BioLife Solutions sells CBS unit to Standex for $6.1M, records $2M in stock comp and $1.5M debt repayment

BIOLIFE SOLUTIONS INC

Sold Custom Biogenic Systems (CBS) to Standex International for ~$6.1M; transaction closed Nov 14, 2024.
Incurred $2.0M compensation expense from accelerated share vesting for CBS employees; repaid ~$1.5M of CBS debt.
CBS results classified as discontinued operations; pro forma shows revenue reduction of ~$10.2M for 9mo 2024 and ~$13.6M for FY2023.
Pro forma combined with prior SciSafe sale yields continuing ops net income of $6.9M for 9mo 2024 vs historical net loss $32.6M.
Entered transition services agreement with CBS post-closing; two-year non-compete covenant.

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