BioLife Solutions reports Q3 EPS (67c), consensus (38c)

Reports Q3 revenue $33.3M, consensus $32.94M. CEO Roderick de Greef said, “Results for Q3, which contained no COVID related revenue, were in line with our expectations, and while our cell processing platform was reflective of current industry wide headwinds, our biostorage services platform exhibited strong ex-COVID growth of 50%. Looking beyond this year, we fundamentally believe BioLife is exceptionally well positioned to benefit from the growth drivers underlying the still nascent CGT industry in the medium to longer term. Currently, our biopreservation media is embedded in 5 of 6 approved CAR-T therapies and 11 relevant approved cell and cell-based gene therapies, and is utilized in hundreds of active clinical trials globally. In addition, our other cell processing tools and biostorage services are used in 10 approved cell and gene therapies globally, as well as being incorporated in well over 100 clinical trials. We are working expeditiously on the divestiture of the freezer operations with multiple interested parties, and we expect to bring this process to a conclusion in early 2024. Upon completion, the Company’s streamlined financial profile will benefit immediately from the operating leverage provided by the high margin, recurring biopreservation media revenue.”