| Over a week ago | ||||
Reports Q1 revenue… Reports Q1 revenue $37.7M, consensus $42.94M. Mike Rice, CEO, commented, "In Q1, we continued to drive adoption of our Cell Processing, Storage and Storage Services, and Freezers and Thaw Systems platforms. We gained nearly 200 new customer sites across our portfolio and are now supporting a critical mass of customer clinical applications, with over 630 using our proprietary biopreservation media and nearly 140 using our Sexton cell processing tools. We gained 17 new evo cold chain customers via our global courier network and have confirmation from a large global pharma company that following successful validation of evo, they plan to convert up to 100% of their shipments of two currently approved cell therapies from the incumbent to the evo platform. Regarding our ULT and cryogenic freezer businesses, after thorough analysis and consultation with external advisors over the past few quarters, our management team, supported by our board of directors, has decided to explore strategic alternatives for CBS and Stirling, including potential divestitures. We are confident that refocusing our portfolio on high margin, high growth, recurring revenue streams is the right decision for BioLife and all of its stakeholders." | ||||
| Over a month ago | ||||
Virtual Analyst Day to be… Virtual Analyst Day to be held on March 23 at 1:30 pm. Webcast Link | ||||
Virtual Analyst Day to be… Virtual Analyst Day to be held on March 23 at 1:30 pm. Webcast Link | ||||
Virtual Analyst Day to be… Virtual Analyst Day to be held on March 23 at 1:30 pm. Webcast Link | ||||
Stephens analyst Jacob… Stephens analyst Jacob Johnson lowered the firm's price target on BioLife Solutions to $27 from $31 and keeps an Overweight rating on the shares. The company reported "solid" Q4 top-line results and reiterated FY23 guidance that brackets consensus, gross margin missed, leading to a slight adjusted EBITDA miss due to mix, SciSafe, and Stirling, the analyst tells investors. The firm's revenue estimates are moving higher, but it has moderated its adjusted EBITDA estimates following the quarterly report. | ||||
CEO Mike Rice commented,… CEO Mike Rice commented, "We fully expect to participate in the forecasted growth of the CGT industry over the next several years. Sustained catalysts that we expect to drive BioLife growth due to a significant increase in the number of manufactured doses include: approvals of new cell and gene therapies, additional approvals of commercial CGT in new geographies, additional approvals of CGT in new indications, migration of commercial therapies to first or second-line treatment, an eventual transition to allogeneic therapies. We remain confident that we will achieve our Q4 2024 run rate aspirational financial goals of $250M in revenue, 50 points of adjusted gross margin and 30 points of adjusted EBITDA." | ||||
Reports Q4 revenue… Reports Q4 revenue $44.3M, consensus $43.28M. CEO Mike Rice commented, "We closed 2022 with another year of strong performance and growth, driven by solid execution across our portfolio...For the full year 2022, we gained over 1,300 new customers via our direct sales team and global network of distributors. Our engineering, quality and operations teams continued to focus on supply chain and other optimization initiatives for our freezers and thaw platform and we expect to continue to drive a mix shift to high margin, recurring revenue." CFO Troy Wichterman remarked, "We achieved full year 2022 positive adjusted EBITDA of $3.6M and ended the year with $64.1M in cash and short-term investments. As of today, Silicon Valley Bank is operational and fully honoring existing credit facilities. We currently have no additional need for capital." | ||||
BioLife Solutions (BLFS)… BioLife Solutions (BLFS) provided commentary on its current banking relationship with Silicon Valley Bank (SIVB). "BioLife is monitoring the situation at SVB carefully and does not believe there is any current risk to its business. BioLife's deposit accounts held at SVB in excess of the $250,000 FDIC-insured limits are less than $1 million which the company does not believe is a material portion of its cash and cash equivalents. Multiple institutions serve as custodians for third-party investments held in BioLife's name, and those investments are not directly exposed to any consequences of a liquidity concern at SVB. Additionally, BioLife is assessing the implications of SVB's receivership of the company's credit facility with SVB but does not foresee any near-term needs to draw amounts under the facility," the company stated in a press release. | ||||
