BioLife Solutions, Inc. (NASDAQ:BLFS) Q1 2023 Earnings Conference Call May 10, 2023 4:30 PM ET

Company Participants

Troy Wichterman - CFO

Michael Rice - Chairman & CEO

Conference Call Participants

Jacob Johnson - Stephens Inc.

Thomas Flaten - Lake Street Capital Markets

Chad Wiatrowski - TD Cowen

Carl Byrnes - Northland Capital Markets

Yuan Zhi - B. Riley Securities

Paul Knight - KeyBanc Capital Markets

Operator

Hello. My name is Mallory, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2023 BioLife Solutions, Inc. Earnings Conference Call. [Operator Instructions]. Thank you.

I would now like to turn the conference over to Troy Wichterman, Chief Financial Officer. Please go ahead.

Troy Wichterman

Thank you, Mallory. 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 first quarter of 2023, which is available at biolifesolutions.com. As a reminder, during this call, we will make certain projections and other forward-looking statements regarding future events or the future financial performance of the company. These statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations.

For a detailed discussion of the risks and uncertainties that affect the company's business and that qualify as forward-looking statements, I refer you to our periodic reports and other public filings filed with the SEC. Company projections and forward-looking statements are based on factors that are subject to change, and therefore, these statements speak only as of the date they are made. The company assumes no obligation to update any projections or forward-looking statements, except as required by law.

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. These non-GAAP or adjusted financial metrics should not be viewed as an alternative to GAAP. However, in light of our historic M&A activity, we believe that the use of non-GAAP or adjusted metrics provides investors with a clearer view of our current financial results when compared to prior periods.

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

Michael Rice

Thank you, Troy. I'd like to begin our call by discussing our announcement today that we are actively exploring strategic alternatives for our Stirling ULT and Custom Biogenic Systems Cryogenic Freezer businesses, which could include out-licensing our proprietary IP, changing our go-to-market approach, and outright divesting these assets.