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Jun 30, 2023
BioLife Q2 2023 Earnings Report
BioLife Solutions reported a decrease in revenue and gross margin for Q2 2023, while updating full year 2023 guidance and providing a pro forma financial profile excluding freezer business.
Key Takeaways
BioLife Solutions reported a decrease in total revenue by 3% to $39.5 million for the second quarter of 2023 compared to $40.5 million for the second quarter of 2022. The company is committed to divesting Stirling Ultracold and Custom Biogenic Systems by the end of 2023, focusing on higher margin streams and shareholder value.
Total revenue for Q2 2023 was $39.5 million, a 3% decrease from Q2 2022.
Cell Processing platform revenue increased by 22% to $18.7 million compared to the same period in 2022.
Freezers and Thaw Systems platform revenue decreased by 26% to $13.9 million compared to the same period in 2022.
The company is divesting its Stirling and CBS freezer assets to optimize the product portfolio.
BioLife
BioLife
BioLife Revenue by Segment
Revenue by Segment
Cell Processing platform Revenue
CapyFin.com Forward Guidance
BioLife Solutions updated its 2023 revenue guidance to a range of $144 million to $158 million, reflecting a year-over-year decrease of 11% to 2%.
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
Challenges Ahead
- Macro headwinds of global economic uncertainty causing reduced biotech spending across our customer base not only for capital equipment but also consumables.
- Cell processing revenue concentration and lumpiness
- Destocking by our largest direct customer compared to prior year period.
- Slowed growth from our largest distributor compared to prior period, caused by several of their downstream clinical customers having to complete validation of a new media product final container we introduced to mitigate supply chain shortages.
- Several clinical CGT customers’ reduced spending due to reduced clinical trial activity (trial early termination, pauses between phases and delayed patient enrollment).