Karen A. Foster, Chief Quality and Operations Officer at BioLife Solutions Inc. (NASDAQ:BLFS), recently sold a portion of her holdings in the company. The transaction, which took place on November 12, involved the sale of 66 shares of common stock at a price of $26.34 per share, totaling approximately $1,738.
Following this sale, Foster retains ownership of 157,225 shares in the company. The transaction was executed under a pre-established Rule 10b5-1 trading plan, which was adopted to address tax withholding obligations related to the vesting of restricted stock.
BioLife Solutions, headquartered in Bothell, Washington, specializes in the development and manufacturing of biopreservation tools for cells, tissues, and organs.
In other recent news, BioLife Solutions has reported a robust Q3 growth in 2024, with a 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. Adjusted gross margin improved to 54%, with the adjusted EBITDA margin rising to 20%.
BioLife Solutions recently completed a strategic divestiture, selling its freezer subsidiary, Custom Biogenic Systems (CBS), for $6.1 million in cash. This marked the end of BioLife's shift away from capital equipment businesses and the sale of its freezer and related businesses, which began with the sale of Global Cooling.
TD Cowen raised BioLife's price target from $28.00 to $31.00, maintaining a Buy rating on the stock. This decision came after the company sold its SciSafe division for $73 million, a move that further emphasized its focus on its proprietary cell processing products.
Despite the sale of SciSafe, BioLife has revised its revenue guidance for 2024 to be between $98 million and $100 million, while raising its cell processing revenue guidance for the same year to be between $72 million and $73 million. These are some of the recent developments that have taken place within the company.
InvestingPro Insights
While Karen A. Foster's recent sale of 66 shares might seem minor, it's worth considering the broader financial context of BioLife Solutions Inc. (NASDAQ:BLFS). According to InvestingPro data, the company's market capitalization stands at $1 billion, with a revenue of $146.96 million in the last twelve months as of Q3 2024. Despite a robust revenue growth of 16.4% over this period, the company is currently not profitable, as reflected in its negative operating income of -$37.84 million.
InvestingPro Tips highlight that BLFS stock has taken a significant hit over the last week, with a 1-week price total return of -17.18%. This recent downturn comes despite the stock's impressive 1-year price total return of 80.87%, showcasing the stock's volatility – another point emphasized by InvestingPro Tips.
It's noteworthy that analysts anticipate a sales decline in the current year, which could explain the recent stock performance. However, the company's liquid assets exceeding short-term obligations and its operation with a moderate level of debt provide some financial stability amidst these challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for BLFS, providing deeper insights into the company's financial health and market position.
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