BioLife Solutions Reports Significant Revenue Growth in 2024 with Focus on Cell Therapy Market

BioLife Solutions Sees Promising Revenue Growth in 2024

BioLife Solutions, Inc. (NASDAQ: BLFS), a leader in bioproduction products and services, has announced its preliminary financial results for the fourth quarter and the full year of 2024, showcasing a robust performance that significantly surpassed previously set expectations.

In the fourth quarter of 2024, BioLife's revenue for continuing operations reached an impressive $22.7 million, marking a remarkable increase of 31% compared to $17.4 million in the same quarter of the previous year. This surge was primarily fueled by the company's cell processing platform, which alone contributed $20.3 million in revenue, a 37% increase year-over-year and a sequential rise of 7% from the third quarter of 2024.

The company’s CEO, Roderick de Greef, indicated that 2024 has been a pivotal year for BioLife Solutions. 'We exceeded our revenue guidance for cell processing, with the fourth quarter being remarkable, showcasing our fifth consecutive quarter of revenue growth,' he stated.

One of the critical elements contributing to this growth is BioLife's strategic decision to divest its freezer and biostorage businesses earlier in the year. This divestiture streamlined operations and allowed BioLife to concentrate on becoming a leading enabler in the expanding cell and gene therapy (CGT) market. The company is positively positioned to address the increasing demands of this rapidly evolving sector.

BioLife's biopreservation solutions are already integral to 17 approved therapies, underscoring its vital role in the medical field, particularly as therapies utilizing biologic materials continue to gain momentum. De Greef highlighted, 'As we look forward to 2025, our strong core business performance, along with a solid balance sheet, sets the stage for sustainable growth and profitability.'

Looking back at the entire year of 2024, BioLife recorded an unaudited total revenue of $82.3 million, which reflects an 8% rise from $75.9 million in 2023. The cell processing revenue for the full year was $73.5 million, an increase of 12% year-over-year. In contrast, revenues from the Evo and Thaw platforms saw a decline, with $8.7 million reported—14% lower compared to the previous year.

The company carefully reconciled its results to align with the revenue guidance disclosed throughout the year, indicating a positive deviation from expectations. This includes the exclusion of anticipated revenue from divested subsidiaries and highlights the focus on the main operational strengths of the company.

As BioLife Solutions prepares for an earnings call in February, stakeholders will be given further insights into its financial performance and strategic outlook for 2025. The overall sentiment is one of optimism, with indications pointing towards a growing demand in the cell and gene therapy sectors, promising long-term value for shareholders.

For those interested in keeping up with BioLife Solutions, more information can be found on their official website and their social media channels. The company's commitment to biopreservation underscores its importance in the healthcare industry—offering essential solutions for maintaining the viability of biologic materials in the ever-evolving landscape of medical therapy.