BioLife Q2 2024 Earnings Report
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.
BioLife
BioLife
BioLife 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.
- Cell Processing platform revenue decreased by 4% compared to the same period in 2023.
- The revised Biostorage Services platform guidance represents an increase of 3% to 7% compared with 2023. Without ThawSTAR, the growth rate is expected to be 8% to 12%.
- Net loss from continuing operations for the second quarter of 2024 was $7.1 million, including a $4.1 million write-off of iVexSol equity investment.