BioLife Solutions (BLFS) 10 May 232023 Q1 Earnings call transcript

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]. you. Thank

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

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

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

financial this and events that reminder, to during risks call, of future other or expectations. statements a make to projections materially we differ These As certain may company. future forward-looking regarding the subject results statements performance the will from cause are actual uncertainties and

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

GAAP. speak should GAAP not will press be viewed financial metrics we or call, an Reconciliations issued non-GAAP this to of we release this During are included results. or non-GAAP to financial adjusted adjusted adjusted or the non-GAAP to metrics in afternoon. alternative These as

to historic M&A current clearer adjusted our of prior we view our or a compared metrics use results in However, with non-GAAP when periods. financial that investors light activity, believe the provides of of

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

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

scale acquisitions with media of built cross-sell bring BioLife the Differentiated had biopreservation expectations We Stirling to potential we and As you the high and solutions acquisitions for CBS for benefits high-margin know, to core BioLife consultation come and Freezers. the could while benefits our and our advisers, and organically we with we've and analysis of Stirling businesses. certainly a many external options after scale, decision much to now inorganically with realized these to for explore CBS like

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economic Going that can deliver forward, additive these and sense acquiring from high-growth in and will the be so recurring focus high-margin, strategic that X make businesses our only revenue. we businesses learnings revenue deals future still on additional applied high-margin recurring

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on us team count results. Our and to loyalty reward and retain talent can

produce can Our us deliver to count high-quality and to continue products. on customers

CGT Processing our performance. Services gain biopharma others continued of have disruptions Freezer QX The team reported experienced to similar while our Now I'll and to that driving platforms, recent switch adoption new and customers, Storage continued and back discussing in Storage platform our Cell quarters.

representing $XX.X a revenue X% increase to QX customer was revenue million, highlights. and over XXXX. Turning QX Total

XX% services increase products new in XX% sites services our a driven growth revenue. from across biopreservation QX Excluding In COVID-related provided total customer media products shipped and we revenue X unique sold last by year, QX, and to revenue was revenue our customers or XXX of manufacturing, pitch total portion from as for and solutions to products and more and continues large their we platforms. spend existing distribution to come share storage of integrated penetrate take our deeper services. A

to In that quarters, last sites, and pipeline future we customer of carefully X a nurture each we early-stage over of the phenomenal XXX new support gained growth. users building drive will

service now accessory new customer using using X Stirling users, Biostorage ULT end products. and customers, XXX evo customer Freezer more New product by ThawSTAR Cold XX new XX Cryogenic now Sexton and QX sites, Freezer customer and sites, users, Cell Chain Processing included customers sites new line and new media, X accessory X new biopreservation new XX

We For in cell trials media Cell we additional therapies. XXX. our are planned and confirmation gene in over in for solutions our products that been that in in about are QX, our Processing platform applications, clinical received will XXX biopreservation clinical customer new be tools to Processing have Cell be least XX used at estimate used Sexton and or used our

and our solutions approved Cell. of in the To remain could generate Processing a customer we Omisirge by Sexton approved, application, Cell biopreservation $XXX,XXX revenue media range also are date, each both approved recently annual XX used in that if Gamida confident $X therapies, For products, to clinical million. including

to cocktails home-brew awareness engineered reducing able formulations to We expect critical of role from grows CGT as play risk continue media the be take in for preservation to our share companies.

therapies. doses evo I'll expect manufactured Processing increase media, rentals hence, and one, new novo solutions, indications; and commercial existing approvals X to therapies commercial estimates therapies four, Number for of therapies the first- second-line will eventual to and demand shift Chain number and CGT new since new approvals; Cold geographies; of reiterate five, strong approvals each SciSafe our existing biopreservation of de three, Cell catalysts services. the we commercial as storage or growth approvals two, support the treatment; our of the in existing Sexton allogeneic

and Cold Storage to we XX which new Storage services evo SciSafe Services, platform, sites biologic rentals storage evo. Storage for XX Turning in and XX QX, gained and customer Chain for our includes Services

On opportunities, we we another to customers banner of further existing a SciSafe. pipeline for very year the penetrate strong also platform, and the and have expect of contract long-term SciSafe side continue in high-value,

Cold products. by continue to in of drive side evidenced increase Chain cell management we approved the XXX% business evo as therapy the of the platform, quarterly On shipments, specifically

switch and evaluations between before, global of their we up pharma platform validation, intend as split evo early of provider shipments modestly incumbent. approved validation evo year. excellent both from reported CGT the over leading successful companies is XXX% internally, and to XX-XX we to shipments that shipments they we've the by market next our completed and ongoing, This are a cell of to adoption. modeled therapy continued validation confirmed upon a As leading company One expect has

platform. goal Stirling environmental products. tight regulation, customer their We as XXX and value Freezers pollution using less shipped reducing negative Systems support based orders Customers to reduced offerings recognize Freezer sites, our noise of finally, heat the of And our consumption, continue on power to first-time and generation temperature now reduced including impact proposition operations. Thaw XXX new the these of their

capital to equipment opportunity due of positive tightening decisions Stirling to note, On well-understood orders, was strong delayed uncertainty. due off biotech this forecasted to we economic and pipeline revenue lumpy funding now have the and potential a QX Freezer pace a close year. purchase

QX. for to the back Troy? call turn our financials present Troy Now I'll over to

by Mike. total revenue XX% XXXX the XXXX COVID-related revenue to There was XX%, over and for biopreservation Total million, COVID-related QX media XXXX. excluding growth XXXX, compared representing increase QX was was $XX.X in revenue. driven you, Thank X% increase of in QX XXXX of a in quarter was first revenue of revenue which no QX XX% a from

over was the over platform Storage down up period $XX Cell million, XXXX. revenue XXXX. million, platform and the was Processing Services $X.X same Storage period XX% in X% in revenue same

same from QX revenue in Thaw revenue Excluding increased was million, period QX revenue $XX COVID-related down XX% Systems the and XXXX. XXXX, Freezers platform XX%. over in XXXX

Excluding revenue COVID-related XXXX, QX revenue XX%. in decreased XXXX QX from

prior product decrease revenue quarter and margin to quarter lower of positive write-off SciSafe impact without mix charges, an with XXXX. COVID-related for costs. the inventory when in associated was by margins year at due decrease the due gross to infrastructure primarily and quarter the to XX% XX% The of offset the lower XXXX for gross partially compared first first was of sequentially XXXX fourth XX% compared Adjusted for of

XXXX. expenses consulting to million totaled QX operating for GAAP million objectives. headcount, growth in $XX.X QX our fees $XX.X with driven million expenses increased operating infrastructure costs by expenses were long-term compared in and $XX.X QX in million operating primarily Adjusted $XX.X QX versus XXXX. support increase for was The XXXX XXXX

negative quarter with of quarter for QX write-off. XXXX. XXXX loss million COO, and quarter in with first million was negative operating we adjusted consisting a $X.X million QX EBITDA XXXX the for compared of XXXX, our of discrete bad taxes first of Adjusted $X.X first Our debt $X.X the compared fees, million $XX.X the strategic for nonrecurring approximately planned severance expenses million, payment a $X of had former XXXX. In consulting for indirect was

have expenses, nonrecurring been these $X.X adjusted Excluding million. positive EBITDA would

throughout EBITDA. full year, EBITDA the resulting We improvement adjusted in positive XXXX expect adjusted year

of deliveries to million. Our and our primarily $X.X capital assets largely adjusted EBITDA balance December $XX.X was $XXX,XXX, XX, March raw $X in of purchases the at material expenditures cash media, compared Taking used at marketable XX, of XXXX, million million negative cash adjustments with related to unfavorable of consideration million biopreservation related timing and due working was XXXX. million, capital [indiscernible] QX securities XXXX $XX.X of to into $X.X

Turning the growth to range XX%. reflecting be reaffirming expected of $XXX Management year to XXXX full million, XX% million is in year-over-year organic to $XXX of to revenue guidance guidance. and is

XX% does revenue. year-over-year COVID-related any revenue, not COVID-related growth include Excluding to XXXX XX%. guidance for of Revenue

and of over to XX%; Services Total XXXX, of million, excluding over Thaw expectations revenue, following platform, and XX%. excluding XX% growth over contributions, COVID-related to to include increase to increase revenue Storage X% XXXX, an XXXX platform, to $XX X% of platform, of increase to million an XX% revenue, XX% XX% year-over-year for million Systems XX% million, growth to COVID-related million million, Freezers year-over-year XXXX; to an $XX Storage $XX.X Cell $XX.X $XX Processing of platform the $XX XX%

XX.X terms million in Finally, count, our May XX.X diluted on as we million XX, shares a had of fully issued outstanding and share shares basis. of and

I'll call Now to turn the Mike.

today's key QX call. Thanks, Troy. from and X summarize to like I'd takeaways

the important services Number And industry. it's approvals early helped the remember is portfolio to to bioproduction still phase workflows. First, trusted gene industry. increase and distribution and our solutions their and critical, two, built by and storage risk growth cell that's manufacturing, a that of we're success for demand of of a portfolio the therapy in this BioLife We've reducing provider Solutions highly tools class-defining valuable services developers remain tools strong. in and of CGT exciting their likelihood of CGT

a We are consultation after CGT tools and X strategic to enabling very decision our made with provider. advisers. and a on securing explore carefully for well as Board three, and maintaining intent external services premier position our entrenched Freezer was much Number our and analysis and businesses alternatives

We're on to high-margin, define to the streams keenly high-growth revenue our order date portfolio. focused number across options And that portfolio so is strong QX our volume in us. on far only reposition four, recurring

For the and focus managing Freezer of rest alternatives on exploration businesses. of will efficiently, our strategic XXXX, business running the we for the

take Mallory? the back to Now I'll your call operator turn to the over questions.

[Operator Instructions].

Stephens. Your first Jacob question Johnson comes from with

Freezer the businesses. started where starting you on for maybe on strategic call the just the today, Mike, alternatives

sale mind. but couple of potential top You outlined it of a seems like a options,

you So of the any thoughts potential that? outcomes think can talk how around strategic And about kind time the on from you the maybe just line review?

want be only conclusion divesting Yes. Thanks, a really that is could or clear that outcome it's at Jacob. materialize. Well, we're I to looking the not only that thing foregone the

have it's you terms pretty best creates early, Too and got still about obviously us, at, We navigate this. things And that firm a a helping the in we're us the happen. for when most time picking we've advisory looking but just value. something all tell great of shareholder of line number it's might we're soon to and option a early,

I'm release, that you divest you $XXX the maybe if gross would Got Obviously, side it. the margin, XX% of chunk that curious be question a press reiterated in would were around more the Freezer Fair the then other make XX% enough. million EBITDA that to the targets. revenue, guess other just on things. that of And But business, of revenue probably I difficult.

right commentary could underlying Kind are on just us of weighing You give of of you highlighted profitability of the business. on profitability the kind Freezers how the any kind much now?

material. question, had Yes. I guidance, which have mid- also we do a clearly, really invest we'd to some were to would aspirational long-term good It's one once we a say material a shake financial relative to Well, would clear the both, potency the asking. but you mean I weighing out. it other with last I'll business. the full to of comment how only not we the things you appreciate Jacob. issue To down of are the extent just or that some Freezers made if to that goals, updated vision the down profitability, it’s parts is way

Okay. question. And maybe Mike, then, last

this been reported to have business? would it from on you the you out season it area obviously, as -- an companies think side that's that macro China, you I that other media where things. distributor saw the with regard But some to Freezers. anything weakness Some of headwind, earnings seen a from has Have the China about your distributors as pertains maybe talked relates to of suggest traction any maybe

yet. all at Not

I in, Dr. don't CSO a fact, that Mathew, I from our they think just In China. know, is clinical of support couple last, involved engagements if about are the

so indirect And are part the in read-throughs from or soft year-over-year. Marcus have or world any sales and sales the I APAC that team of the don't that sequentially

So the contrary. no to

next from Markets. The Flaten question Lake comes Street with Thomas Capital

wanted just given of the contextualize sales -- us Freezer that those as thinking macro for the keeping concept in the it guide the or given maybe the you're first concept help business? -- I'm to sticking of macro, can the softness of is the headwinds, quarter, you in segment that with with some get

It's at and I'm to to for happy big, of mostly to all much of place high big the this that close it it's little a ULT are on relative just factors confidence tell bit considered a that, just prepared when year, a We of that's the to pipeline Freezers to high are stage opportunities. a number. the I at mean were expand I where number. to And great and not a look classified significant to. confidence remarks comment go certainly the it's year. as you Thomas, thought, I have lot guide Right, that than to close. made looking that's my Those made that bigger ones the we a this it's

halfway we're the -- through even So not year. done and

with soft us basis the the for prudent the on been it have So overall to not of the one quarter, that, guide. guide in and hence, would cut Freezers

we'd we're going yes, number, So come having stand going to and not that here as call we this right the conversation. different that I'm for a not total XX, revenue. on confident But we're the materialized, have on the to into range if probably latter, of May if hit be now

I'm I the I you you highlighted that you kind how that much could us you had, And large wins guys. know curious, what than to sales us I'm of one there walk guess, of incumbent maybe provided the sure guys pharma they any allowed in some that them press of about was But to it. don't the give kind flip on But say what you feedback and you to process you? Got can through can factor color the, -- release. from the more customer

And of word, the in as the imagine, an we're against marched side. But meeting through word, the plan a there's of folks say [ph] in we I'd and to of decision this who go/no-go thorough Yes. e-valve our asked terms side which terms makers a XXX%, does be got, can a meaningful I process other going them. pretty that's the -- few almost. And not mentioned right incumbent the Not direct is I much series of on team, But cleaner we are in years true of with army as terms goes, for this of in sort because on impact split than when is way, hey, us feedback customer would I'd what weekly, minutes place expect in obviously you we was go anticipated the our their just being at a and organization In if but to and customer, we now But meaningful assumption. project pressed validation of up higher sort we've a couple we this one very pipe ago, to leading went in the if well or of as company this couple that's the shipments modest for to not vigorous. on specifically, steps. -- XX-XX and CGT yes, from ago modeled therapies. our with the of the with a of another say very a intense,

Got one it. quick And then final one me. for

Now said with. are $X range commercial XX million Has years? few now guys and range you're for therapies that the Any revenues that, right you you -- a we've for the might about that to talked gene think I of allowed not validate products? you that and cell the be involved to that revenue $XXX,XXX suggestion of approved that

still but on end, a low you approved. little of still it's the pretty we're Well, really with ones in couple high they're asking. appreciate again, think I there a exceptions, it's probably I recently early the because,

going their need few track what's So we see quarters just a to of to happen. record

from with TD next The comes Wiatrowski Cowen. Chad question

strategic the Just cadence the rest Freezer the we year? how one throughout maybe How could think sort impact OpEx. alternatives on that? of of OpEx the business of about do And the

Yes.

the rest mention for OpEx the as did year, So some I QX. charges as in nonrecurring of far

growing a and support but back the to it, the you line in out OpEx... quite way grow If to revenue were not with at that's our again, good growth, revenue those growth, look to then

on you clinical of Just that the and R&D in on biotech headwinds, pharma. front? like or time issues CapEx again, side, But the lines obviously are seeing headwinds trial delays macro potential from sort any the on seeing

thing certainly remember Fair that. seeing And we early support contributors. can't the to meaningful are would I to stages, in question, specifically speak but is some Chad. But revenue it, these aren't I of the that

pretty really an They trial the that the not it's because So in much enrollment buy is small, impact. days right? don't early

next question Paul Knight comes from with Your KeyBanc.

on you with Stirling Have channel What are you the CBS, Cell -- you So sold? the your of changing one intentions way That's products change and platform to the was my are know the synergy. planning question. any Now marketing you some and what the cross-selling services will I thoughts now? modifications? are products first to -- create Processing are do

to it, could are as leverage just house. contacts place practical learned, side to capital what which buyers my I equipment, is And of in the sort folks to that the the processing was start, is. then we've opposed scientific seen C-suite that learning it were that Paul. maybe domain think relegated are And And are as just and procurement they're the Good the are key largely Yes. to, of inappropriately, particularly to one that kind is the we is those our assumption that, sense buyers. commodities. downstream Freezers makers, buy technical closer But folks there takeaways but different deep of Well, those decision or upstream relationships. of the our of seen now who about in be what to people despite

the to someone potential whatnot? are how lie? those channel we do they So who think businesses, we to to the do they to this in If to strong current the have distributors, technology there's our their where with companies really to just and their own have they what out-license alternative And are, distributors? and divest Are freezers. where the respect strengths, change think a it, productive then are idea IP embeds how we about well, what's about also will there

the helping navigate on a really there's lot folks here got outside us of So options. thankful swirling, the I'm and some we've smart just stuff and

is sauce years. last have therapy Sexton expectations exceeded other specifically to here to talk of Sexton again? side couple the on and sure, for is what's And I'm you the services the magic at the there, services? over part, your the and going Can then potential And seem

that annually, that a Sexton, $X ago, Well, the in customer annual biopreservation million therapies for would for Sexton $X.X It's clinical applications each an and range media. we're for just anticipate improved therapy sure. expected million few revenue minutes approved the said it with XXX already. Sexton X in about customer is like and we with is I Yes, to

got So text Werner, Werner, just customer CTO for about that was fits It now -- just a Sean that platform. exceed from does a Dr. this Sexton, for who news [indiscernible], just good their perfectly. the year. piece We've to from large I current running greatly a really of he's and who got works great of and how they're going forecast

could again, time. it is just So banner have really a if to strong. hold going come really, things not better at And a Sexton all year have

wrong proprietary secret the is sauce, itself of as just its use it design event, has vial the and own the and unique of lends proprietary far with for small ease well, really filling and benefits that in As versus could CellSeal that. great goes doses putting everything or wrong you bag volume that go big bit a alternative in where and a have of a with little fluid

side Sexton, differentiation specific to there are current the filling the cool. media is [indiscernible], way HPL the HPL HPL that relative other in that next-gen there, make filling and out scientific just are the are and agnostic. we the products then On media really at machines to the some And machine quality

line about I just whole us think in one's perfect bar and party fit, really the vials up [indiscernible] heard put lending other at to the non-core good enough own how to Sexton Sexton your a and automation. worked bring well. and products, And talk I [indiscernible] thing, you've ushering is all, bags and tooling and up that current for team at really say itself a containers media to it's Sexton really about our can't in going whole the degree And that can out. that's final starting just or on manufacturing of You all the media

will part Thaw? a And be of sterile Okay. bio and Freeze

to us No, not Yes, Thaw potentially us. divest Thaw yes, divest. stays stays with but regardless, with

Zhi from B. Riley. Your question next comes with Yuan

causing internal and or between margin? revenue business prior Media, can the both clarify in elaborate the guidance internal reported guidance gross on And of guys number what you the what the Freezer you can difference other guidance and factors So on and was are terms segments? the

Sorry, platform? asking what just to tell me clarify, plan internal are you for that was to our you

business Freezer guidance other Internal for between these difference segments. Media, cause was the reason What two? and the to

Well, okay.

well on high for for things that deals, how few speak if the large few to seen, Troy reiterated So a as to we factors external be about. all is minutes confidence have we the two that which been materializes did of of year. pipeline replicate it's And good Freezers we alone And of balance, in which or a speak But as X months is recurring revenue the QX. this very call in the CapEx of going on purchases there on causing ago, relates just miss Freezers talking year, economic much clearly that now, equipment is I in that's Freezer and that I pause we've in by platform, and shortfall then these shape. all at guidance funding, the cases, disposable for take global Those companies revenue than the we opportunity biotech a to macro, well-appreciated slowdown really their with large it to and hitting in to pieces uncertainty ago, the capital the harder is number. streams. big to look that understood sort the There we're say, you've the a many concert in just minutes rest general global revenue, the pharma kind year, have last for then of

assuming to gross an without is you the Freezer the margin? And XQ the Freezer moment, at the clarification. which Thanks to are what can it. margin business reach And for guys in business? in effect you And gross on XX% had quarter? you continue Got factor adjusted last clarify keep track still

midterm We Yes. to of that. and speak goals. the then kind revenue a platform to do externally, modeling know and don't that clearly, aspirational we basis we we on speak But

to what remarks causing just the orders I that's downturn I economic cap coupled I to get I in equipment So my would delayed. some just the with uncertainty constrain think said about -- funding, would

respect as just quarter down goals, we hit aspirational if with and path remodel externally do goals put of these earlier, to I Now financial here one one to our of to aspirational internally divestiture the whatever businesses, both our consummate we with in sit well, going confidence mentioned so books, midterm go yes. and far, But as midterm or then out guidance reshape we're there. actually obviously, we and remodel might the the

Okay?

it. Got Yes.

with from Capital Carl next Byrnes Markets. Northland comes Your question

that get you the reaccelerate obviously on as very and strategy, you to the done you that Stirling Stirling focusing segments high-margin done, you'd Assuming successfully your would high-growth, acquisition? prior the CBS had able divestiture to M&A of be expect

question, A Thanks, getting dynamic really key on going and Yes. a of here. a you're to Carl. sort good

not way understand. and we're have would on R&D be acquisition more look at targets, and external focusing good we are and is and be really But of really it, of that's one would to We that for management fit several. to bandwidth on we we those it's we go all, that less again, would look the obviously, internal full just other preserved, freeup what got now stop. but and I'd remind the complete First -- it's be if we'd were what to go things road only say, would like down a much you everybody, be certainly really, going perspective, divesting the projects that encumbered option, the bandwidth from and traditionally we

bet. sure, So you

the questions Executive this I back would further have Officer, to turn time. over We now Rice, no to closing call Mike for remarks. at Chief like

numbers our everyone BioLife we look results to thank evening. and your to you. forward QX our interest and for sharing want with in I and support, Good Mallory. Thanks, do your

This for Thank joining. concludes you today's call. conference

disconnect. now may You