BOTHELL, Wash.—Mathew Aby J., Executive Vice President and Chief Scientific Officer of BioLife Solutions Inc. (NASDAQ:BLFS), recently reported a sale of company stock. According to a filing with the Securities and Exchange Commission, Aby sold 123 shares of BioLife Solutions common stock at a price of $26.34 per share, amounting to a total transaction value of $3,239. This sale was conducted under a Rule 10b5-1 trading plan, which was established to handle tax withholding obligations related to the vesting of restricted stock. Following this transaction, Aby retains ownership of 317,046 shares in the company.
In other recent news, BioLife Solutions has been making strategic moves to strengthen its financial standing and focus on its core cell processing business. The company's recent sale of its freezer subsidiary, Custom Biogenic Systems, for $6.1 million marks the conclusion of its strategic shift away from capital equipment businesses. Another significant move was the sale of its SciSafe division for $73 million, which TD Cowen saw as a reinforcement of the company's commitment to focusing on core competencies and driving high-margin revenue growth. This confidence led TD Cowen to raise BioLife's price target from $28.00 to $31.00, maintaining a Buy rating on the stock.
On the financial front, BioLife Solutions reported robust Q3 growth in 2024, with a notable 30% increase in revenue year-over-year, totaling $30.6 million. The company's cell processing platform revenue also saw a significant 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%.
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 that have taken place within BioLife Solutions.
InvestingPro Insights
While Mathew Aby J.'s recent stock sale was relatively small and related to tax obligations, it's worth examining BioLife Solutions Inc. (NASDAQ:BLFS) in a broader context. According to InvestingPro data, the company's market capitalization stands at $1 billion, reflecting its position in the biotech industry.
Despite the recent insider sale, BioLife Solutions has shown impressive growth. The company's revenue for the last twelve months as of Q3 2023 reached $146.96 million, with a notable revenue growth of 16.4% over the same period. This growth trajectory is further emphasized by the quarterly revenue growth of 29.69% in Q3 2023, indicating accelerating momentum.
However, investors should note that BioLife Solutions is currently operating at a loss, with an adjusted operating income of -$37.84 million for 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%. This recent volatility aligns with another InvestingPro Tip indicating that BLFS stock price movements are quite volatile. Despite this short-term setback, the stock has shown a remarkable 1-year price total return of 80.87%, demonstrating strong long-term performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. There are 7 more InvestingPro Tips available for BLFS, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.