Why Shares of BioLife Solutions Are Slumping on Wednesday

Shares of BioLife Solutions (NASDAQ: BLFS) were down by more than 27% as of 1:15 p.m. on Wednesday after the healthcare company posted its second-quarter earnings report. The stock is down more than 28% this year.

BioLife makes bio preservation tools for cells and tissues for the gene therapy market. Along with its second-quarter earnings report, it said it plans to divest itself of its Stirling Ultracold and CBS freezer assets by the end of 2023, allowing it to focus on higher-margin assets.

In the report, it said it had $39.5 million in revenue, down 3% year over year. It also said it had a net loss of $10.3 million, or $0.23 per share, compared to a loss of $76.6 million, or $1.72 per share, in the same period a year ago.

Source Fool.com