BioLife Solutions (BLFS) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $28.3 million, down 3% year-over-year but up 6% sequentially, marking the third consecutive quarter of sequential growth.

• Cell processing revenue increased 11% sequentially to $18 million, with the business stabilizing and benefiting from high-margin, recurring consumable products.

• Completed divestiture of the Global Cooling freezer division in April 2024, positively impacting margins and reported as discontinued operations.

• Maintains a market-leading position in biopreservation media, supporting over 70% of relevant U.S. clinical trials and embedded in 15 commercial therapies.

• Cost reductions across operating expenses contributed to improved operating margins.

Financial highlights

• Adjusted gross margin rose to 52% from 45% last year; GAAP gross margin improved to 51% from 35% year-over-year.

• Adjusted EBITDA was $4.8 million (17% of revenue), up from $1.7 million (6%) last year and $1 million higher sequentially.

• Adjusted operating expenses were $16.9 million, down from $19 million in Q2 2023; adjusted operating loss was $2.1 million, improved from $5.8 million last year.

• GAAP net loss from continuing operations was $7.1 million, including a $4.1 million write-off of the iVexSol investment.

• Cash and marketable securities at quarter-end were $36.9 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $99–$101 million (5–8% growth), up from prior $95.5–$100 million.

• Cell processing platform expected to contribute $70–$71 million (6–8% growth), up from previous $66–$68.5 million.

• Biostorage services platform expected at $29–$30 million (3–7% growth), with like-for-like growth of 8–12%.

• Management expects full-year positive adjusted EBITDA and continued adjusted EBITDA growth.

• Guidance excludes any revenue from freezer product lines.