BioLife Solutions Reports Fourth Quarter and Full Year 2024 Financial Results

Cell Processing revenue up 7% sequentially to $20.3 million in the fourth quarter; 2024 Cell Processing revenue up 12% over prior year to $73.5 million GAAP gross margin of 60% and non-GAAP adjusted gross margin of 63% for the fourth quarter GAAP net loss from continuing operations of $2.0 million and non-GAAP adjusted EBITDA of $4.0 million, or 18% of total revenue for the fourth quarter Expects 2025 Cell Processing revenue of $86.5 to $89.0 million, up 18% to 21% over 2024 and total revenue of $95.5 to $99.0 million, up 16% to 20% over 2024 Conference call begins at 8:00 a.m. Eastern time today , /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of cell processing tools and services for the cell and gene therapy ("CGT") market, today announces financial results for the fourth quarter and year ended December 31, 2024, and introduces 2025 financial guidance. Roderick de Greef, Chairman and CEO, commented, "This past year was a pivotal one for BioLife as we cemented our position as a leading pure play enabler of cell and gene therapies. We delivered five consecutive quarters of revenue growth in our cell processing platform, exceeding expectations and outperforming our raised full year guidance. At the same time, we remained focused on optimizing our portfolio – divesting non-core product lines to drive gross margin and adjusted EBITDA margin expansion from continuing operations. This work culminated in the completed sales of our freezer and biostorage businesses, bolstering our year-end cash position to more than $100 million to fuel our growth objectives. "With this foundation in place, we enter 2025 with streamlined operations focused on our proprietary, high-growth, high-margin products, positioning us to deliver continued revenue growth and profitability. We expect 2025 cell processing revenue to grow 18% to 21%, a meaningful acceleration over 2024, and we see a significant opportunity to deepen relationships with our biopreservation customers, leveraging cross-selling to increase adoption of our broader cell processing product lines. By ultimately integrating these tools into approved therapies, we have the potential to increase our revenue per dose by two to three-fold compared to our biopreservation media alone. Our focus remains on strategically enhancing our cell processing portfolio, both organically and inorganically, to strengthen our market leadership and continue delivering long-term value for our stakeholders," added de Greef. Fourth Quarter 2024 Business Highlights Processed 19 new U.S. FDA Master File cross references for our biopreservation media, bringing the total processed in 2024 to 69 and the cumulative total to 769. Our biopreservation media was embedded in 17 unique approved cell and gene therapies as of December 31, 2024, with an expectation that 8 additional approvals, geographic expansions or new indications will occur in the next 12 months. There was one additional geographic expansion for an existing approved therapy in the fourth quarter. On November 12, 2024, we completed the sale of SciSafe Holdings, Inc. ("SciSafe"), a previously wholly owned biostorage and services subsidiary, for approximately $73.0 million in cash. On November 14, 2024, we completed the sale of Arctic Solutions, Inc. (doing business as Custom Biogenic Systems or "CBS"), a previously wholly owned freezer subsidiary for approximately $6.1 million in cash. Fourth Quarter and Full Year 2024 Financial Results BioLife Solutions is presenting various financial metrics under U.S. generally accepted accounting principles (GAAP) and as adjusted (non-GAAP). In addition, BioLife Solutions is presenting Global Cooling, Inc., SciSafe, and CBS as discontinued operations for all periods presented within the Consolidated Balance Sheets and Consolidated Statements of Operations. The Consolidated Statements Of Comprehensive Loss, Consolidated Statements of Shareholders' Equity, and Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages, and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted. REVENUE Total revenue for the fourth quarter of 2024 was $22.7 million, an increase of $5.3 million, or 31%, from $17.4 million for the fourth quarter of 2023. Cell Processing platform revenue was $20.3 million, up $5.5 million, or 37%, over the same period in 2023, and up 7% sequentially over the third quarter of 2024. Evo and Thaw platform revenue was $2.4 million, a decrease of $0.2 million, or 8%, from the same period in 2023. Total revenue for 2024 was $82.3 million, an increase of 8% from $75.9 million for 2023. Cell Processing platform revenue was $73.5 million, up $7.8 million, or 12%, from 2023. Evo and Thaw platform revenue was $8.7 million, a decrease of $1.4 million, or 14%, from 2023. GROSS MARGIN Gross margin (GAAP) for the fourth quarter of 2024 was 60% compared with 53% for the fourth quarter of 2023. Adjusted gross margin (non-GAAP) for the fourth quarter of 2024 was 63% compared with 63% for the fourth quarter of 2023. Gross margin (GAAP) for 2024 was 62% compared with 57% for 2023. Adjusted gross margin (non-GAAP) for 2024 was 66% compared with 63% for 2023. OPERATING LOSS Operating loss (GAAP) for the fourth quarter of 2024 was $2.1 million, compared with $7.6 million for the fourth quarter of 2023. Adjusted operating loss (non-GAAP) for the fourth quarter of 2024 was $0.7 million compared with $5.1 million for the fourth quarter of 2023. Operating loss (GAAP) for 2024 was $7.1 million, compared with $23.4 million for 2023. Adjusted operating loss (non-GAAP) for 2024 was $2.8 million compared with $15.5 million for 2023. NET LOSS Net loss (GAAP) for the fourth quarter of 2024 was $2.0 million, compared with $7.2 million for the fourth quarter of 2023. Adjusted net loss (non-GAAP) for the fourth quarter of 2024 was $0.8 million compared with $4.7 million for the fourth quarter of 2023. Net loss (GAAP) for 2024 was $11.4 million, compared with $18.4 million for 2023. Adjusted net loss (non-GAAP) for 2024 was $3.0 million compared with $15.6 million for 2023. LOSS PER SHARE Loss per share (GAAP) for the fourth quarter of 2024 was $0.04, compared with $0.16 for the fourth quarter of 2023. Loss per share (GAAP) for 2024 was $0.25, compared with $0.42 for 2023. ADJUSTED EBITDA Adjusted EBITDA, a non-GAAP measure, for the fourth quarter of 2024 was $4.0 million, or 18% of revenue, compared with $3.7 million, or 21% of revenue, for the fourth quarter of 2023. Adjusted EBITDA, a non-GAAP measure, for 2024 was $15.6 million, or 19% of revenue, compared with $11.4 million, or 15% of revenue, for 2023. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES Cash, cash equivalents, and marketable securities as of December 31, 2024, were $109.2 million. The Company received net proceeds of $71.3 million and $3.4 million in cash from the sales of SciSafe and CBS, respectively, during November 2024. (As a result of stating amounts in millions, rounding difference may exist in the percentages above.) 2025 Revenue Guidance BioLife Solutions is introducing 2025 revenue guidance of $95.5 million to $99.0 million, representing growth of 16% to 20% compared with 2024. This is based on expectations for our Cell Processing platform and our evo and Thaw platform, as follows: Cell Processing platform: $86.5 million to $89.0 million, reflecting year-over-year growth of 18% to 21%. evo and Thaw platform: $9.0 million to $10.0 million, reflecting year-over-year growth of 3% to 15%. Management expects 2025 gross margin (GAAP) in the low 60% range, adjusted gross margin (non-GAAP) in the mid-60% range, reduction in net loss (GAAP), and continued expansion of adjusted EBITDA margin (non-GAAP). Conference Call & Webcast Management will discuss the Company's financial results, provide a general business update and answer questions during a conference call and live webcast today at 8:00 a.m. ET (5:00 a.m. PT). To access the webcast, log onto the Investor Relations page of BioLife's website at https://www.biolifesolutions.com/earnings. In addition, the conference call will be accessible by dialing toll-free 1-833-630-0431 or 1-412-317-1808 for international callers. A webcast replay will be available approximately two hours after the call ends and will be archived on https://investors.biolifesolutions.com for 90 days. About BioLife Solutions BioLife is a leading developer and supplier of cell processing tools and services for the CGT market. Our expertise facilitates the commercialization of new therapies by supplying solutions that maintain the health and function of biologic materials during the collection, development, manufacturing and distribution. For more information, please visit www.biolifesolutions.com, and follow BioLife on LinkedIn and X. Cautions Regarding Forward Looking Statements Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "intend," "expects," "continue," "believes," "anticipates," "designed," and similar words are intended to identify forward-looking statements. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by us. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Non-GAAP Measures of Financial Performance: To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included on a consolidated basis in this release: adjusted gross margin, adjusted operating expenses, adjusted operating income/(loss), adjusted net income/(loss), earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. We believe these non-GAAP financial measures are useful to investors in assessing our operating performance. We use these financial measures internally to evaluate our operating performance and for planning and forecasting of future periods. We also believe it is in the best interests of investors to provide this non-GAAP information. While we believe these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Media & Investor Relations Contacts: At the Company Troy WichtermanChief Financial Officer(425) 402-1400[email protected] Investors Alliance Advisors IRJody Cain(310) 691-7100[email protected] BIOLIFE SOLUTIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited, amounts in thousands, except share and per share amounts) Three Months EndedDecember 31, Year EndedDecember 31, (In thousands, except per share and share data) 2024 2023 2024 2023 Product revenue $ 21,245 $ 15,450 $ 76,028 $ 68,968 Service revenue 40 65 160 349 Rental revenue 1,428 1,875 6,066 6,538 Total product, rental, and service revenue 22,713 17,390 82,254 75,855 Costs and operating expenses: Cost of product, rental, and service revenue (exclusive of Intangible asset amortization) $ 8,482 $ 7,642 $ 28,583 $ 29,922 General and administrative 11,501 11,689 40,541 43,264 Sales and marketing 2,244 1,763 9,610 12,709 Research and development 1,915 3,060 7,912 12,073 Asset impairment charges — — — — Intangible asset amortization 683 688 2,737 3,520 Change in fair value of contingent consideration — (415) — (2,193) Total operating expenses 24,825 24,427 89,383 99,295 Operating loss (2,112) (7,037) (7,129) (23,440) Other (expense) income: Change in fair value of investments — — (4,074) — Interest expense, net (24) (429) (719) (1,449) Other income 1 217 497 1,303 Gain on settlement of Global Cooling escrow — — — 5,115 Total other (expense) income, net (23) (212) (4,296) 4,969 Loss before income tax benefit (expense) (2,135) (7,249) (11,425) (18,471) Income tax benefit 131 46 38 24 (Loss) income from continuing operations $ (2,004) $ (7,203) $ (11,387) $ (18,447) Discontinued operations: Income (loss) from discontinued operations 14,584 (7,750) (8,665) (49,362) Income tax expense (122) (3) (132) (193) Income (loss) from discontinued operations $ 14,462 $ (7,753) $ (8,797) $ (49,555) Net income (loss) $ 12,458 $ (14,956) $ (20,184) $ (68,002) Net income (loss) per share - Basic Continuing operations $ (0.04) $ (0.16) $ (0.25) $ (0.42) Discontinued operations $ 0.31 $ (0.17) $ (0.19) $ (1.13) Net income (loss) $ 0.27 $ (0.33) $ (0.44) $ (1.55) Net income (loss) per share - Diluted Continuing operations $ (0.04) $ (0.16) $ (0.25) $ (0.42) Discontinued operations $ 0.30 $ (0.17) $ (0.19) $ (1.13) Net income (loss) $ 0.26 $ (0.33) $ (0.44) $ (1.55) Weighted average shares used to compute net loss per share attributable to common shareholders: Basic 46,648,902 44,822,592 46,067,073 43,719,185 Diluted 48,032,700 44,822,592 46,067,073 43,719,185 BIOLIFE SOLUTIONS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited, amounts in thousands) Three Months Ended December 31, Year Ended December 31, (In thousands) 2024 2023 2024 2023 Net loss $ 12,458 $ (14,956) $ (20,184) $ (68,002) Other comprehensive income 120 315 (18) 334 Comprehensive loss $ 12,578 $ (14,641) $ (20,202) $ (67,668) BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited, amounts in thousands) December 31, December 31, (In thousands) 2024 2023 Cash, cash equivalents, and marketable securities $ 109,212 $ 44,732 Working capital 116,027 78,426 Current assets 148,761 83,913 Current assets, discontinued operations — 36,691 Current liabilities 32,734 23,362 Current liabilities, discontinued operations — 18,816 Total assets 399,487 412,714 Long-term obligations 17,844 26,370 Long-term obligations, discontinued operations — 6,503 Accumulated deficit (335,101) (314,917) Total shareholders' equity $ 348,909 $ 337,663 BIOLIFE SOLUTIONS, INCCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION(Unaudited, amounts in thousands) Year EndedDecember 31, (In thousands) 2024 2023 Net cash provided by (used in) operating activities $ 8,431 $ (12,498) Net cash provided by investing activities 58,300 17,837 Net cash (used in) provided by financing activities (6,783) 10,591 Effects of currency translation — 35 Net increase in cash, cash equivalents, and restricted cash $ 59,948 $ 15,965 BIOLIFE SOLUTIONS, INCRECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP ADJUSTED GROSS PROFIT(Unaudited, amounts in thousands) Three Months EndedDecember 31, Year EndedDecember 31, (In thousands) 2024 2023 2024 2023 GAAP total revenues $ 22,713 $ 17,389 $ 82,254 $ 75,855 GAAP cost of revenues (8,482) (7,642) (28,583) (29,922) COGS intangible asset amortization (577) (582) (2,313) (2,328) GAAP GROSS PROFIT $ 13,654 $ 9,165 $ 51,358 $ 43,605 GAAP GROSS MARGIN 60 % 53 % 62 % 57 % ADJUSTMENTS TO GROSS PROFIT: Inventory reserve costs — 1,210 247 1,772 Loss on disposal of assets 87 11 87 11 Intangible asset amortization 577 582 2,313 2,328 ADJUSTED GROSS PROFIT 14,318 10,968 54,005 47,716 ADJUSTED GROSS MARGIN 63 % 63 % 66 % 63 % BIOLIFE SOLUTIONS, INCRECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP ADJUSTED OPERATING EXPENSES(Unaudited, amounts in thousands) Three Months EndedDecember 31, Year EndedDecember 31, (In thousands) 2024 2023 2024 2023 GAAP OPERATING EXPENSES $ 24,825 $ 24,427 $ 89,383 $ 99,295 ADJUSTMENTS TO OPERATING EXPENSES: Cost of product, rental, and service revenue (8,482) (7,642) (28,583) (29,922) Acquisition and divestiture costs (554) — (1,260) (3,226) Severance costs — (1,098) — (1,585) Intangible asset amortization (683) (688) (2,737) (3,520) Loss on disposal of assets (129) (11) (129) (50) Change in fair value of contingent consideration — 415 — 2,193 ADJUSTED OPERATING EXPENSES $ 14,977 $ 15,403 $ 56,674 $ 63,185 BIOLIFE SOLUTIONS, INC.RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP ADJUSTED OPERATING LOSS(Unaudited, amounts in thousands) Three Months EndedDecember 31, Year EndedDecember 31, (In thousands) 2024 2023 2024 2023 GAAP OPERATING LOSS $ (2,112) $ (7,644) $ (7,129) $ (23,440) ADJUSTMENTS TO GAAP OPERATING LOSS Acquisition and divestiture costs 554 — 1,260 3,226 Severance costs — 1,098 — 1,585 Intangible asset amortization 683 688 2,737 3,520 Loss on disposal of assets 129 11 129 50 Change in fair value of contingent consideration — (415) — (2,193) Inventory reserve costs — 1,210 247 1,772 ADJUSTED OPERATING LOSS $ (746) $ (5,052) $ (2,756) $ (15,480) BIOLIFE SOLUTIONS, INCRECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED NET LOSS(Unaudited, amounts in thousands) Three Months EndedDecember 31, Year EndedDecember 31, (In thousands) 2024 2023 2024 2023 GAAP NET LOSS $ (2,004) $ (7,203) $ (11,387) $ (18,447) ADJUSTMENTS TO GAAP NET LOSS Acquisition and divestiture costs 554 — 1,260 3,226 Severance costs — 1,098 — 1,585 Intangible asset amortization 683 688 2,737 3,520 Loss on disposal of assets 129 11 129 50 Change in fair value of investments — — 4,074 — Change in fair value of contingent consideration — (415) — (2,193) Income tax benefit (131) (46) (38) (24) Gain on settlement of Global Cooling escrow — — — (5,115) Inventory reserve costs — 1,210 247 1,772 ADJUSTED NET LOSS $ (769) $ (4,657) $ (2,978) $ (15,626) BIOLIFE SOLUTIONS, INC.RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA(Unaudited, amounts in thousands) Three Months EndedDecember 31, Year EndedDecember 31, (In thousands) 2024 2023 2024 2023 GAAP NET LOSS $ (2,004) $ (7,203) $ (11,387) $ (18,447) ADJUSTMENTS: Interest expense, net 23 429 719 1,449 Accretion of available-for-sale investments (68) (214) (476) (1,263) Income tax benefit (131) (46) (38) (24) Depreciation 530 836 2,754 3,622 Intangible asset amortization 683 688 2,737 3,520 EBITDA $ (967) $ (5,510) $ (5,691) $ (11,143) OTHER ADJUSTMENTS: Share-based compensation (non-cash) 4,280 7,271 16,514 23,249 Acquisition and divestiture costs 554 — 1,260 3,226 Severance costs — 1,098 — 1,585 Loss on disposal of assets 129 11 129 50 Change in fair value of investments — — 4,074 — Change in fair value of contingent consideration — (415) — (2,193) Gain on settlement of Global Cooling escrow — — — (5,115) Other income — — (979) — Inventory reserve costs — 1,210 247 1,772 ADJUSTED EBITDA $ 3,996 $ 3,665 $ 15,554 $ 11,431 % of Revenue 18 % 21 % 19 % 15 % SOURCE BioLife Solutions, Inc. 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BioLife Solutions Reports Fourth Quarter and Full Year 2024 Financial Results

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