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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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