BioLife Solutions, Inc. (NASDAQ:BLFS) Q2 2023 Earnings Conference Call August 8, 2023 4:30 PM ET

Company Participants

Troy Wichterman – Chief Financial Officer

Mike Rice – Chairman and Chief Executive Officer

Conference Call Participants

Jacob Johnson – Stephens

Chad Wiatrowski – TD Cowen

Amanda Young – KeyBanc Capital Markets

Thomas Flaten – Lake Street

Operator

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the BioLife Solutions Second Quarter 2023 Shareholders and Analyst Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions]

I will now turn the call over to Troy Wichterman, Chief Financial Officer of BioLife Solutions.

Troy Wichterman

Thank you, Savi. Good afternoon, everyone, and thank you for joining us. With me on today’s call is Mike Rice, Chairman and Chief Executive Officer.

Earlier today, we issued a press release announcing our financial results and operational highlights for the second quarter of 2023, which is available at biolifesolutions.com.

As a reminder, during this call, we will make forward-looking statements. These statements are subject to risks and uncertainties that can be found in our SEC filings. These statements speak only as of the date given, and we undertake no obligation to update them.

During this call, we will speak to non-GAAP or adjusted results. Reconciliations of GAAP to non-GAAP or adjusted financial metrics are included in the press release we issued this afternoon.

Now, I’d like to turn the call over to Mike Rice, Chairman and CEO of BioLife.

Mike Rice

Thanks, Troy. Thanks, everyone, for joining our call. We have several updates to report and discuss in the near term when our business fundamentals and mid- to long-term growth rates remain intact, and we remain confident in our end markets. Our consumables portfolio includes critical inputs for cell and gene therapy bioproduction and these high-margin solutions sold to customers with whom we have very sticky relationships can create enduring shareholder value.

I’ll let Troy speak to the numbers, but on a high level, the macro headwinds and the global economic uncertainty now being experienced across the bioprocessing industry have not just constrained biotech funding and capital equipment purchases, freezers in our world, but also more recently led to a noticeable destocking and temporary slowdown in demand for our Cell Processing consumables. Our largest distributor also reported slower growth in China, consistent with the comments by several of our peers.