Fourth quarter Cell Processing revenue
increased 7% sequentially to $20.3
million
Unaudited revenue for FY2024 from Cell
Processing of $73.5 million, exceeded
the high end of previously raised guidance
BOTHELL,
Wash., Jan. 13, 2025 /PRNewswire/ -- BioLife
Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the
"Company"), a leading developer and supplier of bioproduction
products and services for the cell and gene therapy (CGT) market,
today announced 2024 fourth quarter and full year preliminary
unaudited revenue from continuing operations.
Roderick de Greef, Chairman and
CEO, commented, "2024 was a transformative year for BioLife
Solutions, marked by solid execution and strategic clarity. We
exceeded the upper end of our previously raised revenue guidance
for cell processing, with the fourth quarter representing our fifth
consecutive quarter of sequential revenue growth for this platform.
The divestiture of our freezer and biostorage businesses further
streamlined our operations and sharpened our focus as a leading
pure-play enabler in the CGT market, positioning BioLife to meet
the demands of this rapidly growing modality."
de Greef continued, "Our biopreservation solutions, embedded in
17 approved therapies, highlight our essential role in enabling
lifesaving therapies and we expect that to accelerate as the sector
continues to mature. As we look to 2025, the momentum in our core
business coupled with our fortified balance sheet positions us to
deliver sustainable growth and profitability, expand and deepen
customer relationships, and create long-term value for our
shareholders. We look forward to providing additional detail
regarding our 2024 financial performance and outlook for 2025 on
our earnings call in February."
Fourth Quarter and Full Year 2024 Preliminary Unaudited
Revenue for Continuing Operations
- Preliminary and unaudited revenue for continuing operations for
the fourth quarter of 2024 was $22.7
million, an increase of 31% from $17.4 million for the fourth quarter of 2023.
- Cell processing platform revenue was $20.3 million, up $5.5
million, or 37%, over the same period in 2023, and up 7%
sequentially over the third quarter of 2024.
- Evo and Thaw platform revenue was $2.4
million, a decrease of $0.2
million, or 8%, from the same period in 2023.
- Preliminary and unaudited revenue from continuing operations
for the full year 2024 was $82.3
million, an increase of 8% from $75.9
million for 2023.
- Cell processing platform revenue was $73.5 million, up $7.8
million, or 12%, from 2023.
- Evo and Thaw platform revenue was $8.7
million, down $1.4 million, or
14%, from 2023.
Reconciliation of Full Year 2024 Revenue Guidance to
Preliminary Unaudited Revenue for Continuing Operations
During the fiscal year ended December 31,
2024, the Company divested its freezer business through the
previously disclosed sales of its former subsidiaries Global
Cooling, Inc. ("GCI") in April 2024
and Arctic Solutions, Inc. (doing business as Custom Biogenics
Systems) ("CBS") in November 2024.
The Company also divested its storage business through the
previously disclosed sale of its former subsidiary SciSafe, Inc.
("SciSafe") in November 2024. Each of
the divested businesses previously qualified as a discontinued
operation.
As disclosed in our earnings release of November 12, 2024, our revenue guidance for
fiscal year 2024 did not include anticipated results from GCI or
CBS for that period. Our revenue guidance for fiscal year 2024 did
include anticipated results from SciSafe for fiscal year 2024.
The table below reconciles our preliminary unaudited revenue
from continuing operations as disclosed herein, plus preliminary
unaudited revenue from the discontinued operations of SciSafe for
fiscal year 2024 (through the date of its divestiture), to our
previously announced revenue guidance range that included
anticipated fiscal year 2024 results from SciSafe.
|
Product line
(amounts in
thousands)
|
Preliminary
unaudited
total
revenue
from
continuing
operations
for fiscal
year 2024
(a)
|
|
Preliminary
unaudited
discontinued
operations
revenue of
SciSafe for
fiscal year
2024(1)
(b)
|
|
Preliminary
unaudited
total
revenues of
operations
for fiscal year
2024
(a) +
(b)
|
|
Previously
disclosed fiscal
year 2024
revenue
guidance range
|
|
Difference
$
|
|
Difference
%
|
|
Cell
Processing
|
$
73,535
|
|
$
—
|
|
$
73,535
|
|
$72,000 -
$73,000
|
|
$1,535 -
$535
|
|
2% - 1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evo and Thaw
|
8,719
|
|
—
|
|
8,719
|
|
|
|
|
|
|
|
SciSafe
|
—
|
|
18,440
|
|
18,440
|
|
|
|
|
|
|
|
Total Biostorage
services
|
8,719
|
|
18,440
|
|
27,159
|
|
$26,000 -
$27,000
|
|
$1,159 -
$159
|
|
4% - 1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
82,254
|
|
$
18,440
|
|
$
100,694
|
|
$98,000 -
$100,000
|
|
$2,694 -
$694
|
|
3% - 1%
|
|
|
(1) Column includes
revenue from SciSafe through the date of its divestiture, which
will be disclosed in the footnotes of our Form 10-K as a key
component of the gain/loss from discontinued operations. This
amount does not include revenues from GCI or CBS.
|
|
About BioLife Solutions
BioLife Solutions is a leading supplier of cell processing tools
and services for the cell and gene therapy (CGT) market. Our
expertise facilitates the commercialization of new therapies by
supplying solutions that maintain the health and function of
biologic materials during collection, development, storage and
distribution. For more information, please visit
www.biolifesolutions.com, and follow BioLife on LinkedIn
and X.
Cautions Regarding Forward Looking Statements
Certain statements contained in this press release are not
historical facts and may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "plans," "expects," "believes," "anticipates,"
"designed," and similar words are intended to identify
forward-looking statements. Forward-looking statements are based on
our current expectations and beliefs, and involve a number of risks
and uncertainties that are difficult to predict and that could
cause actual results to differ materially from those stated or
implied by the forward-looking statements. A description of certain
of these risks, uncertainties and other matters can be found in
filings we make with the U.S. Securities and Exchange Commission,
all of which are available at www.sec.gov. Because forward-looking
statements involve risks and uncertainties, actual results and
events may differ materially from results and events currently
expected by us. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. We undertake no obligation to publicly update these
forward-looking statements to reflect events or circumstances that
occur after the date hereof or to reflect any change in its
expectations with regard to these forward-looking statements or the
occurrence of unanticipated events.
Media & Investor Relations
At the Company
Troy Wichterman
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com
Investors
Alliance Advisors IR
Jody Cain
(310) 691-7100
jcain@allianceadvisors.com
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SOURCE BioLife Solutions, Inc.
