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Mar 31, 2024
BioLife Q1 2024 Earnings Report
Reported solid start to 2024 with sequential core cell processing revenue platform growth, strategic realignment to concentrate on most valuable franchises and the divestiture of the Global Cooling, Inc. (“GCI”) freezer business.
Key Takeaways
BioLife Solutions reported a decrease in total revenue for Q1 2024, but saw sequential growth in its core cell processing platform. The company divested its GCI freezer business in April, which is expected to improve its financial profile. The company affirmed its revenue guidance for 2024.
Cell Processing revenue increased 10% sequentially to $16.2 million
GAAP gross margin of 38% and net loss of $10.2 million
Non-GAAP adjusted gross margin expands from 40% to 53% and adjusted EBITDA of $3.6 million or 13% ex-GCI freezers
Processed 22 new U.S. FDA Master File cross references for our biopreservation media, bringing the cumulative total processed to 716.
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 is affirming its 2024 revenue guidance of $95.5 million to $100.0 million. This is based on expectations for BioLife's Cell Processing and Biostorage Services platforms, which now include results from its ThawSTAR product line and do not include revenue from the freezer product line (GCI and CBS). Management expects full year positive adjusted EBITDA and adjusted EBITDA growth in 2024.
Positive Outlook
- Cell Processing platform: $66.0 million to $68.5 million, an increase of 0% to 4% compared with 2023.
- Compared with annualizing the second half of 2023 revenue run rate, the growth would be 17% to 22%
- Biostorage Services platform: $29.5 million to $31.5 million, an increase of 5% to 12% compared with 2023.
- This platform now includes the ThawSTAR automated thawing product line.
- Without ThawSTAR, the growth rate would be 10% to 16%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income