BOTHELL,
Wash., April 18, 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 that it has completed
the divestiture of its wholly owned subsidiary Global Cooling, Inc.
("GCI" or "Stirling").
Roderick de Greef, Chairman and
CEO, commented, "After a thorough and extensive process, we're
pleased to have completed the divestiture of the Stirling freezer
business. The sale is expected to immediately eliminate several
million dollars of quarterly cash burn and removes product warranty
liabilities, which totaled $7.5
million as of December 31,
2023. Most importantly, we anticipate that this transaction
will result in higher growth rates in total revenue and adjusted
EBITDA, as well as gross margin expansion."
The transaction, which is structured as a stock sale, required
$7 million in cash to remain on the
balance sheet of GCI and the repayment of $2.6 million in GCI long-term debt. BioLife
Solutions intends to file a Current Report on Form 8-K with the
U.S. Securities and Exchange Commission containing the definitive
agreement along with certain pro forma financial information.
About BioLife Solutions
BioLife Solutions is a leading supplier of cell processing tools
and services for the 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 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.
Contact:
Troy Wichterman
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com
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SOURCE BioLife Solutions, Inc.