Why Shares of BioLife Solutions Plummeted This Week
Shares of BioLife Solutions (NASDAQ: BLFS) were down more than 37% for the week, as of 3:15 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence. The healthcare company's stock closed last week at $19.22, then dropped to a 52-week low of $11.82 on Friday. The stock is down more than 34% so far this year.
BioLife is a cell- and gene-therapy bioproduction tools and services company. It makes cell-storage media, thawing solutions, cold chain accessories, and cryopreservation freeze media products. Its business is tied to the growing biotech industry.
The company released its second-quarter earnings on Tuesday after the markets closed. BioLife reported it had $39.5 million in revenue, down 3% over the same period last year, and it was the second consecutive quarter that revenue fell, year over year. Its net loss was $10.3 million, compared to a loss of $76.6 million in the same period last year
Source Fool.com
