known for its innovative bioproduction products tailored for cell and gene therapies.
BioLife Solutions (Nasdaq: BLFS) has announced changes to its board of directors, effective July 12, 2021. Raymond W. Cohen resigned from the board after serving since 2006 and as chairman since 2013. Mike Rice, the current CEO, has been appointed as the new chairman. Cohen expressed gratitude for his time at BioLife, highlighting the company's growth in bioproduction tools for cell and gene therapies. The leadership transition aims to ensure continued strategic direction and growth.
BioLife Solutions (Nasdaq: BLFS) announced a new corporate brand identity, including a redesigned logo and website, aimed at better representing its expanded portfolio of bioproduction products for cell and gene therapies. The new branding reflects BioLife's mission as a leader in biopreservation tools and is designed for flexibility in digital environments. Key features of the updated website include enhanced e-commerce capabilities, a broader product catalog, improved security, and integration of previously acquired companies.
BioLife Solutions (Nasdaq: BLFS) announced the promotion of Caitlin Rice to Global Vice President, Customer Service, effective May 19, 2021. Reporting to President Dusty Tenney, Rice aims to enhance customer service initiatives supporting the evo® cold chain management system. Her prior experience as Senior Director for Commercial Support contributed to robust customer service programs. Caitlin holds degrees in public policy and law, enhancing her qualifications for this leadership role. This strategic move is expected to strengthen BioLife's position in the bioproduction sector.
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