Roderick de Greef appointed Chairman and
Chief Executive Officer bringing 20+ years of prior BioLife
experience
Garrie
Richardson appointed Chief Revenue Officer
Preliminary Q3 revenue of $33.3 million and expect 2023 revenue at the low
end of the previously announced guidance range
BOTHELL,
Wash., Oct. 19, 2023 /PRNewswire/ -- BioLife
Solutions, Inc. (NASDAQ: BLFS), a leading supplier of
class-defining bioproduction tools and services for the cell and
gene therapy (CGT) and broader biopharma markets, today announced
Roderick de Greef has been appointed
as Chairman of the Board of Directors and Chief Executive Officer
replacing Michael Rice who is
retiring after a seventeen year tenure, effective immediately. Rice
has agreed to consult for the Company until March 31, 2024, to support a smooth
transition.
"On behalf of the board, we are pleased to welcome Rod back to
the Biolife management team and to express our sincere gratitude to
Mike for his leadership and contributions over the years. After
considering both internal and external candidates, we believe Rod
is the obvious choice based on his wealth of experience as a
strategic operator coupled with his deep understanding of our space
and business" said Amy DuRoss,
incoming Lead Independent Director of the Board.
de Greef remarked, "I am thrilled to have the opportunity to
return to BioLife in a management capacity to lead the organization
at this critical moment in its evolution and the objective is
clear. My immediate efforts will be to continue the renewed focus
on our cell processing and biostorage platforms, and to bring the
divestiture process of our freezer product lines to a conclusion as
quickly as possible. In the longer term, the focus will be on
returning the company to strong and consistent revenue growth and
restoring profitability by leveraging our long-established
expertise in cryobiology and our uniquely positioned, high margin
biopreservation media franchise."
de Greef has over 30 years of senior financial and operating
experience in a number of medical technology and biotech companies.
de Greef serves on the Board of Directors and has previously served
the Company for over 20 years, holding multiple positions including
Chief Financial Officer, and more recently as President and Chief
Operating Officer.
Rice stated, "With third quarter cell processing revenue results
coming in as expected and our focused strategy for 2024, I believe
this is a good time to hand over leadership of the Company. It has
been the highest honor of my career to lead BioLife for over
seventeen years. I've been blessed to work with such a dedicated
and capable leadership team, and entire team of workers, who
consistently put customers first and strive to deliver
class-defining solutions every day. I look forward to Rod assuming
the Chairman and CEO roles and will fully support his leadership to
position BioLife for continued success."
The Company also announced that Garrie
Richardson, previously General Manager of BioLife's
biostorage business, has been named Chief Revenue Officer.
Richardson founded SciSafe in 2010 and was its CEO until BioLife's
acquisition in 2020. de Greef stated, "I'm very pleased that Garrie
is stepping into the role as Chief Revenue Officer. In the years
I've worked with Garrie, he has consistently demonstrated strategic
selling and leadership skills, and has strong customer
relationships that have produced solid revenue growth for our
biostorage platform since the acquisition."
Q3 Preliminary Revenue and Updated FY2023 Guidance
The Company is reporting preliminary, unaudited revenue for the
third quarter of 2023 of approximately $33.3
million. This includes cell processing platform preliminary
revenue of $13.3 million, which is in
line with management's guidance issued on August 8th. Preliminary revenue for
Storage and Storage Services, and Freezers and Thaw Systems
platforms was $6.6 million and
$13.4 million, respectively. The
Company now expects full year 2023 revenue at the low end of the
previously announced guidance range of $144
million to $158 million, which
assumes flat to modest sequential growth for its cell processing
platform in the fourth quarter.
de Greef continued, "As we navigate this dynamic operating
environment, we will continue to work closely with customers to
manage inventory to normalized levels as quickly as possible. Our
updated outlook reflects near-term trends in the business based on
this macro backdrop and recent customer interactions. With a
leading position in attractive and growing end markets, I am
confident about the long-term trajectory of our cell processing and
biostorage franchises".
Total FY2023 and Freezers and Thaw Systems platform revenue may
be impacted by the timing of the freezer product line divestitures.
The preliminary revenue set forth above are unaudited and remain
subject to ongoing review and adjustment. The Company will report
complete results on its third quarter 2023 earnings call currently
scheduled for November 9, 2023.
About BioLife Solutions
BioLife Solutions is a leading supplier of class-defining
bioproduction tools and services for the cell and gene therapy and
broader biopharma markets. Our tools portfolio includes our
proprietary CryoStor® and
HypoThermosol® biopreservation media for shipping
and storage, the ThawSTAR® family of automated,
water-free thawing products, evo® cold chain
management system, high capacity cryogenic storage
freezers, Stirling Ultracold mechanical
freezers, SciSafe biologic storage services, and Sexton
Biotechnologies cell processing tools. For more information,
please visit www.biolifesolutions.com, www.scisafe.com,
www.stirlingultracold.com, or www.sextonbio.com and follow
BioLife on Twitter.
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
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SOURCE BioLife Solutions, Inc.