BioLife Solutions, Inc. (BLFS) on Monday reported a decline in preliminary revenue for the fourth-quarter and full year below analysts' estimates.
For the fourth-quarter, the company posted revenue of $32.7 million, compared with $44.3 million, recorded for the same period last year.
On average, 10 analysts polled by Thomson Reuters expect the firm to report revenue of $33.82 million, for the quarter. Analysts' estimates typically exclude special items.
Revenue from the Cell processing platform stood at $14.8 million, down $5.4 million, or 27 percent, from previous year.
Freezers and Thaw Systems platform revenue was $11.4 million, down $6.1 million, or 35 percent, over the same period in 2022.
For the full year, revenue was $143.3 million, a decrease of 11 percent from last year's $161.8 million. Analysts, on average, project the company to record revenue of $144.37 million, for the year.
Cell processing platform revenue was $65.8 million, down $2.7 million, or 4 percent, from previous year.
Freezers and Thaw Systems platform revenue was $51.6 million, down $15.1 million, or 23 percent, from 2022.
Roderick de Greef, CEO of BioLife Solutions, said: "Looking ahead, trends exiting 2023 and early in 2024 leave us cautiously optimistic that macro and inventory headwinds are easing, and customer behavior is normalizing. Our class-defining portfolio of cell processing products are embedded in a total of 14 approved therapies, with the potential for 10 more by year-end, which uniquely positions BioLife as one of the only pure play enablers of the nascent but fast-growing cell and gene therapy market."
BLFS was trading down by 1.60 percent at $15.40 per share in the pre-market trade on the Nasdaq.
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