On Tuesday BioLife Solutions (NASDAQ:BLFS) stock dipped -0.84% and closed at 16.59. The stock opened the session at $16.72 and touched its highest price point at $17.14. Its recent trading capacity is 171453 shares versus to its average trading volume of 154936 shares. The company’s stock’s lowest price point for the session stood at $16.43. BLFS traded as low as $ in the past 52 weeks, and shares hit its peak level to $22.44.
On Nov. 12, 2019, BioLife Solutions (NASDAQ:BLFS) a leading developer and supplier of a portfolio of best-in-class bioproduction tools for cell and gene therapies, disclosed financial results and operational highlights for the three and nine months ended September 30, 2019. The Company also revised 2019 financial guidance to reflect the acquisition of Custom Biogenic Systems (CBS) announced earlier and introduced preliminary 2020 revenue guidance.
Total revenue from sales of biopreservation media, automated thaw products and rental revenue of evo shipping containers for the third quarter of 2019 was $6.6 million, representing 25% year-over-year growth. Revenue from thaw product sales and evo rentals met or exceeded management’s internal plan for the quarter. Media sales were approximately $1 million below management’s internal plan primarily due to lower-than-expected orders from one large distributor and one cell therapy contract manufacturer. Order volume from these two customers has resumed to typical levels to date in the fourth quarter.
Mike Rice, BioLife Solutions CEO, remarked, Q3 was another strong quarter of operational execution, growth and strategic activities supporting our vision to build BioLife into a premier bioproduction tools supplier. We achieved our financial goals in our cell and gene therapy franchise with the exception of biopreservation media revenue. Our media revenue remains concentrated with a relatively small number of large direct customers, distributors and CMOs and we anticipate some variability in demand from this segment.