BioLife Solutions Files Q3 2024 10-Q

Ticker: BLFS · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 834365

Biolife Solutions Inc 10-Q Filing Summary
FieldDetail
CompanyBiolife Solutions Inc (BLFS)
Form Type10-Q
Filed DateNov 12, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.001
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

Related Tickers: BLFS

TL;DR

BioLife Solutions (BLFS) filed its 10-Q for Q3 2024. Check financials.

AI Summary

BioLife Solutions, Inc. filed its quarterly report for the period ended September 30, 2024. The company is incorporated in Delaware and its principal executive offices are located in Bothell, Washington. Its common stock is traded on The NASDAQ Stock Market under the ticker symbol BLFS.

Why It Matters

This filing provides investors with the latest financial and operational details for BioLife Solutions, Inc., crucial for understanding the company's performance and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not inherently present new risks.

Key Players & Entities

  • BioLife Solutions, Inc. (company) — Registrant
  • September 30, 2024 (date) — Quarterly period end date
  • Delaware (jurisdiction) — State of incorporation
  • Bothell, Washington (location) — Principal executive offices
  • BLFS (ticker) — Trading symbol for common stock
  • The NASDAQ Stock Market, LLC (company) — Exchange where common stock is registered

FAQ

What is the filing date for this 10-Q report?

The 10-Q report is for the quarterly period ended September 30, 2024.

What is the company's full legal name?

The company's full legal name is BioLife Solutions, Inc.

In which state was BioLife Solutions, Inc. incorporated?

BioLife Solutions, Inc. was incorporated in Delaware.

What is the trading symbol for BioLife Solutions, Inc. common stock?

The trading symbol for BioLife Solutions, Inc. common stock is BLFS.

On which exchange is BioLife Solutions, Inc. common stock traded?

BioLife Solutions, Inc. common stock is traded on The NASDAQ Stock Market, LLC.

Filing Stats: 4,670 words · 19 min read · ~16 pages · Grade level 18.9 · Accepted 2024-11-12 16:22:07

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 September 30, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 7 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 8 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 35 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

Signatures

Signatures 45 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BioLife Solutions, Inc. Unaudited Condensed Consolidated Balance Sheets September 30, December 31, (In thousands, except per share and share data) 2024 2023 Assets Current assets: Cash and cash equivalents $ 23,977 $ 33,317 Restricted cash 184 31 Available-for-sale securities, current portion 10,211 16,288 Accounts receivable, trade, net of allowance for credit losses of $ 955 and $ 1,707 as of September 30, 2024 and December 31, 2023, respectively 17,918 16,928 Inventories 32,179 32,208 Prepaid expenses and other current assets 4,914 6,463 Current assets, discontinued operations — 15,369 Total current assets 89,383 120,604 Assets held for rent, net 10,822 7,713 Property and equipment, net 17,709 20,930 Operating lease right-of-use assets, net 14,402 11,446 Financing lease right-of-use assets, net 30 94 Long-term deposits and other assets 271 270 Available-for-sale securities, long-term 4,884 548 Equity investments 995 5,069 Intangible assets, net 18,415 21,149 Goodwill 224,741 224,741 Long-term assets, discontinued operations — 150 Total assets $ 381,652 $ 412,714 Liabilities and Shareholders ' Equity Current liabilities: Accounts payable $ 3,838 $ 3,573 Accrued expenses and other current liabilities 8,449 10,775 Sales taxes payable 4,351 4,962 Warranty liability 186 350 Lease liabilities, operating, current portion 2,788 2,534 Lease liabilities, financing, current portion 323 355 Debt, current portion 12,231 6,833 Current liabilities, discontinued operations — 12,796 Total current liabilities 32,166 42,178 Lease liabilities, operating, long-term 15,189 12,189 Lease liabilities, financing, long-term 913 1,158 Debt, long-term 7,823 18,311 Deferred tax liabilities 100 188 Long-term liabilities, discontinued operations — 1,027 Total liabilities 56,191 75,051 Commitments and contingencies (Note 12) Shareholders' equity: Preferred stock, $ 0.001 par value; 1,000,000 shares authorized, Seri

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, CryoCase cryo-compatible transparent rigid containers designed for closed-system fill and retrieval, 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

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