BioLife Solutions lowers FY24 revenue view to $98.0M-$100.0M from $99.0M-$101.0M

Consensus is for FY24 revenue $110.57M. FY24 revenue reflects the impact of the divestiture of SciSafe on November 12. This guidance also reflects updated expectations for BioLife’s Cell Processing product line and Biostorage and Services, which includes results from its ThawSTAR product line and does not include revenue from the freezer product line or SciSafe after November 12. Raises Cell Processing platform revenueview to $72.0M-$73.0M from prior guidance of $70.0M-$71.0M. The revised guidance represents an increase of 9%-11% compared with 2023. Compared with the annualized run rate for the second half of 2023, the revised guidance reflects growth of 28%-30%. Lowers FY24 Biostorage Services platform revenue view to $26.0M-$27.0M from prior guidance of $29.0M-$30.0M. The revised guidance represents a decrease of 7% to 4% compared with 2023 due to the sale of SciSafe on November 12. This platform includes the ThawSTAR automated thawing product line. Excluding ThawSTAR, the growth rate is 1%-4%. Management expects full year positive adjusted EBITDA and adjusted EBITDA growth in 2024.