BioLife Solutions Announces $6.1 million Sale of its Custom Biogenic Systems Freezer Subsidiary

Rhea-AI Summary

BioLife Solutions (NASDAQ: BLFS) has announced the sale of its Custom Biogenic Systems (CBS) freezer subsidiary for $6.1 million in cash. This transaction completes the company's strategic divestiture of all freezer and related businesses, following the sale of Global Cooling in April. The move aligns with BioLife's strategic refocus on proprietary, higher-margin, recurring-revenue cell processing products for the cell and gene therapy market, moving away from capital equipment freezer and storage businesses that previously included Stirling, SciSafe, and CBS.

Positive

• Sale of CBS subsidiary generates $6.1 million in cash
• Strategic shift towards higher-margin, recurring-revenue cell processing products
• Complete exit from lower-margin capital equipment businesses

Negative

• Reduction in revenue streams through divestiture of multiple business units

News Market Reaction

-2.91%

1 alert

-2.91% News Effect

On the day this news was published, BLFS declined 2.91%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Completes the Company's strategic move away from capital equipment businesses

BOTHELL, Wash., Nov. 14, 2024 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of bioproduction tools and services for the cell and gene therapy (CGT) market, announces the sale of its final wholly owned freezer subsidiary, Arctic Solutions, Inc. ("Custom Biogenic Systems" or "CBS"), for $6.1 million in cash.

"We have now completed the divestiture of all our freezer and related businesses, which began with the sale of Global Cooling in April. The sale of CBS aligns with our strategic refocus on our proprietary, higher-margin, recurring-revenue cell processing products, and away from our capital equipment freezer and storage businesses that previously included Stirling, SciSafe and CBS," commented Roderick de Greef, Chairman and CEO of BioLife Solutions.

About BioLife Solutions

BioLife Solutions is a leading supplier of cell processing tools and services for the cell and gene therapy (CGT) market. Our expertise facilitates the commercialization of new therapies by supplying solutions that maintain the health and function of biologic materials during the collection, development, storage and distribution. For more information, please visit www.biolifesolutions.com, and follow BioLife on LinkedIn and X.

Cautions Regarding Forward Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "expects," "believes," "anticipates," "designed," and similar words are intended to identify forward-looking statements. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by us. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

Media & Investor Relations
At the Company
Troy Wichterman
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com

Investors
Alliance Advisors IR
Jody Cain
(310) 691-7100
jcain@allianceadvisors.com

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SOURCE BioLife Solutions, Inc.

FAQ

How much did BioLife Solutions (BLFS) sell Custom Biogenic Systems for?

BioLife Solutions sold Custom Biogenic Systems (CBS) for $6.1 million in cash.

What businesses has BioLife Solutions (BLFS) divested in its strategic restructuring?

BioLife Solutions has divested Global Cooling, Stirling, SciSafe, and most recently Custom Biogenic Systems (CBS), completing its exit from freezer and storage businesses.

What is BioLife Solutions' (BLFS) new strategic focus after the CBS sale?

BioLife Solutions is focusing on proprietary, higher-margin, recurring-revenue cell processing products for the cell and gene therapy market.