Todd Berard, Chief Marketing Officer at 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 349 shares of BioLife Solutions common stock on November 26, 2024. The shares were sold at a price of $27.20 each, totaling $9,492. The transaction comes as BioLife Solutions, currently valued at $1.27 billion, trades near its 52-week high of $28.88, having delivered an impressive 120% return over the past year.
Following the transaction, Berard retains 107,407 shares of the company. The sale was conducted under a pre-established Rule 10b5-1 trading plan, which Berard adopted in February 2022. This plan was designed to address tax withholding obligations related to the vesting of restricted stock shares. According to InvestingPro analysis, BioLife Solutions maintains strong financial health with a current ratio of 2.78, indicating solid liquidity. Subscribers can access 12 additional ProTips and a comprehensive Pro Research Report covering key metrics and future growth prospects.
In other recent news, BioLife Solutions has reported robust growth in the third quarter of 2024, with a 30% increase in revenue year-over-year, reaching $30.6 million. The company's cell processing platform revenue also saw a significant boost, growing by 43% to reach $19 million. An improved adjusted gross margin was also reported, increasing to 54%, with the adjusted EBITDA margin rising to 20%.
BioLife Solutions recently completed the sale of its freezer subsidiary, Custom Biogenic Systems (CBS), for $6.1 million in cash. This marks the final step in BioLife's strategic shift away from capital equipment businesses, allowing the company to focus on its proprietary cell processing products. Furthermore, BioLife Solutions sold its SciSafe division for $73 million, strengthening its balance sheet and allowing the company to concentrate on its core competencies.
Despite these divestitures, BioLife Solutions raised its cell processing revenue guidance for 2024 to be between $72 million and $73 million. However, the company revised its total revenue guidance for the same year to between $98 million and $100 million due to the sale of SciSafe. Analyst firms, including TD Cowen and H.C. Wainwright, have shown confidence in BioLife Solutions' strategic decisions, adjusting their stock price targets and maintaining positive ratings.
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