Fourth quarter Cell Processing revenue
increased 11% sequentially to $14.8
million
BOTHELL,
Wash., Jan. 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 2023 fourth quarter and
full year preliminary unaudited revenue.
Roderick de Greef, Chairman and
CEO, commented, "As we enter the new year, our team is fully
committed to operational execution that positions BioLife for
sustained revenue growth and profitability. We are pleased to
announce preliminary results for the fourth quarter, showing an 11%
sequential increase in our core cell processing revenue which came
in ahead of our expectations. In parallel, the divestiture of our
freezer business continues to progress and is expected to conclude
this quarter, significantly enhancing our financial profile as our
high margin, recurring cell processing business grows as a
percentage of total revenue post divestiture."
de Greef continued, "Looking ahead, trends exiting 2023 and
early in 2024 leave us cautiously optimistic that macro and
inventory headwinds are easing, and customer behavior is
normalizing. Our class-defining portfolio of cell processing
products are embedded in a total of 14 approved therapies, with the
potential for 10 more by year-end, which uniquely positions BioLife
as one of the only pure play enablers of the nascent but
fast-growing cell and gene therapy market. We look forward to
providing additional detail regarding our financial performance and
outlook on our fourth quarter and year-end 2023 earnings call in
February."
Fourth Quarter and Full Year 2023 Preliminary Unaudited
Revenue
- Preliminary and unaudited revenue for the fourth quarter of
2023 was $32.7 million, a decrease of
26% from $44.3 million for the fourth
quarter of 2022. Ex-COVID related revenue was down $9.5 million, or 22%, over the same period in
2022.
- Cell processing platform revenue was $14.8 million, down $5.4
million, or 27%, over the same period in 2022, and up 11%
sequentially over the third quarter of 2023.
- Biostorage and services platform revenue was $6.6 million, down $0.1
million, or 1%, from the same period in 2022. Ex-COVID
related revenue growth was $1.4
million, or 26%, over the same period in 2022.
- Freezers and Thaw Systems platform revenue was $11.4 million, down $6.1
million, or 35%, over the same period in 2022. Ex-COVID
related revenue was down $5.5
million, or 32%, from the same period in 2022.
- Preliminary and unaudited revenue for the full year 2023 was
$143.3 million, a decrease of 11%
from $161.8 million for 2022.
Ex-COVID related revenue was down $5.6
million, or 4%, from the full year 2022.
- Cell processing platform revenue was $65.8 million, down $2.7
million, or 4%, from 2022.
- Biostorage and services platform revenue was $25.9 million, down $0.6
million, or 2%, from 2022. Ex-COVID related revenue growth
was $9.8 million, or 61%, over the
full year 2022.
- Freezers and Thaw Systems platform revenue was $51.6 million, down $15.1
million, or 23%, from 2022. Ex-COVID related revenue was
down $12.6 million, or 20%, from the
full year 2022.
About BioLife Solutions
BioLife Solutions is a leading supplier of cell processing tools
and services for the cell and gene therapy (CGT) and broader
biopharma markets. Our expertise facilitates the commercialization
of new therapies by supplying solutions that maintain the health
and function of biologic materials during the collection,
development, storage and distribution. For more information, please
visit www.biolifesolutions.com, and follow BioLife on LinkedIn
and X.
Cautions Regarding Forward Looking Statements
Certain statements contained in this press release are not
historical facts and may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "plans," "expects," "believes," "anticipates,"
"designed," and similar words are intended to identify
forward-looking statements. Forward-looking statements are based on
our current expectations and beliefs, and involve a number of risks
and uncertainties that are difficult to predict and that could
cause actual results to differ materially from those stated or
implied by the forward-looking statements. A description of certain
of these risks, uncertainties and other matters can be found in
filings we make with the U.S. Securities and Exchange Commission,
all of which are available at www.sec.gov. Because forward-looking
statements involve risks and uncertainties, actual results and
events may differ materially from results and events currently
expected by us. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. We undertake no obligation to publicly update these
forward-looking statements to reflect events or circumstances that
occur after the date hereof or to reflect any change in its
expectations with regard to these forward-looking statements or the
occurrence of unanticipated events.
Media & Investor Relations
At the Company
Troy Wichterman
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/biolife-solutions-announces-preliminary-fourth-quarter-and-full-year-2023-unaudited-revenue-302028158.html
SOURCE BioLife Solutions, Inc.