NASDAQ$BLFS
BioLife Solutions Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
BioLife Solutions reported financial results for the third quarter of 2023, which were in line with expectations, with biostorage services exhibiting strong ex-COVID growth, while the company is working on divesting its freezer operations.
BioLife Solutions announced its Q3 2023 financial results, with total revenue of $33.3 million. The company is focusing on adapting and innovating as a leading provider of cell processing tools and biostorage services, with a strategic emphasis on the high-margin, recurring biopreservation media revenue.
- Total revenue for Q3 2023 was $33.3 million, an 18% decrease from Q3 2022.
- Cell Processing platform revenue was $13.3 million, a 26% decrease year-over-year
- Biostorage and Services platform revenue was $6.6 million, a 10% decrease year-over-year, but ex-COVID related revenue grew 50%.
- The company is working on the divestiture of the freezer operations, expected to conclude in early 2024.
Headline financials
Revenue & EPS history
BioLife · Revenue · Quarterly
$33.3M
Revenue by segment
BioLife · $19.9M total across 2 segments · Q3 2023
- Cell Processing platform$13.3M-26.5%66.8%
- evo and Thaw platform$6.6M—33.2%
Forward guidance
BioLife Solutions anticipates full year 2023 revenue to be at the low end of the previously announced guidance range of $144 million to $158 million. Revenue expectations include approximately $65 million from the Cell Processing platform, $26 million from the Biostorage and Services platform, and $53 million from the Freezers and Thaw Systems platform.
Tailwinds
- Cell Processing platform: Approximately $65 million, assumes flat to modest sequential growth for the cell processing platform in the fourth quarter.
- Biostorage and Services platform: Approximately $26 million, year-over-year growth of 61% excluding COVID-related revenue.
- The Company expects to bring the divestiture process to a conclusion in early 2024.
- The Company’s streamlined financial profile will benefit immediately from the operating leverage provided by the high margin, recurring biopreservation media revenue.
Headwinds
- Total 2023 and Freezers and Thaw Systems platform revenue may be impacted by the timing of the freezer product line divestitures.
- Full year 2023 revenue is expected to reflect a year-over-year decrease of 11%, and excluding COVID related revenue in 2022, a year-over year decrease of 3%.
- Freezers and Thaw Systems platform: Approximately $53 million a decrease of 21% compared to 2022, and excluding COVID-related revenue, a year-over-year decrease of 18%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+4.3%
Avg return
30 days after
44%
22 / 50 earnings
Positive
+21.4%
Q3 2022
Best reaction
-34.5%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.3% | -2.4% | +22.4% | |
| Q4 2025 | +8.0% | -8.1% | -17.3% | |
| Q3 2025 | -4.2% | -4.1% | -5.8% | |
| Q2 2025 | +10.0% | +24.4% | +28.2% | |
| Q1 2025 | +4.0% | -1.4% | +6.0% | |
| Q4 2024 | +2.1% | +7.6% | -0.9% | |
| Q3 2024 | -9.4% | -21.0% | +0.5% | |
| Q2 2024 | +14.5% | +20.3% | +7.9% | |
| Q1 2024 | +8.9% | +25.0% | +13.2% | |
| Q4 2023 | +5.1% | -0.5% | +8.5% | |
| Q3 2023 | -5.7% | +3.1% | +14.2% | |
| Q2 2023 | -29.7% | -34.9% | -30.3% | |
| Q1 2023 | -2.9% | +3.5% | +20.6% | |
| Q4 2022 | +0.2% | +2.7% | -7.4% | |
| Q3 2022 | +21.4% | +14.1% | -4.6% | |
| Q2 2022 | +13.7% | +15.7% | +25.6% | |
| Q1 2022 | -3.8% | +1.6% | +18.3% | |
| Q4 2021 | -0.3% | +0.9% | -3.7% | |
| Q3 2021 | -6.0% | +5.2% | -30.3% | |
| Q2 2021 | -1.8% | -3.9% | +12.0% | |
| Q1 2021 | -2.1% | +4.8% | +25.1% | |
| Q4 2020 | +8.3% | -7.8% | -14.7% | |
| Q3 2020 | +5.8% | +0.8% | +21.6% | |
| Q2 2020 | +0.3% | -5.4% | +5.6% | |
| Q1 2020 | +3.0% | +10.5% | +1.5% | |
| Q4 2019 | -34.5% | -36.7% | -27.8% | |
| Q3 2019 | -12.8% | -8.8% | -7.4% | |
| Q2 2019 | -6.2% | +1.1% | +7.7% | |
| Q1 2019 | -2.4% | +4.5% | +8.8% | |
| Q4 2018 | +10.7% | +19.4% | +5.5% | |
| Q3 2018 | +15.0% | -8.0% | -7.8% | |
| Q2 2018 | -4.8% | -1.0% | +2.3% | |
| Q1 2018 | -3.7% | +7.6% | +23.5% | |
| Q4 2017 | -4.4% | -10.2% | +22.4% | |
| Q3 2017 | +18.0% | +21.6% | +8.2% | |
| Q2 2017 | +3.8% | +8.2% | +30.6% | |
| Q1 2017 | +3.7% | -1.4% | +7.8% | |
| Q4 2016 | -5.0% | -9.5% | -7.7% | |
| Q3 2016 | +0.7% | +2.7% | +5.4% | |
| Q2 2016 | -2.4% | -7.7% | -15.9% | |
| Q3 2012 | +10.0% | — | — | |
| Q1 2012 | +0.0% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q3 2011 | +0.0% | — | — | |
| Q2 2011 | -14.3% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q4 2010 | -11.1% | — | — | |
| Q3 2010 | +0.0% | — | — | |
| Q2 2010 | +0.0% | — | — | |
| Q1 2010 | +0.0% | — | — |
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