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Bothell, WA—Todd Berard, Chief Marketing Officer of BioLife Solutions Inc. (NASDAQ:BLFS), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Berard sold 311 shares of common stock at a price of $23.15 per share on October 30, 2024. The total transaction amounted to $7,199.
Following this transaction, Berard holds 107,847 shares of BioLife Solutions. The sale was conducted under a Rule 10b5-1 trading plan, which Berard adopted on January 3, 2023, to address tax withholding obligations related to the vesting of restricted stock.
In other recent news, BioLife Solutions reported Q1 revenues of $31.7 million, reflecting an improvement over the previous year's figures, alongside an adjusted net loss of $9.0 million. H.C. Wainwright has initiated coverage on the company's stock with a Buy rating, projecting its total revenue for 2024 to be between $99.0 million and $101.0 million. This positive financial performance led Benchmark to upgrade BioLife Solutions' stock from Neutral to Buy.
In company developments, BioLife Solutions has introduced CryoCase, a new addition to its CellSeal product line, aimed at enhancing the packaging of cell and gene therapies. The company has also recently held its annual meeting, where all five board members were re-elected and the company's executive compensation plan was approved.
These recent developments highlight BioLife Solutions' strategic focus on its high-margin cell processing and biostorage services platforms, following the divestiture of its GCI freezer unit. The company's shareholders have also ratified the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
InvestingPro Insights
While Todd Berard's recent sale of BioLife Solutions Inc. (NASDAQ:BLFS) shares was relatively small, it's worth examining the company's current financial position and market performance to provide context for investors.
According to InvestingPro data, BioLife Solutions has a market capitalization of $1.11 billion, reflecting its position as a mid-cap company in the biotech sector. The stock has shown remarkable performance over the past year, with a one-year price total return of 135.29% as of the latest data. This aligns with an InvestingPro Tip indicating a "high return over the last year."
Despite the strong stock performance, it's important to note that BioLife Solutions is not currently profitable. The company reported a negative operating income of $45.03 million over the last twelve months, with an operating income margin of -32.17%. This is consistent with another InvestingPro Tip stating that "analysts do not anticipate the company will be profitable this year."
However, the company's financial health isn't all negative. An InvestingPro Tip highlights that "liquid assets exceed short term obligations," suggesting a solid short-term financial position. Additionally, the company "operates with a moderate level of debt," which could provide flexibility for future growth initiatives.
Investors should be aware that BioLife Solutions' stock price movements are described as "quite volatile" in the InvestingPro Tips. This volatility is evident in the significant 37.7% price return over the last six months, contrasting with a more modest 3.04% return over the past three months.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for BioLife Solutions, providing a more comprehensive view of the company's prospects and challenges.
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