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Sep 30, 2024
BioLife Q3 2024 Earnings Report
BioLife Solutions reported financial results for Q3 2024, featuring sequential growth in Cell Processing revenue and expansion of adjusted gross and adjusted EBITDA margins.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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