Roderick de Greef, Chairman and CEO, commented, "As we enter the new year, our team is fully committed to operational execution that positions BioLife for sustained revenue growth and profitability. We are pleased to announce preliminary results for the fourth quarter, showing an 11% sequential increase in our core cell processing revenue which came in ahead of our expectations. In parallel, the divestiture of our freezer business continues to progress and is expected to conclude this quarter, significantly enhancing our financial profile as our high margin, recurring cell processing business grows as a percentage of total revenue post divestiture."
de Greef continued, "Looking ahead, trends exiting 2023 and early in 2024 leave us cautiously optimistic that macro and inventory headwinds are easing, and customer behavior is normalizing. Our class-defining portfolio of cell processing products are embedded in a total of 14 approved therapies, with the potential for 10 more by year-end, which uniquely positions BioLife as one of the only pure play enablers of the nascent but fast-growing cell and gene therapy market. We look forward to providing additional detail regarding our financial performance and outlook on our fourth quarter and year-end 2023 earnings call in February."
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