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, a leader in bioproduction products for cell and gene therapies, has promoted Marcus Schulz to Chief Revenue Officer from his previous role as Vice President of Global Sales. This decision is aimed at reinforcing the company's sales strategy for continued growth. CEO Mike Rice praised Schulz's leadership and the results achieved by the sales team. BioLife Solutions offers a comprehensive range of bioproduction tools including CryoStor and HypoThermosol, enhancing their position in the market.
BioLife Solutions (NASDAQ: BLFS), a leader in bioproduction products for cell and gene therapies, announced two significant co-investments with Casdin Capital on December 1, 2020. The first investment is a $1 million commitment to iVexSol, contributing to a total of $15.2 million in their Series A financing. BioLife also plans to invest $1 million in PanTHERA CryoSolutions, with the potential for an additional $2 million in development payments. Both investments aim to enhance next-generation technologies in the field, positioning BioLife for growth in the bioproduction sector.
BioLife Solutions (NASDAQ: BLFS) has been ranked 403rd on Deloitte's Technology Fast 500™, recognizing its rapid growth as a leading supplier of bioproduction products for cell and gene therapies.
Revenue increased by 233% from 2016 to 2019, highlighting its successful market penetration. CEO Mike Rice emphasized the company’s potential in the regenerative medicine sector, anticipating significant growth in demand for their bioproduction tools. With proprietary technologies and a strong market presence, BioLife is poised to expand further.
BioLife Solutions (NASDAQ: BLFS) reported strong financial results for Q3 2020, with total revenue of $11.3 million, a 71% increase year-over-year. Revenue from biopreservation media reached $7.4 million, accounting for 66% of total revenue, driven by new customers and acquisitions, including SciSafe. Despite revenue growth, gross margins declined to 52% from 64% in 2019 due to lower-margin product acquisitions. The net loss for Q3 was $1.1 million, compared to a net income of $10.3 million in Q3 2019. Cash reserves increased significantly to $109 million.
BioLife Solutions (NASDAQ: BLFS) will announce its third quarter 2020 financial results post-market on November 5, 2020. The Company will host a conference call at 4:30 p.m. ET to discuss its financial overview and business updates. Investors can access the call via the company's Investor Relations page. BioLife is a key supplier of bioproduction products for cell and gene therapies, offering solutions like CryoStor® and HypoThermosol® to aid in the preservation and management of biological products.
BioLife Solutions (NASDAQ: BLFS) announced that its SciSafe division has secured a two-year contract worth approximately $2.7 million for cold chain management and storage of COVID-19 vaccines from a major pharmaceutical company. This contract is expected to significantly contribute to the company's revenue, with an estimated $9 million in incremental revenue anticipated in 2021. The contract strengthens SciSafe's reputation in the industry, bolstering its relationships with top pharma clients.
BioLife Solutions (NASDAQ: BLFS) has completed its acquisition of SciSafe, a provider of biological materials storage to the cell and gene therapy sectors, enhancing its service offerings. SciSafe generated $6 million in revenue in 2019 and is expected to be accretive in 2021, with fourth quarter 2020 revenue projected at $1.8 million. This acquisition is anticipated to bolster BioLife's market presence and synergies in the bioproduction tools sector.
BioLife Solutions (NASDAQ: BLFS) has announced its agreement to acquire SciSafe, a biological materials storage provider, for $30 million—$15 million in cash and $15 million in stock. Expected to close on September 30, 2020, the acquisition aims to enhance BioLife's offerings in the cell and gene therapy market. SciSafe generated $6 million in revenue in 2019 and is projected to add $1.8 million in Q4 2020 and $9 million in 2021 to BioLife's revenue. The deal also includes potential stock incentives based on revenue milestones.
BioLife Solutions (BLFS) reported strong financial results for Q2 2020, achieving $9.9 million in total revenue, a 48% increase from Q2 2019. Biopreservation media revenue rose to $6.7 million, comprising 67% of total revenue despite a 23% decline from Q1 2020. The company gained 88 new customers and processed 14 new U.S. FDA Drug Master File requests. However, net loss for Q2 was $16.4 million due to expenses related to warrants. The company has sufficient cash reserves of $29.9 million for strategic acquisitions. Financial guidance for 2020 remains withdrawn.
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