BioLife Solutions Inc ( (BLFS) ) has released its Q3 earnings. Here is a breakdown of the information BioLife Solutions Inc presented to its investors.
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BioLife Solutions, Inc. is a prominent provider of cell processing tools and services for the cell and gene therapy market, focusing on solutions that ensure the health and functionality of biological materials throughout various stages of therapy development. The company has released its financial results for the third quarter of 2024, highlighting significant developments in revenue growth and strategic initiatives.
In the third quarter of 2024, BioLife Solutions reported a total revenue of $30.6 million, marking a 30% increase compared to the same period in 2023. Notably, the Cell Processing platform saw a 43% rise in revenue year-over-year, reaching $19.0 million. Additionally, the company experienced an improvement in its gross margin, with the GAAP gross margin at 51% and the non-GAAP adjusted gross margin at 54%. The company also reported a GAAP net loss of $1.7 million from continuing operations, with a non-GAAP adjusted EBITDA of $6.1 million.
BioLife Solutions has also adjusted its revenue guidance for 2024, with expectations now set between $98.0 million and $100.0 million, considering the divestiture of its SciSafe biostorage business for $73 million in cash. This strategic divestiture allows the company to concentrate its resources on its high-growth, high-margin cell processing products. BioLife Solutions aims to leverage its strengthened balance sheet and focus on CGT market leadership to drive future growth and profitability.
Looking ahead, BioLife Solutions remains optimistic about its growth trajectory, with management projecting continued positive adjusted EBITDA and revenue growth for the remainder of 2024 and into 2025. The company’s strategic focus and recent financial adjustments position it well to capitalize on opportunities within the cell and gene therapy markets.
