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Jun 30, 2024
BioLife Q2 2024 Earnings Report
BioLife Solutions reported financial results for Q2 2024, showing sequential revenue growth and increased adjusted EBITDA.
Key Takeaways
BioLife Solutions reported Q2 2024 financial results with a total revenue of $28.3 million, a decrease of 3% year-over-year, but up 6% sequentially. The company's cell processing platform revenue was $18.0 million, down 4% year-over-year but up 11% sequentially. GAAP gross margin was 51%, and non-GAAP adjusted EBITDA was $4.8 million, or 17% of revenue. The company raised its full-year 2024 total revenue guidance to $99.0 million to $101.0 million.
Total revenue for the second quarter of 2024 was $28.3 million, a decrease of 3% from the second quarter of 2023, but an increase of 6% sequentially from the first quarter of 2024.
Cell Processing platform revenue was $18.0 million, a decrease of 4% from the same period in 2023, but up 11% sequentially from the first quarter of 2024.
GAAP gross margin for the second quarter of 2024 was 51%, compared to 35% for the second quarter of 2023.
Adjusted EBITDA for the second quarter of 2024 was $4.8 million, or 17% of revenue, compared to $1.7 million, or 6% of revenue, for the second quarter of 2023.
Revenue by Segment
Forward Guidance
BioLife Solutions updated its 2024 revenue guidance to $99.0 million to $101.0 million. Cell Processing platform revenue is revised to $70.0 million to $71.0 million, and Biostorage Services platform revenue is revised to $29.0 million to $30.0 million.
Positive Outlook
- Total revenue guidance raised to $99.0 million - $101.0 million.
- Cell Processing platform revenue revised to $70.0 million - $71.0 million, representing a 6-8% increase compared to 2023.
- Cell Processing platform growth is expected to be 25-26% compared with annualizing the second half of 2023 revenue run rate.
- Biostorage Services platform revenue revised to $29.0 million - $30.0 million, representing a 3-7% increase compared to 2023.
- Management expects full year positive adjusted EBITDA and adjusted EBITDA growth in 2024.
Challenges Ahead
- Revised Biostorage Services platform guidance represents a smaller increase compared to previous expectations.
- Total revenue for the second quarter of 2024 decreased by 3% compared to the second quarter of 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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