On August 8, 2024, BioLife Solutions Inc (BLFS, Financial) released its 8-K filing for the second quarter of 2024. BioLife Solutions Inc is a healthcare company engaged in developing, manufacturing, and marketing biopreservation tools and services for cells, tissues, and organs. The company’s offerings include hypothermic storage and cryopreservation freeze media products and a cloud-hosted biologistics cold chain management application for shippers.
Performance Overview
BioLife Solutions Inc reported total revenue of $28.3 million for Q2 2024, surpassing the analyst estimate of $23.95 million. However, the company posted a GAAP net loss from continuing operations of $7.1 million, translating to a loss per share of $0.16, which missed the analyst estimate of -$0.14 per share.
Revenue Breakdown
| Revenue Source | Q2 2024 | Q2 2023 | Sequential Change |
|---|---|---|---|
| Total Revenue | $28.3 million | $29.2 million | -3% |
| Cell Processing | $18.0 million | $18.7 million | -4% |
| Biostorage Services | $7.0 million | $7.0 million | 0% |
| Freezers and Thaw Systems | $3.4 million | $3.6 million | -6% |
Financial Metrics
BioLife Solutions Inc reported a GAAP gross margin of 51% for Q2 2024, up from 35% in Q2 2023. The non-GAAP adjusted gross margin was 52%, compared to 45% in the same period last year. The company’s adjusted EBITDA for Q2 2024 was $4.8 million, or 17% of revenue, up from $1.7 million, or 6% of revenue, in Q2 2023.
Key Financial Statements
From the income statement, BioLife Solutions Inc reported a total revenue of $28.3 million for Q2 2024, down 3% from $29.2 million in Q2 2023. The operating loss from continuing operations was $2.8 million, a significant improvement from the $10.6 million loss in Q2 2023. The net loss from continuing operations was $7.1 million, compared to $5.5 million in the same period last year.
Management Commentary
"We are pleased with our second quarter results. The business has stabilized and momentum continues with our third consecutive quarter of sequential revenue growth. With our continued focus on streamlining the business, we are now beginning to benefit from the strength of our high margin, recurring and consumable product offerings," said Roderick de Greef, Chairman and CEO.
Updated Revenue Guidance
BioLife Solutions Inc has raised its full-year 2024 total revenue guidance to a range of $99.0 million to $101.0 million, up from the previous guidance of $95.5 million to $100.0 million. The Cell Processing platform revenue guidance has been increased to $70.0 million to $71.0 million, reflecting a 6% to 8% increase compared to 2023.
Conclusion
BioLife Solutions Inc's Q2 2024 earnings report shows a mixed performance with revenue exceeding estimates but earnings per share falling short. The company’s improved gross margins and positive adjusted EBITDA are encouraging signs. The updated revenue guidance for 2024 reflects management's confidence in the company's growth trajectory.
Explore the complete 8-K earnings release (here) from BioLife Solutions Inc for further details.
