BioLife Q1 net loss $10.2M; revenue down 16% YoY; divests GCI freezer unit, reaffirms 2024 guidance

BIOLIFE SOLUTIONS INC

2024-Q1 EPS reported -$0.22 revenue$31,727,000

Q1 total revenue $31.7M (-16% YoY); Cell Processing $16.2M (+10% seq), Biostorage $7.1M (+25% YoY), Freezers $8.4M (-35% YoY).
GAAP net loss $10.2M ($0.22 loss per share); adjusted EBITDA -$1.2M; pro forma ex-GCI adj. EBITDA +$3.6M (13% of revenue).
Closed sale of GCI freezer business Apr 17; funded $4.9M cash into GCI and repaid $2.6M debt to facilitate transaction.
Affirms FY24 revenue guidance $95.5M-$100.0M (ex-freezers); expects full-year positive adjusted EBITDA.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BIOLIFE SOLUTIONS INC reported first quarter ended March 31, 2024 results: revenue $31.7 million, net income $10.2 million, EPS $0.22. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $31.7 million
Net income: $10.2 million
EPS: $0.22
Guidance: reaffirmed
Result: reported results

Exact text from the filing

51 % Adjusted Gross Margin 53 % Net Loss $ (4,453) Adjusted EBITDA $ 3,583 Adjusted EBITDA as a % of Revenue 13 % REVENUE • Total revenue for the first quarter of 2024 was $31.7 million, a decrease of $6.0 million, or 16%, from $37.7 million for the first quarter of 2023 and down $1.0 million, or 3%, sequentially from the fourth quarter of 2023. ◦ Cell

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Source: SEC EDGAR

accession 0001628280-24-022218

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