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Sep 30, 2023
BioLife Q3 2023 Earnings Report
BioLife Solutions reported financial results for the third quarter of 2023, which were in line with expectations, with biostorage services exhibiting strong ex-COVID growth, while the company is working on divesting its freezer operations.
Key Takeaways
BioLife Solutions announced its Q3 2023 financial results, with total revenue of $33.3 million. The company is focusing on adapting and innovating as a leading provider of cell processing tools and biostorage services, with a strategic emphasis on the high-margin, recurring biopreservation media revenue.
Total revenue for Q3 2023 was $33.3 million, an 18% decrease from Q3 2022.
Cell Processing platform revenue was $13.3 million, a 26% decrease year-over-year
Biostorage and Services platform revenue was $6.6 million, a 10% decrease year-over-year, but ex-COVID related revenue grew 50%.
The company is working on the divestiture of the freezer operations, expected to conclude in early 2024.
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 anticipates full year 2023 revenue to be at the low end of the previously announced guidance range of $144 million to $158 million. Revenue expectations include approximately $65 million from the Cell Processing platform, $26 million from the Biostorage and Services platform, and $53 million from the Freezers and Thaw Systems platform.
Positive Outlook
- Cell Processing platform: Approximately $65 million, assumes flat to modest sequential growth for the cell processing platform in the fourth quarter.
- Biostorage and Services platform: Approximately $26 million, year-over-year growth of 61% excluding COVID-related revenue.
- The Company expects to bring the divestiture process to a conclusion in early 2024.
- The Company’s streamlined financial profile will benefit immediately from the operating leverage provided by the high margin, recurring biopreservation media revenue.
Challenges Ahead
- Total 2023 and Freezers and Thaw Systems platform revenue may be impacted by the timing of the freezer product line divestitures.
- Full year 2023 revenue is expected to reflect a year-over-year decrease of 11%, and excluding COVID related revenue in 2022, a year-over year decrease of 3%.
- Freezers and Thaw Systems platform: Approximately $53 million a decrease of 21% compared to 2022, and excluding COVID-related revenue, a year-over-year decrease of 18%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income