BioLife Solutions has completed the divestiture of its wholly owned subsidiary Global Cooling, or Stirling. The sale is expected to immediately eliminate several million dollars of quarterly cash burn and removes product warranty liabilities, which totaled $7.5M as of December 31, 2023. BioLive anticipates that this transaction will result in higher growth rates in total revenue and adjusted EBITDA, as well as gross margin expansion. The transaction, structured as a stock sale, required $7M in cash to remain on the balance sheet of GCI and the repayment of $2.6M in GCI long-term debt.
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