BioLife Solutions (BLFS) Q3 2024 earnings summary

Executive summary

• Achieved fourth consecutive quarter of sequential revenue growth, with Q3 2024 revenue at $30.6 million, up 30% year-over-year, driven by strong cell processing demand and improved macro environment in bioproduction.

• Net loss from continuing operations for Q3 2024 was $1.7 million ($0.04/share), a significant improvement from $15.8 million ($0.36/share) last year.

• Completed sale of SciSafe biostorage business for $73 million in cash in November 2024, streamlining focus on high-margin cell processing products.

• Divestiture of Global Cooling in April 2024 and ongoing process to divest CBS freezer business, further streamlining the portfolio.

• Biopreservation media now embedded in 17 approved CGT therapies, with six more approvals or expansions expected in the next 12 months.

Financial highlights

• Q3 2024 total revenue was $30.6 million, up 30% year-over-year and 8% sequentially; cell processing platform revenue reached $19 million, up 43% year-over-year and 6% sequentially.

• GAAP gross margin for Q3 was 51% (up from 48% last year); adjusted gross margin was 54% (up from 44%).

• Adjusted EBITDA was $6.1 million (20% of revenue), up from $1.4 million (6%) last year.

• Q3 2024 product revenue was $23.5 million (up 37%); service revenue $4.7 million (up 6%); rental revenue up 19%.

• Cash and marketable securities as of September 30, 2024: $39.3 million (excluding SciSafe sale proceeds).

Outlook and guidance

• 2024 total revenue guidance updated to $98–$100 million, reflecting increased cell processing guidance and reduced biostorage revenue post-SciSafe sale.

• Cell processing platform expected to contribute $72–$73 million (9–11% growth over 2023); biostorage services platform expected to contribute $26–$27 million, including 10 months of SciSafe revenue.

• Margin expansion expected to continue, with gross margin targeted for upper 60s% in the near future and full-year positive adjusted EBITDA.

• Management expects current cash and liquid assets of $39.3 million to be sufficient for at least the next twelve months.