Todd Berard, Chief Marketing Officer of BioLife Solutions Inc. (NASDAQ:BLFS), recently sold shares of the company's common stock. According to the latest SEC filing, Berard sold 91 shares at a price of $26.34 each, totaling approximately $2,396. This transaction was executed on November 12, 2024, under a pre-established Rule 10b5-1 trading plan, which was adopted to satisfy tax withholding obligations related to the vesting of restricted stock. Following this sale, Berard retains ownership of 107,756 shares of BioLife Solutions.
In other recent news, BioLife Solutions has reported strong 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. BioLife Solutions recently completed the sale of its freezer subsidiary, Custom Biogenic Systems (CBS), for $6.1 million in cash, marking the conclusion of the company's strategic shift away from capital equipment businesses.
In addition to these developments, BioLife Solutions sold its SciSafe division for $73 million, a strategic move to focus on its core competencies and drive high-margin revenue growth. Following these events, TD Cowen raised BioLife's price target from $28.00 to $31.00, maintaining a Buy rating on the stock. Despite the SciSafe divestiture, 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 that have taken place within the company. Further details on these updates can be found in filings with the U.S. Securities and Exchange Commission.
InvestingPro Insights
While Todd Berard's recent sale of BioLife Solutions Inc. (NASDAQ:BLFS) shares was relatively small and part of a pre-established plan, 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, reflecting its position as a significant player in the biotech industry. The company has demonstrated strong revenue growth, with a 29.69% increase in quarterly revenue as of Q3 2024. This growth trajectory aligns with the company's expanding presence in the biopreservation and cell and gene therapy tools markets.
However, investors should 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, indicating that the company is not yet profitable. An InvestingPro Tip highlights that analysts do not anticipate the company will be profitable this year, which is an important consideration for potential investors.
Despite these challenges, BioLife Solutions has shown impressive stock performance, with a 1-year price total return of 80.87% as of the latest data. This suggests that investors remain optimistic about the company's long-term prospects. Another InvestingPro Tip points out that the company operates with a moderate level of debt, which may provide financial flexibility as it continues to invest in growth.
For those interested in a more comprehensive analysis, InvestingPro offers 7 additional tips for BioLife Solutions, providing deeper insights into the company's financial health and market position.
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