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Sarah Aebersold, Chief Human Resources Officer at BioLife Solutions Inc. (NASDAQ:BLFS), recently executed a sale of company stock. The transaction comes as the company's shares trade near their 52-week high of $28.88, having delivered an impressive 120% return over the past year. According to a filing with the Securities and Exchange Commission, Aebersold sold 216 shares of common stock at a price of $27.20 per share, totaling approximately $5,875. Following this transaction, she retains ownership of 60,484 shares. Based on InvestingPro analysis, the stock appears to be trading above its Fair Value, with the company maintaining a healthy balance sheet as evidenced by its current ratio of 2.78.
The sale was conducted under a Rule 10b5-1 trading plan, which Aebersold adopted in February 2022, primarily to fulfill tax withholding obligations related to the vesting of restricted stock. For deeper insights into BLFS's financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers this and over 1,400 other US stocks.
In other recent news, BioLife Solutions has reported a 30% increase in revenue, reaching $30.6 million in the third quarter of 2024. The company's cell processing platform revenue also saw a substantial rise, growing by 43% to reach $19 million. The adjusted gross margin improved to 54%, with the adjusted EBITDA margin rising to 20%.
BioLife Solutions recently completed the sale of its freezer subsidiary, Arctic Solutions, for $6.1 million in cash and its wholly-owned biostorage subsidiary, SciSafe Holdings, for $73 million in cash. These divestitures are part of BioLife's strategic shift to focus on its proprietary cell processing products, which offer higher margins and recurring revenue.
H.C. Wainwright, Stephens, and TD Cowen have all maintained positive ratings on BioLife Solutions. H.C. Wainwright adjusted the stock price target to $27, while Stephens kept a steady target of $30 and TD Cowen raised the target from $28 to $31. Despite these divestitures, BioLife Solutions raised its cell processing revenue guidance for 2024 to be between $72 million and $73 million, but revised its total revenue guidance for the same year to between $98 million and $100 million due to the sale of SciSafe.
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