Business
BioLife Solutions Reports Second Quarter 2024 Financial Results
Cell Processing revenue increased 11% sequentially to $18.0 million GAAP gross margin of 51% and non-GAAP adjusted gross margin of 52% GAAP net loss from
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Cell Processing revenue increased 11% sequentially to $18.0 million\nGAAP gross margin of 51% and non-GAAP adjusted gross margin of 52%\nGAAP net loss from continuing operations of $7.1 million and non-GAAP adjusted EBITDA of $4.8 million or 17%\nRaising full-year 2024 total revenue guidance to $99.0 million to $101.0 million; Cell Processing revenue guidance increased to $70.0 million to $71.0 million\nConference call begins at 4:30 p.m. Eastern time today\nBOTHELL, Wash., Aug. 8, 2024 /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\") and the broader biopharma markets, today announced financial results for the three and six months ended June 30, 2024 and updated revenue guidance for 2024.\n\n \n \n \n \n \n \n\n \n\"We are pleased with our second quarter results. The business has stabilized and momentum continues with our third consecutive quarter of sequential revenue growth. With our continued focus on streamlining the business, we are now beginning to benefit from the strength of our high margin, recurring and consumable product offerings,\" said Roderick de Greef, Chairman and CEO. \"Our focus on our core cell processing product platform is emerging in our financial performance, with notable expansions in gross margin, increased adjusted EBITDA, and encouraging momentum into the second half of the year.\"\nde Greef continued, \"As a pure play enabler of CGT's globally, we are strategically aligned with the favorable secular trends, including a more favorable regulatory environment evidenced by increased therapy approvals with broadened indications, expanding geographic regions, and forward movement in the lines of treatment. We believe our market-leading biopreservation franchise supports more than 70% of U.S. commercial CGT trials and sets us up for a sustainable long-term and a promising future.\"\nSecond Quarter 2024 Business Highlights\nProcessed 12 new U.S. FDA Master File cross references for our biopreservation media, bringing the cumulative total processed to 728.Our biopreservation media is embedded in 15 unique commercial CGTs as of June 30, 2024, with an expectation that 9 additional product approvals, geographic expansions, or new indications will occur in the nex...