BioLife Solutions Inc. Files 2023 Annual Report on Form 10-K

Ticker: BLFS · Form: 10-K · Filed: Feb 29, 2024 · CIK: 834365

Biolife Solutions Inc 10-K Filing Summary
FieldDetail
CompanyBiolife Solutions Inc (BLFS)
Form Type10-K
Filed DateFeb 29, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.001, $22.10, $0.5 million, $2.0 million, $2.0 m
Sentimentneutral

Sentiment: neutral

Topics: 10-K, BioLife Solutions, Annual Report, Financials, Biotechnology

TL;DR

<b>BioLife Solutions Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

BIOLIFE SOLUTIONS INC (BLFS) filed a Annual Report (10-K) with the SEC on February 29, 2024. BioLife Solutions Inc. reported its 2023 fiscal year results in a 10-K filing. The company's fiscal year ended on December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Bothell, WA. The filing was submitted on February 29, 2024.

Why It Matters

For investors and stakeholders tracking BIOLIFE SOLUTIONS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of BioLife Solutions' financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors to assess the company's progress and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — BIOLIFE SOLUTIONS INC shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various market and operational risks inherent in the biotechnology and medical device sectors, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand BioLife Solutions' performance and potential challenges.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-02-29 — Filing Date (Filed as of date)
  • 312 — Public Document Count (Number of documents in the filing)

Key Players & Entities

  • BIOLIFE SOLUTIONS INC (company) — Filer name
  • BLFS (company) — Ticker symbol
  • 20231231 (date) — Conformed period of report
  • 20240229 (date) — Filed as of date
  • Bothell, WA (location) — Business address
  • 0000834365 (company) — Central Index Key

FAQ

When did BIOLIFE SOLUTIONS INC file this 10-K?

BIOLIFE SOLUTIONS INC filed this Annual Report (10-K) with the SEC on February 29, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by BIOLIFE SOLUTIONS INC (BLFS).

Where can I read the original 10-K filing from BIOLIFE SOLUTIONS INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BIOLIFE SOLUTIONS INC.

What are the key takeaways from BIOLIFE SOLUTIONS INC's 10-K?

BIOLIFE SOLUTIONS INC filed this 10-K on February 29, 2024. Key takeaways: BioLife Solutions Inc. reported its 2023 fiscal year results in a 10-K filing.. The company's fiscal year ended on December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023..

Is BIOLIFE SOLUTIONS INC a risky investment based on this filing?

Based on this 10-K, BIOLIFE SOLUTIONS INC presents a moderate-risk profile. The company's financial performance and future outlook are subject to various market and operational risks inherent in the biotechnology and medical device sectors, as detailed in the 10-K filing.

What should investors do after reading BIOLIFE SOLUTIONS INC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand BioLife Solutions' performance and potential challenges. The overall sentiment from this filing is neutral.

How does BIOLIFE SOLUTIONS INC compare to its industry peers?

BioLife Solutions Inc. operates in the electromedical and electrotherapeutic apparatus industry, providing products and services related to cell and gene therapy.

Are there regulatory concerns for BIOLIFE SOLUTIONS INC?

The company is subject to standard SEC reporting requirements for public companies, including the annual filing of a Form 10-K.

Industry Context

BioLife Solutions Inc. operates in the electromedical and electrotherapeutic apparatus industry, providing products and services related to cell and gene therapy.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the annual filing of a Form 10-K.

What Investors Should Do

  1. Review the full 10-K filing for detailed financial statements and management discussion.
  2. Analyze the risk factors section to understand potential business challenges.
  3. Compare the 2023 results with previous years to identify trends.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
  • 2024-02-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, following previous quarterly (10-Q) and annual (10-K) filings.

Filing Stats: 4,305 words · 17 min read · ~14 pages · Grade level 15.9 · Accepted 2024-02-29 17:16:18

Key Financial Figures

  • $0.001 — ich registered Common stock, par value $0.001 per share BLFS The NASDAQ Stock Market
  • $22.10 — ed on closing price on June 30, 2023 of $22.10 per share) held by non-affiliates was a
  • $0.5 million — our products are used could range from $0.5 million to $2.0 million if such application is
  • $2.0 million — e used could range from $0.5 million to $2.0 million if such application is approved and our
  • $2.0 m — d could also range from $0.5 million to $2.0 million, if such application is approved
  • $12 billion — M also reported there was approximately $12 billion invested in the regenerative medicine m

Filing Documents

BUSINESS

BUSINESS 5 ITEM 1A.

RISK FACTORS

RISK FACTORS 12 ITEM 1B. UNRESOLVED STAFF COMMENTS 25

C

ITEM 1 C . CYBERSECURITY 25 ITEM 2.

PROPERTIES

PROPERTIES 26 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 26 ITEM 4. MINE SAFETY DISCLOSURES 26 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 26 ITEM 6. RESERVED 27 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 40 ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 42 INDEX TO FINANCIAL STATEMENTS 42 REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 86 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 86 ITEM 9B. OTHER INFORMATION 89 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 90 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 90 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 98 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 125 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 126 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 127 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 127 ITEM 16. FORM 10-K SUMMARY 130

SIGNATURES

SIGNATURES 131 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Form 10-K" or "Annual Report") contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The forward-looking statements in this Form 10-K do not constitute guarantees of future performance, and actual results could differ materially from those contained in the forward-looking statements. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about our products, customers, regulatory approvals, the potential utility of and market for our products and services, our ability to implement our business strategy and anticipated business and operations (including with respect to acquired businesses), future financial and operational performance, our anticipated future growth strategy, the expected benefits and other statements relating to our divestitures and acquisitions, capital requirements, intellectual property, suppliers, joint venture partners, future financial and operating results, the impact of macroeconomic developments (including the ongoing effects of the coronavirus ("COVID-19") pandemic, plans, objectives, expectations and intentions, revenues, costs and expenses, interest rates, outcome of contingencies, business strategies, regulatory filings and requirements, the estimated potential size of markets, the terms of any capital financing agreements and other statements that are not historical facts. You can find many of these statements by looking for words like "believes", "expects", "anticipates", "estimates", "may", "should", "will", "could", "plan", "intend", or similar expressions in this Form 10-K. We intend that such forward-looking statements be subject to the safe harbors for such statements. These forward-looking statements are based on t

BUSINESS

ITEM 1. BUSINESS The following discussion of our business contains forward-looking statements that involve risks and uncertainties (see the section entitled " Forward-Looking Statements " herein). Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those factors set forth under " Risk Factors " and elsewhere in this Form 10-K. Overview We are a life sciences company that develops, manufactures, and markets bioproduction tools and services which are designed to improve quality and de-risk biologic manufacturing, storage, distribution, and transportation in the cell and gene therapy ("CGT") industry and broader biopharma markets. Our products are used in basic and applied research and commercial manufacturing of biologic-based therapies. Customers use our products to maintain the health and function of biologic material during sourcing, manufacturing, storage, and distribution. We currently operate as one bioproduction tools and services business which supports several steps in the biologic material manufacturing and delivery process. We have a diversified portfolio of tools and services that focuses on biopreservation, cell processing, frozen biologic storage products and services, cold-chain logistics, and thawing of biologic materials. We have in-house expertise in cryobiology and the broader CGT workflow, and continue to evaluate opportunities to maximize the value of our product platforms for our extensive customer base through organic growth innovations, partnerships, and acquisitions. Our products Our bioproduction tools and services are comprised of three revenue lines that contain seven main offerings: Cell processing Biopreservation media Human platelet lysate media ("hPL"), cryogenic vials, and automated cell-processing fill machines Freezers and thaw systems Ultra-low temperature freezers Cryogenic freezers and accessories Automated thawing devices Bio

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