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Mar 31, 2023
BioLife Q1 2023 Earnings Report
BioLife Solutions' Q1 2023 financial results were released, showcasing a 4% revenue increase year-over-year, driven by strong growth in cell processing and biopreservation media, while the company decided to explore strategic alternatives for its ultra-low temperature and cryogenic freezer product lines.
Key Takeaways
BioLife Solutions reported a 4% increase in revenue to $37.7 million in Q1 2023 compared to Q1 2022. The company is exploring strategic alternatives for its ULT and cryogenic freezer businesses to refocus on high-margin, high-growth recurring revenue streams.
Total revenue increased by 4% to $37.7 million compared to Q1 2022.
Cell Processing platform revenue increased by 27% to $19.0 million.
Adjusted gross margin improved to 37% compared to 33% in Q1 2022.
The company is exploring strategic alternatives for its CBS and Stirling businesses.
BioLife
BioLife
BioLife Revenue by Segment
Revenue by Segment
Cell Processing platform Revenue
CapyFin.comevo and Thaw platform Revenue
CapyFin.com Forward Guidance
BioLife Solutions reaffirmed its 2023 revenue guidance, expecting total revenue to range from $188 million to $202 million, reflecting year-over-year growth of 16% to 25%. Excluding COVID-19-related revenue, this range reflects year-over-year growth of 26% to 35%.
Positive Outlook
- Approvals of new cell and gene therapies
- Additional approvals of commercial CGT in new geographies
- Additional approvals of CGT in new indications
- Migration of commercial therapies to first or second-line treatment
- An eventual transition to allogeneic therapies
Revenue & Expenses
Visualization of income flow from segment revenue to net income