BioLife Solutions Announces Preliminary Fourth Quarter and Full Year 2024 Unaudited Revenue from Continuing Operations

In This Article:

Fourth quarter Cell Processing revenue increased 7% sequentially to $20.3 million

Unaudited revenue for FY2024 from Cell Processing of $73.5 million, exceeded the high end of previously raised guidance

BOTHELL, Wash., Jan. 13, 2025 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of bioproduction products and services for the cell and gene therapy (CGT) market, today announced 2024 fourth quarter and full year preliminary unaudited revenue from continuing operations.

BioLife Solutions Logo (PRNewsfoto/BioLife Solutions, Inc.)
BioLife Solutions Logo (PRNewsfoto/BioLife Solutions, Inc.)

Roderick de Greef, Chairman and CEO, commented, "2024 was a transformative year for BioLife Solutions, marked by solid execution and strategic clarity. We exceeded the upper end of our previously raised revenue guidance for cell processing, with the fourth quarter representing our fifth consecutive quarter of sequential revenue growth for this platform. The divestiture of our freezer and biostorage businesses further streamlined our operations and sharpened our focus as a leading pure-play enabler in the CGT market, positioning BioLife to meet the demands of this rapidly growing modality."

de Greef continued, "Our biopreservation solutions, embedded in 17 approved therapies, highlight our essential role in enabling lifesaving therapies and we expect that to accelerate as the sector continues to mature. As we look to 2025, the momentum in our core business coupled with our fortified balance sheet positions us to deliver sustainable growth and profitability, expand and deepen customer relationships, and create long-term value for our shareholders. We look forward to providing additional detail regarding our 2024 financial performance and outlook for 2025 on our earnings call in February."

Fourth Quarter and Full Year 2024 Preliminary Unaudited Revenue for Continuing Operations

  • Preliminary and unaudited revenue for continuing operations for the fourth quarter of 2024 was $22.7 million, an increase of 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.

  • Preliminary and unaudited revenue from continuing operations for the full year 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, down $1.4 million, or 14%, from 2023.


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