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BioLife Solutions (BLFS) was Impacted by Inventory Destocking and Elongated Sales Cycles

Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The micro capitalization segment of the market proved the most challenging in the quarter with the Russell Micro Cap Index declining -7.93%. The Russell Micro Cap Growth Index fell further with a loss of -11.95%. The Micro Cap Composite also declined 13.34% net of fees during the same period. Particularly difficult stock selection in the Health Care and Consumer Discretionary sectors more than offset stronger stock selection effects in the Technology sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Micro Cap Composite highlighted stocks like BioLife Solutions, Inc. (NASDAQ:BLFS) in its Q3 2023 investor letter. Headquartered in Bothell, Washington, BioLife Solutions, Inc. (NASDAQ:BLFS) is a bioproduction tools and services provider. On November 15, 2023, BioLife Solutions, Inc. (NASDAQ:BLFS) stock closed at $12.34 per share. One-month return of BioLife Solutions, Inc. (NASDAQ:BLFS) was 10.28%, and its shares lost 41.93% of their value over the last 52 weeks. BioLife Solutions, Inc. (NASDAQ:BLFS) has a market capitalization of $543.346 million.

Conestoga Micro Cap Composite made the following comment about BioLife Solutions, Inc. (NASDAQ:BLFS) in its Q3 2023 investor letter:

"BioLife Solutions, Inc. (NASDAQ:BLFS): BLFS engages in the development, manufacture, and marketing of bio preservation tools for cells and tissues. The company reported financial results below estimates for 2Q23, including revenues down 3% year-over-year. A 26% decline for freezers and thaw systems had the largest negative impact on results. Management also lowered financial guidance for 2023 and confirmed their intent to divest the freezers business, about 1/3 of total revenues, by year-end. The bioprocessing industry continues to be negatively impacted by inventory destocking and elongated sales cycles."

A scientist in the lab working on the cell and gene therapy research.

BioLife Solutions, Inc. (NASDAQ:BLFS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held BioLife Solutions, Inc. (NASDAQ:BLFS) at the end of second quarter which was 11 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.