Roderick de Greef named President and CEO, bringing over 20 years of experience at BioLife
Garrie Richardson appointed revenue director
Preliminary third quarter revenue $33.3 million and we expect 2023 revenue to be at the lower end of the previously announced guidance range.
BOTHELL, Wash., October 19, 2023 /PRNewswire/ — BioLife SolutionsInc. (NASDAQ: BLFS), a leading provider of cutting-edge biomanufacturing tools and services for the cell and gene therapy (CGT) and broader biopharmaceutical markets, announced today Roderick de Greef was appointed Chairman of the Board of Directors and Chief Executive Officer, replacing Michael Rice who retires after seventeen years in office, with immediate effect. Rice agreed to consult with the Company until March 31, 2024to support a smooth transition.
“On behalf of the Board of Directors, we are pleased to welcome Rod back to the Biolife leadership team and express our sincere gratitude to Mike for his leadership and contributions over the years. After reviewing internal and external candidates, we believe Rod is the obvious fit. choice based on his rich experience as a strategic operator coupled with his deep understanding of our space and our activities,” said Amy DuRossnew Independent Lead Director of the Board.
de Greef said: “I am delighted to have the opportunity to return to BioLife in a management capacity to lead the organization at this critical time in its evolution and the objective is clear. My immediate efforts will be to continue to focus again on our cell. processing and biostorage, and to complete the process of selling our frozen product ranges as quickly as possible. Longer term, the focus will be on returning the company to strong and consistent revenue growth and restoring profitability by leveraging our long experience. -established expertise in cryobiology and our uniquely positioned, high margin biopreservation media franchise.
de Greef has over 30 years of financial and operational experience in a number of medical technology and biotechnology companies. de Greef serves on the board of directors and has served the company for more than 20 years, holding several positions, including chief financial officer and, most recently, president and chief operating officer.
Rice said: “With third quarter cell processing revenue results coming in as planned and our focused strategy for 2024, I believe this is the right time to cede leadership of the company. It has been the greatest honor of my career to lead BioLife for seventeen years. I have been fortunate to work with such a dedicated and knowledgeable management team, as well as an entire team of workers, who consistently put customers first and strive to deliver category-defining solutions every day. I look forward to Rod assuming the presidency. and CEO 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 served as CEO until the acquisition of BioLife in 2020. de Greef said: “I am very pleased to have Garrie taking on the role of Chief Revenue Officer. During the years I have worked with Garrie, he has consistently demonstrated strategic sales and leadership skills, and maintains strong customer relationships that have produced solid revenue growth for our biostorage platform since the acquisition.
Preliminary third quarter revenue and updated guidance for fiscal 2023
The Company reports preliminary unaudited third quarter 2023 revenue of approximately $33.3 million. This includes preliminary revenues from the cellular processing platform of $13.3 millionwhich is consistent with management guidance published on August 8th. Preliminary revenue from storage platforms and storage services, as well as freezers and thawing systems, amounts to $6.6 million And $13.4 million, respectively. The Company now expects its full-year 2023 revenue to be at the lower end of the previously announced guidance range of $144 million has $158 millionwhich expects stable to modest sequential growth for its cellular processing platform in the fourth quarter.
de Greef continued: “As we navigate this dynamic operating environment, we will continue to work closely with our customers to manage inventory to normalized levels as quickly as possible. Our updated outlook reflects near-term trends in activity based on this macroeconomic backdrop and recent “
Total revenues for fiscal 2023 and the Freezers and Thawing Systems platform could be affected by the timing of divestitures of the freezing product line. The preliminary revenues shown above are unaudited and remain subject to ongoing review and adjustment. The Company will release its full results during its third quarter 2023 earnings conference call, currently scheduled for November 9, 2023.
About BioLife Solutions
BioLife Solutions is a leading provider of cutting-edge biomanufacturing tools and services for the cell and gene therapy and broader biopharmaceutical markets. Our tool portfolio includes our exclusive products CryoStor® And HypoThermosol® biopreservation media for shipping and storage, ThawSTAR® family of automated, waterless defrosting products, evo® cold chain management system, large capacity cryogenic freezers, Ultra-cold Stirling mechanical freezers, SciSafe organic product storage services, and Sexton Biotechnologies cell processing tools. For more information, please visit www.biolifesolutions.com, www.scisafe.com, www.stirlingultracold.comOr www.sextonbio.com and follow BioLife on Twitter.
Cautions Regarding Forward-Looking Statements
Certain statements in this press release are not historical facts and may constitute 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 could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of some of these risks, uncertainties and other matters can be found in our filings with the United States 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 currently expected results and events. 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 occurring after the date hereof or to reflect any change in our expectations regarding these forward-looking statements or the occurrence of unanticipated events.
Media and Investor Relations
In the business
Troy Wichterman
Financial director
(425) 402-1400
(email protected)
SOURCE BioLife Solutions, Inc.
