BioLife Solutions reports preliminary Q4 and full-year results

BOTHELL, Wash. – BioLife Solutions, Inc. (NASDAQ: NASDAQ:), a key player in bioproduction for cell and gene therapies, disclosed preliminary unaudited financial results for the fourth quarter and full year of 2023. The company experienced an 11% sequential increase in cell processing revenue for the fourth quarter, reaching $14.8 million, while overall revenue saw a 26% decline from the same quarter the previous year.

The company’s total preliminary revenue for the fourth quarter was reported at $32.7 million, a decrease from the $44.3 million in the fourth quarter of 2022. The decline is partly attributed to a decrease in COVID-related revenue, which fell by $9.5 million or 22%. Despite this, the cell processing platform showed a sequential rise from the third quarter of 2023.

For the full year of 2023, BioLife Solutions posted a revenue of $143.3 million, marking an 11% decrease from the $161.8 million reported in 2022. The cell processing platform’s annual revenue was down 4%, totaling $65.8 million.

Roderick de Greef, Chairman and CEO of BioLife, expressed a cautious optimism for the easing of macro and inventory headwinds. He highlighted the company’s role in the cell and gene therapy market, noting that BioLife’s products are integrated into 14 approved therapies, with the potential for inclusion in 10 more by the end of the year.

The company also mentioned the ongoing divestiture of its freezer business, which is anticipated to conclude within the quarter, aiming to enhance BioLife’s financial profile by focusing on its higher-margin, recurring cell processing business.

Further details on the company’s financial performance and outlook will be provided during the fourth quarter and year-end 2023 earnings call scheduled for February.

This report is based on a press release statement from BioLife Solutions, Inc.

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