BioLife Solutions, Inc. (NASDAQ:BLFS) Q3 2024 Earnings Conference Call November 13, 2024 4:30 PM ET

Company Participants

Troy Wichterman - Chief Financial Officer
Rod de Greef - Chairman and Chief Executive Officer
Garrie Richardson - Chief Revenue Officer

Conference Call Participants

Matt Stanton - Jefferies
Brendan Smith - TD Cowen
Anna Snopkowski - KeyBanc
Matt Hewitt - Craig-Hallum Capital Group LLC
Thomas Flaten - Lake Street Capital Markets
Jade Montgomery - H.C. Wainwright & Co., LLC

Operator

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the BioLife Solutions Q3 2024 Shareholder and Analyst Conference Call. [Operator Instructions]

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

Troy Wichterman

Thank you, operator. Good afternoon, everyone, and thank you for joining the BioLife Solutions 2024 third quarter earnings conference call. On the call with me today is Rod de Greef, CEO and Chairman of the Board.

We will cover business highlights and financial performance for the quarter, and provide an update on our full year 2024 revenue guidance. Earlier today, we issued a press release announcing our financial results and operational highlights for the third quarter of 2024, 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. We will also 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 Rod de Greef, Chairman and CEO of BioLife.

Rod de Greef

Thanks, Troy. Good afternoon, and thank you for joining us for BioLife’s third quarter 2024 earnings call. I'm pleased to report another strong quarter, marking our fourth consecutive period of sequential revenue growth and a strong rebound year-over-year. This further demonstrates our belief that the macro environment as it relates to the bioproduction subsector in which we operate is continuing to improve.

Our Cell Processing platform revenue totaled $19 million, representing a sequential increase of 6% and up 43% compared to the third quarter of 2023. This is a high margin business and we see that profitability directly reflected in our financial performance this quarter with continued margin expansion.