Business
BioLife Solutions Reports Second Quarter 2023 Financial Results, Updates Full Year 2023 Guidance and Provides Pro Forma First Half 2023 Financial Profile Excluding Freezer Business
Committed to Divesting Stirling Ultracold and Custom Biogenic Systems by End of 2023 Conference call begins at 4:30 p.m. Eastern time today BOTHELL, Wash.,
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Committed to Divesting Stirling Ultracold and Custom Biogenic Systems by End of 2023\nConference call begins at 4:30 p.m. Eastern time today \nBOTHELL, Wash., Aug. 8, 2023 /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) (\"BioLife\" or the \"Company\"), a leading supplier of class-defining bioproduction tools and services for the cell and gene therapy (CGT) and broader biopharma markets, today announced financial results for the second quarter and six months of 2023 and updated guidance for the full year 2023. Management is also providing a first half 2023 financial profile of certain pro forma financial metrics excluding Stirling Ultracold (Stirling) and Custom Biogenic Systems (CBS) freezer assets, both of which management intends to divest by December 31, 2023.\n\n \n \n \n \n \n \n\n \nMike Rice, Chairman and CEO, commented, \"Subsequent to the end of the second quarter 2023, after considering other strategic alternatives, management and the board of directors have determined that divesting our Stirling and CBS freezer assets would optimize the performance of our product portfolio by focusing on recurring higher margin streams and create the most shareholder value. We made significant progress to achieve this objective and based on the level of interest and the feedback we have received so far; we are fully committed to starting 2024 without the impact of the freezer product lines. We continue to appreciate the value of the related IP, products and teams, and believe a buyer or buyers will materialize that can continue to provide global access to these innovative products in a cost structure that fits their financial requirements.\"\nManagement anticipates reclassifying the freezer product lines as Assets Held for Sale and Discontinued Operations in the second half of 2023 when the accounting criteria are met.\nTo assist investors with understanding the positive impacts of these potential divestitures, the Company is now providing certain unaudited pro forma financial information had the divestitures occurred on January 1, 2023. This unaudited pro forma financial information is presented for informational purposes only and is not intended to represent or be indicative of the results had the divestiture occurred at an earlier date and should not be taken as representative of our future consolidated results of operation...