Troy Wichterman, the Chief Financial Officer of BioLife Solutions Inc. (NASDAQ:BLFS), recently sold a portion of his holdings in the company. According to a recent SEC filing, Wichterman sold 147 shares of common stock on November 12, 2024, at a price of $26.19 per share, totaling approximately $3,849.
This transaction was executed under a Rule 10b5-1 trading plan, which Wichterman adopted in August 2021 to manage tax withholding obligations related to the vesting of restricted stock. Following the sale, Wichterman retains ownership of 123,347 shares of BioLife Solutions.
In other recent news, BioLife Solutions has reported robust Q3 growth in 2024, with a significant 30% increase in revenue year-over-year, totaling $30.6 million. The company's cell processing platform revenue also saw a substantial boost, growing by 43% to reach $19 million. An improved adjusted gross margin was also reported, increasing to 54% with the adjusted EBITDA margin rising to 20%.
BioLife Solutions has completed the sale of its freezer subsidiary, Custom Biogenic Systems (CBS), for $6.1 million in cash. This transaction marks the conclusion of BioLife's strategic shift away from capital equipment businesses. Similarly, the company sold its SciSafe division for $73 million, further focusing on its core competencies.
TD Cowen has shown confidence in BioLife's strategic improvements and stronger balance sheet by raising the company's price target from $28.00 to $31.00, maintaining a Buy rating on the stock. Despite the divestitures, BioLife raised its cell processing revenue guidance for 2024 to be between $72 million and $73 million. However, the company revised its total revenue guidance for the same year to between $98 million and $100 million due to the sale of SciSafe. These are some of the recent developments within BioLife Solutions.
InvestingPro Insights
While Troy Wichterman's recent sale of BioLife Solutions Inc. (NASDAQ:BLFS) shares was relatively small, it's worth examining the company's current financial position and market performance to provide context for investors.
According to InvestingPro data, BioLife Solutions has a market capitalization of $1 billion USD, indicating it's a mid-sized player in its industry. The company has shown strong revenue growth, with a 29.69% increase in quarterly revenue as of Q3 2024. This growth trajectory aligns with the company's position in the dynamic biotech sector.
However, it's important to note that BioLife Solutions is currently operating at a loss, with an adjusted operating income of -$37.84 million USD over the last twelve months. This is reflected in the negative P/E ratio of -27.39, suggesting the company is in a growth phase and reinvesting heavily in its operations.
An InvestingPro Tip highlights that the stock has taken a big hit over the last week, with a 1-week price total return of -17.18%. Despite this recent dip, the stock has shown impressive performance over the longer term, with a 1-year price total return of 80.87%. This volatility is characteristic of the biotech sector and aligns with another InvestingPro Tip indicating that BLFS stock price movements are quite volatile.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for BioLife Solutions, providing a deeper understanding of the company's financial health and market position.
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