BioLife Q3 2024 Earnings Report
Key Takeaways
BioLife Solutions reported a 30% increase in total revenue to $30.6 million, driven by a 43% increase in Cell Processing revenue. The company increased its Cell Processing revenue guidance by $2 million to $72.0 to $73.0 million and total 2024 revenue guidance to $98.0 million to $100.0 million, reflecting the impact of the SciSafe divestiture.
Cell Processing revenue grew 6% sequentially to $19.0 million, a 43% increase compared to 2023.
GAAP gross margin was 51%, and non-GAAP adjusted gross margin was 54%.
GAAP net loss from continuing operations was $1.7 million, and non-GAAP adjusted EBITDA was $6.1 million, or 20%.
Cell Processing revenue guidance increased by $2 million to $72.0 to $73.0 million, with total 2024 revenue guidance of $98.0 million to $100.0 million.
BioLife
BioLife
BioLife Revenue by Segment
Forward Guidance
BioLife Solutions revised its 2024 revenue guidance to $98.0 million to $100.0 million, reflecting the divestiture of SciSafe. Cell Processing platform revenue is expected to be $72.0 million to $73.0 million, and Biostorage Services platform revenue is revised to $26.0 million to $27.0 million.
Positive Outlook
- Cell Processing platform revenue: Increased to $72.0 million to $73.0 million from prior guidance of $70.0 million to $71.0 million.
- The revised guidance represents an increase of 9% to 11% compared with 2023.
- Compared with the annualized run rate for the second half of 2023, the revised guidance reflects growth of 28% to 30%.
- Management expects full year positive adjusted EBITDA and adjusted EBITDA growth in 2024.
- This platform includes the ThawSTAR automated thawing product line.
Challenges Ahead
- Biostorage Services platform revenue: Revised to $26.0 million to $27.0 million from prior guidance of $29.0 million to $30.0 million.
- The revised guidance represents a decrease of 7% to 4% compared with 2023 due to the sale of SciSafe on November 12, 2024.
- Excluding ThawSTAR, the growth rate is 1% to 4%.
- Total revenue guidance was revised to $98.0 million to $100.0 million from prior guidance of $99.0 million to $101.0 million.
- This revision is primarily to reflect the revenue impact of the divestiture of SciSafe on November 12, 2024.