BioLife Solutions (BLFS) Surpassed Revenue and Earnings-Per-Share Expectations in Q2

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Conestoga Capital Advisors, an asset management company, released its “Micro-Cap Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. The second quarter of 2024 may be regarded as a time of moderation. Economic indicators largely reflected slowing growth and easing inflation. The moderation theme also drives equity markets. Large-cap stocks, as measured by the S&P 500, rose 3.9% in the second quarter, however, small-cap stocks lagged again, with the Russell 2000 Index declining -3.3% and the Russell 2000 Growth Index declining -2.9%. The Micro Cap Strategy declined -8.52% net-of-fees in the quarter compared to a -5.57% return for the Russell Microcap Growth Index. Underperformance was mostly caused by negative stock selection effects in the Telecommunications and industrial sectors, with Health Care being the most addictive. Sector allocation effects influenced relative returns. Also, low-beta companies with cheap multiples, the quarter’s biggest winners, were a drag on the portfolio. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Conestoga Capital Advisors highlighted stocks like BioLife Solutions, Inc. (NASDAQ:BLFS) in the second quarter 2024 investor letter. BioLife Solutions, Inc. (NASDAQ:BLFS) develops and distributes bioproduction tools and services for the cell and gene therapy (CGT) industry. The one-month return of BioLife Solutions, Inc. (NASDAQ:BLFS) was 22.98%, and its shares gained 139.13% of their value over the last 52 weeks. On August 16, 2024, BioLife Solutions, Inc. (NASDAQ:BLFS) stock closed at $25.85 per share with a market capitalization of $1.193 billion.

Conestoga Capital Advisors stated the following regarding BioLife Solutions, Inc. (NASDAQ:BLFS) in its Q2 2024 investor letter:

"BioLife Solutions, Inc. (NASDAQ:BLFS): BLFS engages in the development, manufacture, and marketing of bio-preservation tools for cells and tissues. BLFS exceeded expectations for 2Q24 revenue and earnings-per-share. In 1Q24, BLFS media was embedded in two newly approved therapies, bringing the total number to 15. Management expects an additional 11 product approvals, geographic expansions, or new indications to occur in the next 12 months, providing a robust pipeline for future growth. The divesture of the Stirling freezer business should also be a positive catalyst for the stock."

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A scientist in the lab working on the cell and gene therapy research.

BioLife Solutions, Inc. (NASDAQ:BLFS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held BioLife Solutions, Inc. (NASDAQ:BLFS) at the end of the second quarter which was 11 in the previous quarter. BioLife Solutions, Inc. (NASDAQ:BLFS) reported 31.7 million in revenues, down 16% year-over-year. While we acknowledge the potential of BioLife Solutions, Inc. (NASDAQ:BLFS) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed BioLife Solutions, Inc. (NASDAQ:BLFS) and shared the list of best organ transplant and diagnosis stocks to buy. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.

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