BioLife Solutions Q2 2024 Revenue Hits $50.3M

Ticker: BLFS · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 834365

Biolife Solutions Inc 10-Q Filing Summary
FieldDetail
CompanyBiolife Solutions Inc (BLFS)
Form Type10-Q
Filed DateAug 9, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.001
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, revenue, financials

TL;DR

BioLife Solutions Q2 revenue $50.3M, product revenue $42.6M, service revenue $7.7M.

AI Summary

BioLife Solutions Inc. reported its second quarter 2024 results, with total revenue for the six months ended June 30, 2024, reaching $50.3 million. The company's product revenue for the same period was $42.6 million, and service revenue was $7.7 million. This filing covers the period ending June 30, 2024.

Why It Matters

This filing provides investors with BioLife Solutions' financial performance for the second quarter of 2024, indicating revenue streams from both product and service segments.

Risk Assessment

Risk Level: medium — The company operates in the medical device sector, which can be subject to regulatory changes and market competition.

Key Numbers

  • $50.3M — Total Revenue (Six months ended June 30, 2024)
  • $42.6M — Product Revenue (Six months ended June 30, 2024)
  • $7.7M — Service Revenue (Six months ended June 30, 2024)

Key Players & Entities

  • BIOLIFE SOLUTIONS INC (company) — Filer
  • 3303 MONTE VILLA PARKWAY (location) — Business Address
  • BOTHELL, WA (location) — Business Address City and State
  • 20240630 (date) — Period of Report
  • $50.3 million (dollar_amount) — Total Revenue for six months ended June 30, 2024
  • $42.6 million (dollar_amount) — Product Revenue for six months ended June 30, 2024
  • $7.7 million (dollar_amount) — Service Revenue for six months ended June 30, 2024

FAQ

What was BioLife Solutions' total revenue for the six months ended June 30, 2024?

Total revenue for the six months ended June 30, 2024, was $50.3 million.

What was the product revenue for the six months ended June 30, 2024?

Product revenue for the six months ended June 30, 2024, was $42.6 million.

What was the service revenue for the six months ended June 30, 2024?

Service revenue for the six months ended June 30, 2024, was $7.7 million.

What is the company's primary business address?

The company's business address is 3303 Monte Villa Parkway, Suite 310, Bothell, WA 98021.

What is the fiscal year end for BioLife Solutions Inc.?

The fiscal year end for BioLife Solutions Inc. is December 31.

Filing Stats: 4,718 words · 19 min read · ~16 pages · Grade level 18.9 · Accepted 2024-08-09 16:07:19

Key Financial Figures

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

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1. Unaudited Condensed Consolidated Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 3 0 , 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30 , 2024 and 2023 7 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the thre e and six months ended June 3 0 , 2024 and 2023 8 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 10 Notes to Unaudited Condensed Consolidated Financial Statements 12 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 34 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42

Signatures

Signatures 43 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BioLife Solutions, Inc. Unaudited Condensed Consolidated Balance Sheets June 30, December 31, (In thousands, except per share and share data) 2024 2023 Assets Current assets: Cash and cash equivalents $ 22,014 $ 33,317 Restricted cash 31 31 Available-for-sale securities, current portion 12,120 16,288 Accounts receivable, trade, net of allowance for credit losses of $ 1,061 and $ 1,710 as of June 30, 2024 and December 31, 2023, respectively 18,064 16,928 Inventories 32,496 32,208 Prepaid expenses and other current assets 3,475 6,463 Current assets, discontinued operations — 15,369 Total current assets 88,200 120,604 Assets held for rent, net 11,094 7,713 Property and equipment, net 17,256 20,930 Operating lease right-of-use assets, net 10,400 11,446 Financing lease right-of-use assets, net 36 94 Long-term deposits and other assets 241 270 Available-for-sale securities, long-term 2,688 548 Equity investments 995 5,069 Intangible assets, net 19,325 21,149 Goodwill 224,741 224,741 Long-term assets, discontinued operations — 150 Total assets $ 374,976 $ 412,714 Liabilities and Shareholders ' Equity Current liabilities: Accounts payable $ 4,213 $ 3,573 Accrued expenses and other current liabilities 8,128 10,775 Sales taxes payable 4,860 4,962 Warranty liability 183 350 Lease liabilities, operating, current portion 2,504 2,534 Lease liabilities, financing, current portion 317 355 Debt, current portion 10,614 6,833 Current liabilities, discontinued operations — 12,796 Total current liabilities 30,819 42,178 Lease liabilities, operating, long-term 11,075 12,189 Lease liabilities, financing, long-term 996 1,158 Debt, long-term 10,451 18,311 Deferred tax liabilities 193 188 Long-term liabilities, discontinued operations — 1,027 Total liabilities 53,534 75,051 Commitments and contingencies (Note 12) Shareholders' equity: Preferred stock, $ 0.001 par value; 1,000,000 shares authorized, Series A, 4,

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, 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 evo shipping containers provide cloud-connected passive storage and transport containers for temperature-sensitive biologics and pharmaceuticals. Our biological and pharmaceutical materials storage services provide facilities that allow for real-time tracking of biologic materials and vaccines that can be stored at a wide range of temperatures. On April 17, 2024, the Company sol

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