Business
BioLife Solutions Reports First Quarter 2023 Financial Results
Revenue of $37.7 million increased 4% over Q1 2022, ex-COVID growth of 16% and biopreservation media revenue growth of 28% Q1 2023 Adjusted gross margin
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Revenue of $37.7 million increased 4% over Q1 2022, ex-COVID growth of 16% and biopreservation media revenue growth of 28%\nQ1 2023 Adjusted gross margin improvement; 37% compared to 32% in Q4 2022\nDecision to Explore Strategic Alternatives for Ultra-Low Temperature and Cryogenic Freezer Product Lines\nConference call begins at 4:30 p.m. Eastern time today \nBOTHELL, Wash., May 10, 2023 /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) (\"BioLife\" or the \"Company\"), a leading developer and supplier of class-defining bioproduction products and services for the cell and gene therapy (CGT) and the broader biopharma markets, today announced financial results for the three months ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nMike Rice, Chairman and CEO, commented, \"In the first quarter of 2023, we continued to drive adoption of our Cell Processing, Storage and Storage Services, and Freezers and Thaw Systems platforms. We gained nearly 200 new customer sites across our portfolio and are now supporting a critical mass of customer clinical applications, with over 630 using our proprietary biopreservation media and nearly 140 using our Sexton cell processing tools. We gained 17 new evo® cold chain customers via our global courier network and have confirmation from a large global pharma company that following successful validation of evo, they plan to convert up to 100% of their shipments of two currently approved cell therapies from the incumbent to the evo platform.\nRegarding our ULT and cryogenic freezer businesses, after thorough analysis and consultation with external advisors over the past few quarters, our management team, supported by our board of directors, has decided to explore strategic alternatives for CBS and Stirling, including potential divestitures. We are confident that refocusing our portfolio on high margin, high growth, recurring revenue streams is the right decision for BioLife and all of its stakeholders.\"\nFirst Quarter 2023 Customer Highlights\nNew Customer Acquisition\nPlatform/Solution\nQ1 2023\nBiopreservation Media\n9\nSexton Cell Processing\n8\nSciSafe® Storage Services\n22\nThaw\n5\nevo® Cold Chain\n17\nCryogenic Freezers\n15\nULT Freezers\n121\nTOTAL\n197\nGained nearly 200 new customers.Processed 20 new USA Master File cross references for our cell processing solutions. Total global clinical ...