BioLife Solutions Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>BioLife Solutions Inc. filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

BIOLIFE SOLUTIONS INC (BLFS) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. BioLife Solutions Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is located at 3303 Monte Villa Parkway, Suite 310, Bothell, WA 98021. BioLife Solutions Inc. was formerly known as Cryomedical Sciences Inc. before a name change on January 13, 2003. The company operates within the Electromedical & Electrotherapeutic Apparatus industry, SIC code 3845.

Why It Matters

For investors and stakeholders tracking BIOLIFE SOLUTIONS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial statements and operational updates for BioLife Solutions Inc., crucial for assessing recent performance and future outlook. Understanding the company's financial health, revenue segments, and any disclosed risks in this report is essential for making informed investment decisions regarding BLFS.

Risk Assessment

Risk Level: low — BIOLIFE SOLUTIONS INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies in this sector.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or significant changes in BioLife Solutions Inc.'s revenue and profitability.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 3845 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• BIOLIFE SOLUTIONS INC (company) — Filer name
• BLFS (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 3303 MONTE VILLA PARKWAY (address) — Business street address
• Bothell (location) — Business address city
• WA (location) — Business address state
• 98021 (postal_code) — Business address zip

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share BLFS The NASDAQ Stock Market,

Filing Documents

• blfs-20240331.htm (10-Q) — 1105KB
• exhibit311-q12024.htm (EX-31.1) — 10KB
• exhibit312-q12024.htm (EX-31.2) — 10KB
• exhibit321-q12024.htm (EX-32.1) — 4KB
• exhibit322-q12024.htm (EX-32.2) — 4KB
• blfs-20240331_g1.jpg (GRAPHIC) — 13KB
• 0001628280-24-022690.txt (&nbsp;) — 8155KB
• blfs-20240331.xsd (EX-101.SCH) — 69KB
• blfs-20240331_cal.xml (EX-101.CAL) — 108KB
• blfs-20240331_def.xml (EX-101.DEF) — 309KB
• blfs-20240331_lab.xml (EX-101.LAB) — 798KB
• blfs-20240331_pre.xml (EX-101.PRE) — 564KB
• blfs-20240331_htm.xml (XML) — 1169KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1. Unaudited Condensed Consolidated Financial Statements 3 Unaudited Condensed Consolidated B alance Sheets as of March 31, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31 , 202 4 and 202 3 5 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BioLife Solutions, Inc. Unaudited Condensed Consolidated Balance Sheets March 31, December 31, (In thousands, except per share and share data) 2024 2023 Assets Current assets: Cash and cash equivalents $ 29,694 $ 35,407 Restricted cash 31 31 Available-for-sale securities, current portion 15,579 16,288 Accounts receivable, trade, net of allowance for credit losses of $ 1,745 and $ 1,710 as of March 31, 2024 and December 31, 2023, respectively 18,574 18,657 Inventories 43,414 43,456 Prepaid expenses and other current assets 4,408 6,765 Total current assets 111,700 120,604 Assets held for rent, net 6,904 7,713 Property and equipment, net 21,042 21,077 Operating lease right-of-use assets, net 10,779 11,446 Financing lease right-of-use assets, net 65 94 Long-term deposits and other assets 245 273 Available-for-sale securities, long-term 822 548 Equity investments 5,069 5,069 Intangible assets, net 20,235 21,149 Goodwill 224,741 224,741 Total assets $ 401,602 $ 412,714 Liabilities and Shareholders ' Equity Current liabilities: Accounts payable $ 4,984 $ 6,940 Accrued expenses and other current liabilities 8,863 11,932 Sales taxes payable 5,395 5,442 Warranty liability 7,800 7,858 Lease liabilities, operating, current portion 2,645 2,797 Lease liabilities, financing, current portion 352 376 Debt, current portion 8,619 6,833 Total current liabilities 38,658 42,178 Lease liabilities, operating, long-term 12,579 13,205 Lease liabilities, financing, long-term 1,086 1,169 Debt, long-term 15,681 18,311 Deferred tax liabilities 193 188 Total liabilities 68,197 75,051 Commitments and contingencies (Note 12) Shareholders' equity: Preferred stock, $ 0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 - - Common stock, $ 0.001 par value; 150,000,000 shares authorized, 45,689,583 and 45,167,225 shar

Business

Business BioLife Solutions, Inc. ("BioLife", "us", "we", "our", or the "Company") is a developer, manufacturer, and supplier of a portfolio of bioproduction tools and services including proprietary biopreservation media, automated thawing devices, cloud-connected shipping containers, ultra-low temperature mechanical freezers, cryogenic and controlled rate freezers, and biological and pharmaceutical materials storage. Our CryoStor freeze media and HypoThermosol hypothermic storage media are optimized to preserve cells in the regenerative medicine market. These novel biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our Sexton cell processing product line includes human platelet lysates ("hPL") for cell expansion, reducing risk and improving downstream performance over fetal bovine serum, human serum, and other chemically defined media, CellSeal cryogenic vials that are purpose-built rigid containers used in cell and gene therapy ("CGT") that can be filled manually or with high throughput systems, and automated cell processing machines that bring multiple processes traditionally performed by manual techniques under a higher level of control to protect therapies from loss or contamination. Our ThawSTAR product line is composed of a family of automated thawing devices for frozen cell and gene therapies packaged in cryovials and cryobags. These products help administer temperature-sensitive biologic therapies to patients by standardizing the thawing process and reducing the risks of contamination and overheating, which are inherent with the use of traditional water baths. Our cryogenic freezer technology provides for controlled rate freezing and cryogenic storage of biologic materials. Our ultra-low temperature mechanical freezers allow biological materials and vaccines to be stored at temperatures which range from negative 20 to negative 86. Our evo shipping containers

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View this 10-Q filing on SEC EDGAR