BioLife Solutions, Inc. reported a total revenue of $82.3 million for the fiscal year ending December 31, 2024, marking an increase of 8% from $75.9 million in 2023. The growth was primarily driven by a 12% rise in cell processing product revenue, which reached $73.4 million, up from $65.8 million in the previous year. However, revenue from the Evo and thaw product line decreased by 19%, contributing $2.6 million compared to $3.2 million in 2023. The company experienced a net loss of $20.2 million, a significant improvement from the $68.0 million loss reported in 2023, reflecting a more favorable operational environment and reduced expenses.
In terms of operational changes, BioLife Solutions divested three subsidiaries—Global Cooling, SciSafe, and Custom Biogenic Systems—during 2024. The divestitures were part of a strategic decision to streamline operations and focus on higher-margin products. The sale of SciSafe generated net proceeds of $71.3 million, while the divestiture of CBS brought in $3.4 million. These transactions were classified as discontinued operations in the financial statements, impacting the overall financial results for the year.
The company reported a total of 159 full-time employees as of December 31, 2024, a reduction from previous years due to the workforce adjustments associated with the divestitures. BioLife's customer base remains diversified, with significant revenue contributions from a limited number of key clients. Notably, two customers accounted for approximately 28% of total revenue in 2024, highlighting the company's reliance on a concentrated customer base.
Looking ahead, BioLife Solutions anticipates continued growth in the cell and gene therapy market, which is projected to expand significantly. The company aims to leverage its proprietary biopreservation media and automated thawing devices to enhance product yield and efficacy for its customers. Despite the positive outlook, the company acknowledges potential risks, including market competition and regulatory changes, which could impact future performance. Management is actively working on improving internal controls and addressing previously identified weaknesses to ensure compliance and enhance operational efficiency.
About BIOLIFE SOLUTIONS INC
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