BioLife Solutions Inc (BLFS) 2023 Q1 法說會逐字稿

Hello. My name is Mallory, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2023 BioLife Solutions, Inc. Earnings Conference Call. (Operator Instructions) Thank you.

你好。我叫馬洛里，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 2023 年第一季度 BioLife Solutions, Inc. 收益電話會議。 （操作員說明）謝謝。

I would now like to turn the conference over to Troy Wichterman, Chief Financial Officer. Please go ahead.

我現在想將會議交給首席財務官 Troy Wichterman。請繼續。

Thank you, Mallory. Good afternoon, everyone, and thank you for joining us. With me on today's call is Mike Rice, Chairman and Chief Executive Officer.

謝謝你，馬洛里。大家下午好，感謝您加入我們。與我一起參加今天電話會議的是董事長兼首席執行官邁克·賴斯 (Mike Rice)。

Earlier today, we issued a press release announcing our financial results and operational highlights for the first quarter of 2023, which is available at biolifesolutions.com. As a reminder, during this call, we will make certain projections and other forward-looking statements regarding future events or the future financial performance of the company. These statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations.

今天早些時候，我們發布了一份新聞稿，宣布了 2023 年第一季度的財務業績和運營亮點，該新聞稿可在 biolifesolutions.com 上獲取。提醒一下，在這次電話會議中，我們將對未來事件或公司未來財務業績做出某些預測和其他前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與預期存在重大差異。

For a detailed discussion of the risks and uncertainties that affect the company's business and that qualify as forward-looking statements, I refer you to our periodic reports and other public filings filed with the SEC. Company projections and forward-looking statements are based on factors that are subject to change, and therefore, these statements speak only as of the date they are made. The company assumes no obligation to update any projections or forward-looking statements, except as required by law.

有關影響公司業務並符合前瞻性陳述的風險和不確定性的詳細討論，請參閱我們向 SEC 提交的定期報告和其他公開文件。公司預測和前瞻性陳述基於可能發生變化的因素，因此，這些陳述僅代表發布之日的情況。除法律要求外，公司不承擔更新任何預測或前瞻性陳述的義務。

During this call, we will speak to non-GAAP or adjusted results. Reconciliations of GAAP to non-GAAP or adjusted financial metrics are included in the press release we issued this afternoon. These non-GAAP or adjusted financial metrics should not be viewed as an alternative to GAAP. However, in light of our historic M&A activity, we believe that the use of non-GAAP or adjusted metrics provides investors with a clearer view of our current financial results when compared to prior periods.

在本次電話會議中，我們將討論非公認會計原則或調整後的結果。我們今天下午發布的新聞稿中包含了 GAAP 與非 GAAP 或調整後的財務指標的調節。這些非公認會計準則或調整後的財務指標不應被視為公認會計準則的替代品。然而，鑑於我們歷史上的併購活動，我們相信，與之前時期相比，使用非公認會計準則或調整後的指標可以讓投資者更清楚地了解我們當前的財務業績。

Now I'd like to turn the call over to Mike Rice, Chairman and CEO of BioLife Solutions.

現在我想將電話轉給 BioLife Solutions 董事長兼首席執行官邁克·賴斯 (Mike Rice)。

Thank you, Troy. I'd like to begin our call by discussing our announcement today that we are actively exploring strategic alternatives for our Stirling ULT and Custom Biogenic Systems Cryogenic Freezer businesses, which could include out-licensing our proprietary IP, changing our go-to-market approach, and outright divesting these assets.

謝謝你，特洛伊。我想首先討論我們今天宣布的，我們正在積極探索斯特林超低溫冰箱和定制生物系統低溫冷凍機業務的戰略替代方案，其中可能包括對外許可我們的專有知識產權、改變我們的上市方式，並徹底剝離這些資產。

As you know, we had high expectations for the benefits of scale the acquisitions could bring to BioLife and for the potential to cross-sell our core high-margin biopreservation media solutions with CBS and Stirling (inaudible) Freezers. We built BioLife organically and inorganically with acquisitions like Stirling and CBS and while we certainly realized many benefits of scale, after much analysis and consultation with external advisers, we've now come to a decision to explore our options for these businesses.

如您所知，我們對收購可能給 BioLife 帶來的規模效益以及與 CBS 和斯特林（聽不清）冰箱交叉銷售我們的核心高利潤生物保存介質解決方案的潛力抱有很高的期望。我們通過收購斯特林和哥倫比亞廣播公司等有機和無機方式建立了 BioLife，雖然我們確實意識到了規模的許多好處，但經過大量分析和與外部顧問的協商後，我們現在決定探索這些業務的選擇。

The capital intensity and a lower margin volatile sales cycle business has not been beneficial to our core growth rate and corporate profitability and has not placed us in the peer group where we belong. With the global supply chain negative impact still ongoing and the volatile market dynamics in play, the expected merits of these 2 acquisitions have failed to materialize to the extent we expected. I take my job responsibility to create shareholder value very seriously (inaudible) the Board and our leadership (inaudible) decision to explore a course change.

資本密集度和較低的利潤率波動的銷售週期業務並沒有利於我們的核心增長率和企業盈利能力，也沒有使我們躋身於我們所屬的同行集團之列。由於全球供應鏈的負面影響仍在持續，且市場動態不穩定，這兩項收購的預期效益未能達到我們預期的程度。我非常重視創造股東價值的工作責任（聽不清）董事會和我們的領導層（聽不清）探索路線改變的決定。

To support these (inaudible), we've engaged a strategic advisory firm to manage outreach to and inbound inquiries from parties interested in licensing our IP and/or acquiring these businesses. To be clear, our strategic decision is to explore options, one of which is to potentially put our innovative CBS and Stirling businesses in the hands of other parties that can better leverage their operations, supply chain and cost structure to maximize their business model. If divesting is ultimately the best option, and we complete both, we will have returned BioLife to a higher multiple peer group with a portfolio of leading high-margin, high-growth recurring revenue products and services that are class-defining.

為了支持這些（聽不清），我們聘請了一家戰略諮詢公司來管理對我們的知識產權許可和/或收購這些業務感興趣的各方的外展活動和入站詢問。需要明確的是，我們的戰略決策是探索選擇，其中之一是有可能將我們創新的哥倫比亞廣播公司和斯特林業務交給其他各方，以便更好地利用其運營、供應鍊和成本結構，以最大化其業務模式。如果剝離最終是最好的選擇，並且我們完成了這兩個選擇，那麼我們將把 BioLife 重新帶回到更高的多元化同行集團，並擁有領先的高利潤、高增長經常性收入產品和服務組合，這些產品和服務是一流的。

We believe any potential divestitures will preserve and enhance the synergies among our biopreservation media products, Sexton Cell Processing tools, evo Cold Chain management service and SciSafe biologic storage services. This potential portfolio optimization will help us to return to an enhanced gross and EBITDA margin company with industry-leading growth. It will also importantly and significantly reduce working capital cash burn, providing more flexibility to invest in and build upon our potent complementary offering where everything fits.

我們相信，任何潛在的剝離都將保持並增強我們的生物保存介質產品、Sexton 細胞處理工具、evo 冷鏈管理服務和 SciSafe 生物儲存服務之間的協同效應。這種潛在的投資組合優化將幫助我們重返毛利率和 EBITDA 利潤率更高、增長行業領先的公司。它還將重要且顯著地減少營運資金現金消耗，為投資和建立我們強大的補充產品提供更大的靈活性，一切都適合。

It's clear when we look at these assets on a go-forward basis, that our exploration of strategic alternatives is the right decision at the right time for the right reasons for the company and for shareholders. We recognize that it's frustrating when strategy and tactics fail to produce anticipated results. But as business people, we work for you, the shareholders, and we must be thoughtful and decisive. In our view, looking at the key financial metrics, we've built an incredibly powerful company.

很明顯，當我們在未來的基礎上審視這些資產時，我們對戰略替代方案的探索是在正確的時間出於正確的理由為公司和股東做出的正確決定。我們認識到，當戰略和戰術未能產生預期結果時，我們會感到沮喪。但作為商人，我們是為你們、股東工作的，我們必須深思熟慮、果斷。我們認為，從關鍵財務指標來看，我們已經建立了一家非常強大的公司。

Going forward, acquiring additional high-margin recurring revenue businesses still make strategic and economic sense and our learnings from these 2 deals will be applied in the future so that we focus only on high-margin, high-growth businesses that can deliver additive recurring revenue.

展望未來，收購額外的高利潤經常性收入業務仍然具有戰略和經濟意義，我們從這兩筆交易中學到的經驗將在未來應用，以便我們只專注於能夠提供額外經常性收入的高利潤、高增長業務。

To conclude, I'd like to acknowledge the sustained improvement efforts of our leadership team, middle management, and line workers at CBS and Stirling (inaudible) put these assets in the best shape ever from the perspectives of quality, operations, supply chain, financial accounting, CRM, HR systems and sales and marketing. The R&D activities have been focused and well managed through a rigorous stage-gate review and approval process. Without this work, we would not be in a strong position to explore strategic alternatives. We appreciate and recognize that operating through a potential divestiture process can lead to uncertainty for our team members and customers, and I'm proud and grateful for their dedication and support. Our team can count on us to retain talent and reward loyalty and results. Our customers can count on us to continue to produce and deliver high-quality products.

最後，我要感謝哥倫比亞廣播公司和斯特靈（聽不清）的領導團隊、中層管理人員和一線員工的持續改進努力，從質量、運營、供應鏈、財務會計、CRM、人力資源系統以及銷售和營銷。通過嚴格的階段性審查和批准流程，研發活動得到集中和良好的管理。如果沒有這項工作，我們就無法在探索戰略替代方案方面處於有利地位。我們讚賞並認識到，通過潛在的剝離流程進行運營可能會給我們的團隊成員和客戶帶來不確定性，我對他們的奉獻和支持感到自豪和感激。我們的團隊可以信賴我們能夠留住人才並獎勵忠誠度和成果。我們的客戶可以信賴我們繼續生產和提供高質量的產品。

Now I'll switch back to discussing our Q1 performance. The team continued to gain new CGT and biopharma customers, driving continued adoption of our Cell Processing and Storage and Storage Services platforms, while our Freezer platform experienced similar disruptions that others have reported in recent quarters.

現在我將轉回討論我們第一季度的表現。該團隊繼續獲得新的 CGT 和生物製藥客戶，推動我們的細胞處理和存儲以及存儲服務平台的持續採用，而我們的 Freezer 平台也經歷了其他人最近幾個季度報告的類似中斷。

Turning to Q1 revenue and customer highlights. Total revenue was $37.7 million, representing a 4% increase over Q1 2022. Excluding COVID-related revenue from Q1 last year, total revenue growth was 16% driven by a 28% increase in biopreservation media revenue. In Q1, we sold and shipped products or provided services to 197 new unique customer sites across our 3 products and services platforms. A large portion of our total revenue continues to come from existing customers as we penetrate deeper and pitch our integrated solutions to take more share of their spend for manufacturing, storage and distribution products and services.

轉向第一季度收入和客戶亮點。總收入為 3770 萬美元，比 2022 年第一季度增長 4%。排除去年第一季度與新冠病毒相關的收入，在生物保存介質收入增長 28% 的推動下，總收入增長了 16%。在第一季度，我們通過 3 個產品和服務平台向 197 個新的獨特客戶站點銷售和運輸產品或提供服務。隨著我們深入滲透並推銷我們的集成解決方案，以在製造、存儲和分銷產品及服務方面佔據更多份額，我們總收入的很大一部分繼續來自現有客戶。

In each of the last 5 quarters, we gained over 150 new customer sites, building a phenomenal pipeline of early-stage users that we will carefully nurture and support to drive future growth. New Q1 customer sites by product and service line included 9 more now using biopreservation media, 5 new ThawSTAR users, 17 new evo Cold Chain end users, 15 new Cryogenic Freezer and accessory customer sites, 121 new Stirling ULT Freezer and accessory customer sites, 22 new Biostorage customers, and 8 new Cell Processing customers now using Sexton products.

在過去 5 個季度中，我們每個季度都獲得了超過 150 個新客戶網站，建立了龐大的早期用戶渠道，我們將精心培養和支持這些用戶，以推動未來的增長。按產品和服務線劃分的第一季度新客戶地點包括 9 個現在使用生物保存介質、5 個新 ThawSTAR 用戶、17 個新 evo 冷鏈最終用戶、15 個新低溫冷凍機和配件客戶地點、121 個新斯特林超低溫冰箱和配件客戶地點、22 個新的 Biostorage 客戶和 8 個新的細胞處理客戶現在使用 Sexton 產品。

For our Cell Processing platform in Q1, we received confirmation that our solutions will be used in at least 20 additional clinical trials for new cell and gene therapies. We estimate that our biopreservation media products have been used in or are planned to be used in over 630 customer clinical applications, and our Sexton Cell Processing tools are in about 140. For both biopreservation media and Sexton products, we also remain confident that each customer clinical application, if approved, could generate annual revenue in a range of $500,000 to $2 million. To date, our Cell Processing solutions are used in 14 approved therapies, including the recently approved Omisirge by Gamida Cell. We expect to be able to continue to take share from home-brew preservation cocktails as awareness grows of the critical role our engineered media formulations play in reducing risk for CGT companies.

對於我們第一季度的細胞處理平台，我們收到確認，我們的解決方案將用於至少 20 個新細胞和基因療法的額外臨床試驗。我們估計我們的生物保存介質產品已用於或計劃用於超過 630 個客戶臨床應用，而我們的 Sexton 細胞處理工具約有 140 個。對於生物保存介質和 Sexton 產品，我們也仍然有信心每個客戶臨床應用如果獲得批准，每年可產生50萬至200萬美元的收入。迄今為止，我們的細胞處理解決方案已用於 14 種已獲批准的療法，包括 Gamida Cell 最近批准的 Omisirge。隨著人們越來越認識到我們的工程培養基配方在降低 CGT 公司風險方面所發揮的關鍵作用，我們預計能夠繼續從自製保存雞尾酒中獲得份額。

I'll reiterate the 5 strong catalysts we expect to support our growth estimates since each will increase the number of manufactured doses and hence, the demand for our biopreservation media, Sexton Cell Processing solutions, evo Cold Chain rentals and SciSafe storage services. Number one, new de novo CGT approvals; two, approvals of existing commercial therapies in new geographies; three, approvals of existing commercial therapies and new indications; four, approvals of existing commercial therapies as first- or second-line treatment; and five, the eventual shift to allogeneic therapies.

我將重申我們期望支持我們的增長預測的 5 種強大催化劑，因為每一種都會增加生產劑量的數量，從而增加對我們的生物保存介質、Sexton 細胞處理解決方案、evo 冷鏈租賃和 SciSafe 存儲服務的需求。第一，新的 CGT 批准；第二，在新地區批准現有的商業療法；三、現有商業療法和新適應症的批准；四、批准現有商業療法作為一線或二線治療；第五，最終轉向同種異體療法。

Turning to our Storage and Storage Services platform, which includes evo Cold Chain rentals and SciSafe Storage Services, we gained 39 new customer sites in Q1, 22 for biologic storage services and 17 for evo. On the SciSafe side of the platform, we also continue to penetrate further in existing customers and have a very strong pipeline of high-value, long-term contract opportunities, and we expect another banner year for SciSafe.

談到我們的存儲和存儲服務平台，包括 evo 冷鏈租賃和 SciSafe 存儲服務，我們在第一季度獲得了 39 個新客戶站點，其中 22 個用於生物存儲服務，17 個用於 evo。在該平台的 SciSafe 方面，我們還繼續進一步滲透現有客戶，並擁有非常強大的高價值、長期合同機會渠道，我們預計 SciSafe 又將迎來輝煌的一年。

On the evo Cold Chain management side of the platform, we continue to drive the business as evidenced by 135% increase in quarterly shipments, specifically of approved cell therapy products. As we've reported before, evaluations and validation shipments by leading CGT companies are ongoing, and we expect continued adoption. One global pharma company has confirmed that upon a completed successful validation, they intend to switch up to 100% of both of their approved cell therapy shipments from the leading provider over to our evo platform early next year. This is excellent market validation as internally, we modestly modeled a 50-50 split of shipments between evo and the incumbent.

在平台的 evo 冷鏈管理方面，我們繼續推動業務發展，季度出貨量增長 135% 就證明了這一點，特別是經批准的細胞治療產品。正如我們之前報導的那樣，領先的 CGT 公司正在進行評估和驗證發貨，我們預計會繼續採用。一家全球製藥公司已確認，在成功完成驗證後，他們打算明年初將領先供應商批准的細胞療法出貨量的 100% 轉移到我們的 evo 平台。這是極好的市場驗證，因為在內部，我們適度地模擬了 evo 和現有產品之間 50-50 的出貨量分配比例。

And finally, our Freezers and Thaw Systems platform. We shipped first-time orders to 141 new customer sites, including 121 now using Stirling products. Customers continue to recognize the value proposition of our Freezer offerings based on tight temperature regulation, reduced power consumption, reduced heat generation and less noise pollution as these support their goal of reducing the negative environmental impact of their operations.

最後是我們的冷凍機和解凍系統平台。我們向 141 個新客戶站點交付了首次訂單，其中 121 個現在使用 Stirling 產品。客戶繼續認可我們的冷凍機產品基於嚴格的溫度調節、降低功耗、減少熱量產生和減少噪音污染的價值主張，因為這些支持他們減少運營對環境的負面影響的目標。

Q1 revenue was lumpy and off pace due to the now well-understood tightening biotech capital equipment funding and delayed purchase decisions due to economic uncertainty. On a positive note, we have a strong opportunity pipeline of potential Stirling Freezer orders, forecasted to close this year.

由於現在眾所周知的生物技術資本設備資金緊縮以及經濟不確定性導致的採購決策延遲，第一季度收入不穩定且落後。從積極的方面來看，我們有大量潛在的斯特林冰箱訂單機會，預計將於今年結束。

Now I'll turn the call back over to Troy to present our financials for Q1. Troy?

現在我將把電話轉回特洛伊，介紹我們第一季度的財務狀況。特洛伊？

Thank you, Mike. Total revenue for the first quarter of 2023 was $37.7 million, representing a 4% increase over Q1 of 2022 and excluding COVID-related revenue from Q1 2022, growth was 16%, which was driven by a 28% increase in biopreservation media revenue. There was no COVID-related revenue in Q1 2023 compared to 10% of total revenue in Q1 2022.

謝謝你，邁克。 2023 年第一季度的總收入為 3770 萬美元，比 2022 年第一季度增長 4%，如果不包括 2022 年第一季度與新冠病毒相關的收入，增長為 16%，這是由生物保存介質收入增長 28% 推動的。 2023 年第一季度沒有與新冠肺炎相關的收入，而 2022 年第一季度佔總收入的 10%。

Cell Processing platform revenue was $19 million, up 27% over the same period in 2022. Storage and Storage Services platform revenue was $5.7 million, down 5% over the same period in 2022. Excluding COVID-related revenue from Q1 2022, revenue in Q1 2023 increased 98%. Freezers and Thaw Systems platform revenue was $13 million, down 15% over the same period in 2022. Excluding COVID-related revenue from Q1 2022, revenue in Q1 2023 decreased 12%.

細胞處理平台收入為 1900 萬美元，較 2022 年同期增長 27%。存儲和存儲服務平台收入為 570 萬美元，較 2022 年同期下降 5%。不包括 2022 年第一季度與新冠病毒相關的收入，第一季度收入2023 年增長 98%。冷凍機和解凍系統平台收入為 1300 萬美元，比 2022 年同期下降 15%。不包括 2022 年第一季度與新冠病毒相關的收入，2023 年第一季度收入下降 12%。

Adjusted gross margin for the first quarter of 2023 was 37% compared with 33% for the first quarter of 2022 and 32% for the fourth quarter of 2022. The positive impact sequentially when compared to prior year was primarily due to product mix and lower inventory write-off charges, partially offset by lower gross margins at SciSafe due to the decrease in COVID-related revenue without an associated decrease of infrastructure costs.

2023 年第一季度調整後毛利率為 37%，而 2022 年第一季度為 33%，2022 年第四季度為 32%。與上年相比，連續的積極影響主要是由於產品組合和庫存減少沖銷費用，部分被 SciSafe 毛利率下降所抵消，這是由於與新冠病毒相關的收入減少而基礎設施成本沒有相應下降。

GAAP operating expenses for Q1 2023 were $51.3 million versus $44.2 million in Q1 2022. Adjusted operating expenses for Q1 2023 totaled $25.5 million compared with $20.1 million in Q1 2022. The increase in operating expenses was primarily driven by increased headcount, consulting fees and infrastructure costs to support our long-term growth objectives.

2023 年第一季度的 GAAP 運營費用為 5130 萬美元，而 2022 年第一季度為 4420 萬美元。2023 年第一季度調整後的運營費用總計為 2550 萬美元，而 2022 年第一季度為 2010 萬美元。運營費用的增加主要是由於員工人數、諮詢費和基礎設施成本的增加支持我們的長期增長目標。

Our adjusted operating loss for the first quarter of 2023 was $11.4 million compared with $8.3 million in Q1 2022. Adjusted EBITDA for the first quarter of 2023 was negative $1.9 million compared with negative $1.1 million for the first quarter of 2022. In Q1 2023, we had nonrecurring expenses of approximately $3 million, consisting of strategic consulting fees, a planned severance payment for our former COO, indirect taxes and a discrete bad debt write-off. Excluding these nonrecurring expenses, adjusted EBITDA would have been positive $1.1 million. We expect adjusted EBITDA improvement throughout the year, resulting in full year 2023 positive adjusted EBITDA.

我們 2023 年第一季度調整後的運營虧損為 1140 萬美元，而 2022 年第一季度為 830 萬美元。2023 年第一季度調整後 EBITDA 為負 190 萬美元，而 2022 年第一季度為負 110 萬美元。2023 年第一季度，我們的非經常性費用約為 300 萬美元，包括戰略諮詢費、計劃為前任首席運營官支付的遣散費、間接稅和單獨的壞賬沖銷。排除這些非經常性費用，調整後的 EBITDA 將為正 110 萬美元。我們預計全年調整後 EBITDA 都會有所改善，從而導致 2023 年全年調整後 EBITDA 為正值。

Our cash and marketable securities balance at March 31, 2023, was $56.9 million compared with $64.1 million at December 31, 2022. Taking into consideration our adjusted EBITDA of negative $1.9 million, cash used in Q1 2023 was primarily related to unfavorable working capital adjustments of $840,000, largely due to the timing of raw material deliveries related to biopreservation media, capital expenditures of $3.3 million and purchases of assets (inaudible) $1 million.

截至 2023 年 3 月 31 日，我們的現金和有價證券餘額為 5,690 萬美元，而截至 2022 年 12 月 31 日為 6,410 萬美元。考慮到我們調整後的 EBITDA 為負 190 萬美元，2023 年第一季度使用的現金主要與不利的營運資本調整有關840,000 美元，主要是由於與生物保存介質相關的原材料交付時間、330 萬美元的資本支出和 100 萬美元的資產採購（聽不清）。

Turning to 2023 revenue guidance. Management is reaffirming full year guidance is expected to be in the range of $188 million to $202 million, reflecting year-over-year and organic growth of 16% to 25%. Excluding COVID-related revenue, year-over-year growth of 26% to 35%. Revenue guidance for 2023 does not include any COVID-related revenue.

轉向 2023 年收入指引。管理層重申，全年指導預計在 1.88 億美元至 2.02 億美元之間，同比有機增長 16% 至 25%。不計入新冠肺炎相關收入，同比增長 26% 至 35%。 2023 年的收入指引不包括任何與新冠疫情相關的收入。

Total revenue expectations for 2023 include the following platform contributions, Cell Processing platform, $89 million to $93 million, an increase of 30% to 35% over 2022; Storage and Storage Services platform, $26.5 million to $30 million, an increase of 0% to 13% over 2022, excluding COVID-related revenue, year-over-year growth of 64% to 86%; Freezers and Thaw Systems platform, $72.5 million to $79 million, an increase of 9% to 18% over 2022, excluding COVID-related revenue, year-over-year growth of 13% to 23%. Finally, in terms of our share count, as of May 10, we had 43.5 million shares issued and outstanding and 46.3 million shares on a fully diluted basis.

2023年的總收入預期包括以下平台貢獻，細胞處理平台8900萬至9300萬美元，比2022年增長30%至35%；存儲和存儲服務平台，2650萬美元至3000萬美元，比2022年增長0%至13%，不包括新冠相關收入，同比增長64%至86%；冷凍機和解凍系統平台，7250萬美元至7900萬美元，比2022年增長9%至18%，不包括新冠相關收入，同比增長13%至23%。最後，就我們的股份數量而言，截至 5 月 10 日，我們已發行和流通的股票為 4,350 萬股，完全稀釋後的股票為 4,630 萬股。

Now I'll turn the call to Mike.

現在我將把電話轉給邁克。

Thanks, Troy. I'd like to summarize 4 key takeaways from Q1 and today's call. First, BioLife Solutions is a critical, highly trusted tools and services provider to the cell and gene therapy industry. We've built a valuable portfolio of solutions that's helped CGT developers increase their likelihood of success by reducing risk in their manufacturing, storage and distribution workflows. Number two, demand for our portfolio of class-defining bioproduction tools and services remain strong. And it's important to remember that we're still in the early phase of CGT approvals and the growth of this exciting industry. We are very well entrenched and intent on securing and maintaining a position as a premier enabling CGT tools and services provider. Number three, our decision to explore strategic alternatives for our 2 Freezer businesses was made carefully after much analysis and consultation with our Board and external advisers.

謝謝，特洛伊。我想總結第一季度和今天電話會議的 4 個關鍵要點。首先，BioLife Solutions 是細胞和基因治療行業重要的、高度值得信賴的工具和服務提供商。我們構建了有價值的解決方案組合，幫助 CGT 開發人員降低製造、存儲和分銷工作流程中的風險，從而提高成功的可能性。第二，對我們定義類別的生物生產工具和服務組合的需求仍然強勁。重要的是要記住，我們仍處於資本利得稅批准和這個令人興奮的行業發展的早期階段。我們的地位非常穩固，並致力於確保和維持作為首要 CGT 工具和服務提供商的地位。第三，我們在與董事會和外部顧問進行大量分析和協商後，仔細做出了為我們的 2 個冰箱業務探索戰略替代方案的決定。

We're keenly focused on options to reposition our portfolio only on the high-margin, high-growth recurring revenue streams that define us. And number four, order volume to date so far in Q2 is strong across our portfolio. For the rest of 2023, we will focus on running the business efficiently, and managing the exploration of strategic alternatives for our Freezer businesses.

我們熱衷於選擇將我們的投資組合重新定位於定義我們的高利潤、高增長的經常性收入流。第四，到目前為止，我們的投資組合中第二季度迄今為止的訂單量都很強勁。在 2023 年剩餘時間裡，我們將專注於高效運營業務，並管理冷凍櫃業務戰略替代方案的探索。

Now I'll turn the call back over to the operator to take your questions. Mallory?

現在我將把電話轉回給接線員回答您的問題。馬洛里？

(Operator Instructions) Your first question comes from Jacob Johnson with Stephens.

（操作員說明）您的第一個問題來自 Jacob Johnson 和 Stephens。

Mike, maybe starting where you started on the call today, just on the strategic alternatives for the Freezer businesses. You outlined a couple of options, but it seems like a potential sale top of mind. So can you just talk about how you (inaudible) the potential outcomes from the strategic review? And maybe any kind of thoughts on the time line around that?

邁克，也許可以從您今天電話會議開始的地方開始，討論冰箱業務的戰略替代方案。您概述了幾個選擇，但這似乎是潛在的出售首要考慮因素。那麼您能否談談您如何（聽不清）戰略審查的潛在結果？也許對圍繞此的時間線有什麼想法？

Yes. Thanks, Jacob. Well, I want to be really clear that it's not a foregone conclusion that divesting is the only thing we're looking at or the only outcome that could materialize. We have a number of things we're looking at, and it's still pretty early, but we've got a great advisory firm helping us navigate this. And for us, it's just early, and we're all about obviously picking the best option that creates the most shareholder value. Too soon to tell you in terms of a time line when something might happen.

是的。謝謝，雅各布。好吧，我想澄清的是，剝離是我們正在考慮的唯一事情或唯一可能實現的結果，這並不是一個既定的結論。我們正在考慮很多事情，現在還為時尚早，但我們有一家很棒的諮詢公司幫助我們解決這個問題。對我們來說，現在還為時過早，我們顯然都是在選擇能夠創造最大股東價值的最佳選擇。現在告訴您可能發生某事的時間表還為時過早。

Got it. Fair enough. And then maybe the other question just around that in the press release, you reiterated the $250 million of revenue, 50% gross margin, 30% EBITDA targets. Obviously, if you were to divest the Freezer business, that would be a chunk of revenue that would probably make that difficult. But I guess I'm more curious on the other side of things. You highlighted the profitability of the underlying business. Kind of any kind of commentary you could give us on just kind of how much the Freezers are weighing on profitability right now?

知道了。很公平。也許新聞稿中的另一個問題是，您重申了 2.5 億美元的收入、50% 的毛利率和 30% 的 EBITDA 目標。顯然，如果你要剝離冰箱業務，這將是一大筆收入，可能會讓這件事變得困難。但我想我對事情的另一面更好奇。您強調了基礎業務的盈利能力。您可以就冷凍機目前對盈利能力的影響有多大程度向我們提供任何評論嗎？

Yes. It's a really good question, Jacob. I appreciate you asking. Well, clearly, if we were to invest one or both, we'd have to issue some updated not only guidance, but also some mid- to long-term financial aspirational goals, which we would do once we had a clear vision of how things would shake out. To the last comment that you made to the extent the Freezers are weighing down the profitability, it is material. I mean I'll just say that with full (inaudible), it's a material way down relative to the other parts of the business.

是的。這是一個非常好的問題，雅各布。我很感激你的詢問。嗯，很明顯，如果我們要投資其中一項或兩項，我們不僅必鬚髮布一些更新的指導，而且還必鬚髮布一些中長期財務理想目標，一旦我們對如何投資有一個清晰的願景，我們就​​會這樣做。事情就會發生變化。對於您最後發表的評論，即冷凍機正在壓低盈利能力，這是很重要的。我的意思是，我只想說，相對於業務的其他部分，這是一個實質性的下降（聽不清）。

Okay. And then, Mike, maybe last question. Some other companies have reported (inaudible). Obviously, the macro has been a headwind, you talked about that with regard to Freezers. But as it pertains to China, I think that's an area where maybe you saw some traction from -- on the distributor side of things. Have you seen anything from your distributors that would suggest any weakness out of China as it maybe relates to the media business?

好的。然後，邁克，也許是最後一個問題。其他一些公司也已報告（聽不清）。顯然，宏觀經濟一直是一個逆風，您談到了有關冰箱的問題。但就中國而言，我認為您可能會在分銷商方面看到一些吸引力。您是否從您的分銷商那裡看到任何暗示中國存在任何弱點的信息，因為這可能與媒體業務有關？

Not at all yet. In fact, if I just think about the last, I don't know, a couple of clinical support engagements that Dr. Mathew, our CSO is involved in, they are from China. And so I don't have any read-throughs from Marcus or the sales team that the indirect sales in that part of the world and APAC are soft sequentially or year-over-year. So no to the contrary.

還沒有。事實上，如果我只考慮最後一個，我不知道，我們的 CSO Mathew 博士參與的一些臨床支持活動，他們來自中國。因此，我沒有從馬庫斯或銷售團隊那裡得到任何關於世界該地區和亞太地區間接銷售連續或同比疲軟的信息。所以不，相反。

The next question comes from Thomas Flaten with Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Thomas Flaten。

I'm thinking with the concept -- sticking with the concept of the macro, given the softness in Freezer sales in the first quarter, just wanted to get -- or maybe you can help us contextualize some of those macro headwinds, given that you're keeping the guide as it is for that segment of the business?

我正在思考這個概念——考慮到第一季度冰箱銷售疲軟，堅持宏觀概念，只是想得到——或者也許你可以幫助我們將其中一些宏觀逆風背景化，因為你是否保留該業務部分的指南？

Right, Thomas, and that's a great place to go to. We certainly were looking at a lot of factors relative to the guide for this year. And I'm happy to tell you that, just to expand a little bit of a comment I made on my prepared remarks that when we look at the pipeline of mostly ULT Freezers that are classified as high confidence to close this year, it's a significant number. I mean it's a big, big number. It's much bigger than I thought, and that's not all the opportunities. Those are just the ones that have made it to the stage where it's considered high confidence to close. So -- and we're not even halfway done through the year. So on the basis of that, with one soft quarter, it would not have been prudent for us to cut the guide in the Freezers and hence, the overall guide. So as we stand here right now on this call on May 10, I'm confident we're going to hit that number, and we're going to come into the range of the total revenue. But yes, if not for the latter, if that not have materialized, we'd probably be having a different conversation.

是的，托馬斯，那是一個值得去的好地方。我們當然考慮了與今年指南相關的許多因素。我很高興地告訴您，只是為了擴展我對準備好的評論所做的一點評論，當我們看到大部分被歸類為高信心今年關閉的超低溫冰箱的管道時，這是一個重要的數字。我的意思是這是一個很大很大的數字。它比我想像的要大得多，而且這並不是所有的機會。這些只是那些已經達到了被認為有高度信心關閉的階段的項目。所以——我們這一年的工作還沒有完成一半。因此，在此基礎上，在一個疲軟的季度中，我們削減冰櫃中的指南以及整體指南是不明智的。因此，當我們現在站在這裡參加 5 月 10 日的電話會議時，我相信我們將達到這個數字，並且我們將進入總收入的範圍。但是，是的，如果不是後者，如果這沒有實現，我們可能會有不同的談話。

Got it. And I don't know how much you can say about the large pharma customer that you guys highlighted in the press release. But I'm curious, maybe you could walk us through kind of some of the, I guess, the wins you had, I'm sure there was more than one factor that allowed them to flip from the incumbent to you guys. But any color you can give us on that sales process and kind of what -- what feedback they provided to you?

知道了。對於你們在新聞稿中強調的大型製藥客戶，我不知道你們能說多少。但我很好奇，也許你可以向我們介紹一下你所取得的一些勝利，我確信有不止一個因素讓他們從現任者轉向你們。但是，您可以就銷售流程向我們提供任何信息，以及他們向您提供了哪些反饋？

Yes. In a word, I'd say thorough or another word, I'd say vigorous. Not to -- not to the (inaudible) process we went through a couple of years ago with the other leading CGT company with a couple of true therapies. But yes, this one is pretty intense, and we're at the right place in the organization in terms of the decision makers on their side. And we've got, as you can imagine, an army of folks on our side who are meeting with this customer, not weekly, but almost. And there's a project plan that's being marched against in a series of go/no-go sort of (inaudible) validation steps. But when pressed specifically, and I asked our team, hey, if this does go well in our way, what would we expect in terms of the split of shipments and the direct feedback from the customer was up to 100%, which is much higher than we anticipated because as I mentioned a few minutes ago, we just -- we modeled 50-50 as sort of a modest assumption. But if this goes, that's going to be very meaningful for us and now obviously very meaningful for the incumbent in terms of the impact on them.

是的。總之，我會說徹底，或者換句話說，我會說充滿活力。不是——不是幾年前我們與另一家領先的 CGT 公司一起經歷了一些真正的療法的（聽不清）過程。但是，是的，這件事非常激烈，而且就決策者而言，我們在組織中處於正確的位置。正如您可以想像的那樣，我們這邊有一大批人與這位客戶會面，不是每週一次，而是幾乎每週一次。還有一個項目計劃正在一系列進行/不進行（聽不清）的驗證步驟中進行。但當具體追問時，我問我們的團隊，嘿，如果這對我們來說進展順利，我們對發貨的分割有何期望，並且來自客戶的直接反饋高達 100%，這要高得多比我們預期的要好，因為正如我幾分鐘前提到的，我們只是將 50-50 建模為一個適度的假設。但如果這種情況發生，這對我們來說將非常有意義，而且就對現任者的影響而言，現在顯然對他們也非常有意義。

Got it. And then one quick final one for me. Now that you're -- and I think you said 14 approved cell and gene therapies now that you guys are involved with. Has that allowed you to validate the revenue range of the $500,000 to $2 million that we've talked about for a few years? Any suggestion that, that might not be the right range of revenues for commercial products?

知道了。然後是我的最後一件事。現在你們——我想你們說過 14 種已獲批准的細胞和基因療法，現在你們都參與其中了。這是否讓您能夠驗證我們多年來討論的 50 萬至 200 萬美元的收入範圍？有什麼建議表明，這可能不是商業產品的正確收入範圍？

Well, I appreciate you asking. I still think it's probably a little low on the high end, but it's still early because, again, the ones we're in there really with a couple of exceptions, they're pretty recently approved. So we just need a few quarters of their track record to see what's going to happen.

嗯，我很感激你的提問。我仍然認為高端的價格可能有點低，但現在還為時過早，因為我們那裡的產品確實有幾個例外，它們最近才獲得批准。所以我們只需要他們幾個季度的業績記錄就可以知道會發生什麼。

The next question comes from Chad Wiatrowski with TD Cowen.

下一個問題來自 TD Cowen 的 Chad Wiatrowski。

Just one on OpEx. How do we think about OpEx sort of the cadence throughout the rest of the year? And maybe how the strategic alternatives of the Freezer business could impact that?

運營支出方面只有一項。我們如何看待今年剩餘時間內的運營支出節奏？也許冷凍櫃業務的戰略選擇會如何影響這一點？

Yes. So as far as OpEx for the rest of the year, I did mention some nonrecurring charges in Q1. If you were to back those out and then grow it, not quite in line with the revenue growth, but again, growing to support our revenue growth, that's a good way to look at the OpEx...

是的。因此，就今年剩餘時間的運營支出而言，我確實在第一季度提到了一些非經常性費用。如果你要支持這些，然後增長它，不太符合收入增長，但再次增長以支持我們的收入增長，這是看待運營支出的好方法......

Just on the macro headwinds, again, obviously seeing sort of the CapEx issues from biotech and pharma. But on the R&D side, are you seeing like any delays in clinical trial time lines or potential headwinds on that front?

再次，就宏觀逆風而言，顯然看到了生物技術和製藥領域的資本支出問題。但在研發方面，您是否看到臨床試驗時間線有任何延遲或這方面潛在的阻力？

Fair question, Chad. And I can't speak specifically to it, but I would certainly support that we are seeing some of that. But the thing to remember is in the early stages, these aren't meaningful revenue contributors. So it's not really an impact. They don't buy that much in the early days because the trial enrollment is pretty small, right?

公平的問題，查德。我不能具體談論它，但我肯定支持我們正在看到其中的一些。但要記住的是，在早期階段，這些並不是有意義的收入貢獻者。所以這並不是真正的影響。他們早期不會買那麼多，因為試用人數非常少，對吧？

Your next question comes from Paul Knight with KeyBanc.

您的下一個問題來自 KeyBanc 的 Paul Knight。

Now I know with the Stirling and CBS, one of the intentions was to create some cross-selling synergy. What are your thoughts now? Have you -- are you changing -- will you change the way the Cell Processing platform products and the services products are sold? So what are you planning to do on any channel marketing modifications? That's my first question.

現在我知道斯特林和哥倫比亞廣播公司的目的之一是創造一些交叉銷售協同效應。你現在有什麼想法？您是否會改變細胞處理平台產品和服務產品的銷售方式？那麼您打算對渠道營銷進行哪些調整？這是我的第一個問題。

Good place to start, Paul. Yes. Well, I think what we've learned, one of the key learning takeaways is that despite our deep contacts and the C-suite in that, there are different decision makers, folks who buy capital equipment, particularly downstream to the folks that were closer to, which are in the processing upstream side of the house. And our assumption was that we could leverage those relationships. But my sense is now just to be practical about it, Freezers are seen maybe inappropriately, but they're largely seen as commodities. And then those are sort of relegated to the domain of the procurement people as opposed to technical buyers or scientific buyers. And that just kind of is what it is.

保羅，很好的起點。是的。嗯，我認為我們學到的關鍵學習要點之一是，儘管我們有深入的聯繫和高管層，但仍有不同的決策者、購買資本設備的人，特別是下游那些更接近的人到，它們位於房屋的加工上游側。我們的假設是我們可以利用這些關係。但我現在的感覺是，要實際一點，冰箱可能被視為不恰當的，但它們在很大程度上被視為商品。然後，這些就被歸入採購人員的領域，而不是技術買家或科學買家。事情就是這樣。

So with respect to what will we do to change it, well, we really have to think about the current distributors, how productive they are, where are their strengths, where do they lie? Are there alternative distributors? If we think about a potential to divest the businesses, what's the channel those companies have and how strong are they and whatnot? And then there's also this idea to out-license the technology to someone who just embeds our IP in their own freezers. So there's a lot of stuff swirling, and I'm just thankful we've got some really smart folks here and on the outside helping us navigate the options.

因此，關於我們將採取什麼措施來改變它，我們確實必須考慮當前的分銷商，他們的生產力如何，他們的優勢在哪裡，他們的優勢在哪裡？有替代經銷商嗎？如果我們考慮剝離業務的潛力，這些公司擁有什麼渠道以及它們的實力如何等等？還有一種想法是將技術授權給那些將我們的知識產權嵌入到他們自己的冰箱中的人。因此，有很多事情正在發生，我很慶幸我們這里和外部有一些非常聰明的人幫助我們找到選擇。

And then the other part, I'm sure, is going on is Sexton and the services side seem to have exceeded your expectations here over the last couple of years. Can you talk to Sexton and the potential there, specifically for therapy again? And what's the magic sauce at services?

然後，我確信，另一部分正在進行的是塞克斯頓，在過去幾年中，服務方面似乎超出了您的預期。你能和塞克斯頓談談那裡的潛力，特別是再次治療的潛力嗎？服務的魔力是什麼？

Yes, sure. Well, with Sexton, a few minutes ago, I said that we would anticipate that the expected annual revenue range for Sexton for an improved customer therapy is just like it is for biopreservation media. It's $0.5 million to $2 million each annually, and we're in about 140 customer clinical applications with Sexton and in the 3 approved therapies already. So that just fits perfectly. It really does -- and I just got a text from Sean Werner, Dr. Werner, who was running Sexton, who now works for (inaudible), and he's the CTO of that platform. We've just got a great piece of good news from a large current customer about how they're going to greatly exceed their forecast for this year. So it just could not have come at a better time. And again, Sexton is going to have a banner year if all things hold really, really strong.

是的，當然。好吧，幾分鐘前，我對 Sexton 說過，我們預計 Sexton 改進客戶治療的預期年收入範圍與生物保存介質的預期年收入範圍一樣。每年費用為 50 萬至 200 萬美元，我們已經與 Sexton 進行了約 140 項客戶臨床應用，並已批准了 3 種療法。所以這非常適合。確實如此——我剛剛收到 Sean Werner 發來的短信，Werner 博士，他負責 Sexton，現在為（聽不清）工作，他是該平台的首席技術官。我們剛剛從現有的大客戶那裡得到了一個好消息，關於他們今年將如何大大超出他們的預測。所以它來得正是時候。再說一次，如果一切都非常非常強勁的話，塞克斯頓將會度過一個輝煌的一年。

As far as the secret sauce, well, the CellSeal vial (inaudible) design and has its own unique benefits of ease of use in filling and the proprietary event, and it just really lends itself for small volume doses where you have a great alternative versus putting a little bit of fluid in a big bag and everything that goes wrong with that or could go wrong with that.

就秘方而言，CellSeal 小瓶（聽不清）的設計具有其獨特的優點，即易於填充和專有事件，並且它確實適合小容量劑量，在這裡您有一個很好的選擇將一點點液體放入一個大袋子中，以及所有可能出現問題或可能出現問題的東西。

On the HPL media side at Sexton, there are some quality and scientific differentiation relative to the other HPL products that are out there, specific to the way that we make the HPL media in (inaudible), and then the filling machines are just really cool. And the current next-gen filling machine is agnostic. You can bring your own bags and vials and other final containers to the party and it's really lending itself to ushering that degree of automation. And I think just to put the bar on the whole Sexton thing, you've heard us talk about tooling up or starting up a media manufacturing line in (inaudible) at Sexton for our non-core current (inaudible) media products, and that's going really well. And all in all, just the whole team at Sexton is a perfect fit, and I can't say enough good about how that one's really worked out.

在塞克斯頓的 HPL 介質方面，相對於其他 HPL 產品，有一些質量和科學差異，具體取決於我們製作 HPL 介質的方式（聽不清），然後灌裝機真的很酷。目前的下一代灌裝機是不可知的。您可以攜帶自己的袋子、小瓶和其他最終容器參加聚會，這確實有助於實現這種程度的自動化。我認為，為了對整個塞克斯頓事件進行限制，您已經聽到我們談論在塞克斯頓（聽不清）為我們的非核心當前（聽不清）媒體產品裝備或啟動媒體生產線，那就是進展順利。總而言之，塞克斯頓的整個團隊都是完美的組合，我無法對這個團隊的實際效果說得足夠好。

Okay. And will a sterile bio be part of Freeze and Thaw?

好的。無菌生物會成為冷凍和解凍的一部分嗎？

Yes, but not to divest (inaudible). No, Thaw stays with us regardless, yes, Thaw stays with us.

是的，但不剝離（聽不清）。不，無論如何，Thaw 都會和我們在一起，是的，Thaw 會和我們在一起。

Your next question comes from Yuan Zhi with B. Riley.

你的下一個問題來自袁志和 B. Riley。

So can you guys clarify what was the internal guidance on Media, Freezer and other business segments? And can you elaborate on what are the factors causing the difference between the reported number and the prior guidance or internal guidance in terms of both revenue and gross margin?

那麼你們能否澄清一下媒體、冷凍機和其他業務部門的內部指導是什麼？您能否詳細說明是什麼因素導致報告的數字與之前的指導或內部指導在收入和毛利率方面存在差異？

Sorry, just to clarify, are you asking me to tell you what our internal plan was for that platform?

抱歉，我想澄清一下，您是要我告訴您我們對該平台的內部計劃是什麼嗎？

Internal guidance for Media, Freezer and other business segments. What was the reason to cause the difference between these 2?

媒體、冰箱和其他業務部門的內部指導。造成這兩者之間差異的原因是什麼？

Well, okay. So all we speak to is the external revenue guidance by platform, which you've seen, which Troy reiterated on the call just a few minutes ago, and as it relates to the shortfall in Freezer revenue, that's all the factors we've been talking about. There is this macro, very well understood now, well-appreciated slowdown in biotech funding, hitting capital equipment much harder than disposable or recurring revenue streams. And that in concert with just the general global economic uncertainty is causing these large global pharma companies to really take a look at and in many cases, pause their purchases for large CapEx (inaudible). Those 2 things alone is clearly how we speak to that miss there on Freezers in Q1. But I have to say, as I did a few minutes ago, on balance, the opportunity pipeline that we have for Freezers for the rest of the year, the high confidence deals, it's a big number. And if that materializes and then we sort of kind of replicate that for the last 6 months of the year, then we're going to be in good shape.

哦，那好吧。因此，我們所說的只是平台的外部收入指導，您已經看到了，特洛伊在幾分鐘前的電話會議上重申了這一點，並且由於它與 Freezer 收入的短缺有關，這就是我們一直在考慮的所有因素談論。人們現在已經很好地理解了這一宏觀生物技術融資放緩，它對資本設備的打擊比對可支配或經常性收入流的打擊要嚴重得多。與全球經濟總體不確定性相結合，導致這些大型全球製藥公司真正審視並在許多情況下暫停了大規模資本支出的購買（聽不清）。僅這兩件事顯然就是我們如何談論第一季度冰箱中的失誤。但我不得不說，正如我幾分鐘前所做的那樣，總的來說，我們在今年剩餘時間內為冰箱提供的機會渠道，高信心交易，這是一個很大的數字。如果這一點成為現實，然後我們在今年的最後 6 個月裡複製這種情況，那麼我們將處於良好狀態。

Got it. Thanks for the clarification. And assuming you guys continue to keep Freezer business at the moment, are you still on track to reach 50% adjusted gross margin? And can you clarify which factor had an effect in the last quarter? And what is the gross margin in 1Q without Freezer business?

知道了。感謝您的澄清。假設你們目前繼續保留冰箱業務，調整後的毛利率是否仍有望達到 50%？您能否澄清哪些因素對上季度產生了影響？不包括冰箱業務的一季度毛利率是多少？

Yes. We don't do that kind of modeling externally, and clearly, we know that. But we speak to revenue on a platform basis and then we speak to the midterm aspirational goals. So I think I would just -- I would constrain my remarks to what I just said about the downturn in cap equipment funding, coupled with the economic uncertainty that's causing some orders to get delayed.

是的。我們不會在外部進行這種建模，很明顯，我們知道這一點。但我們首先討論平台的收入，然後討論中期理想目標。因此，我想我會將我的言論限制在我剛才所說的關於設備資金上限下降以及導致一些訂單延遲的經濟不確定性方面。

Now with respect to our confidence to hit our midterm aspirational goals, well, so far, as we sit here with just one quarter in the books, yes. But as I mentioned earlier, if we do go down the path and actually consummate the divestiture of one or both of these businesses, then obviously, we're going to remodel internally and remodel guidance externally and reshape whatever midterm financial aspirational goals we might put out there. Okay?

現在，就我們實現中期理想目標的信心而言，到目前為止，我們坐在這裡的賬簿上只有四分之一，是的。但正如我之前提到的，如果我們確實沿著這條路走下去，並真正完成了對其中一項或兩項業務的剝離，那麼顯然，我們將進行內部重塑和外部指導，並重塑我們可能提出的任何中期財務理想目標在那裡。好的？

Yes. Got it.

是的。知道了。

Your next question comes from Carl Byrnes with Northland Capital Markets.

您的下一個問題來自 Northland Capital Markets 的 Carl Byrnes。

Assuming that you get the divestiture of Stirling and CBS done, would you expect that you'd be able to reaccelerate your M&A strategy, focusing obviously on the high-growth, high-margin segments as you had done very successfully prior to the Stirling acquisition?

假設您完成了斯特林和哥倫比亞廣播公司的剝離，您是否期望能夠重新加速您的併購戰略，重點關注高增長、高利潤的細分市場，就像您在收購斯特林之前所做的非常成功的那樣？

Yes. Thanks, Carl. A really good question, and you're getting to a sort of a key dynamic going on here. First of all, I'd say, again, just to remind everybody, it's not divesting is the only option, it's one of several. But if we were to go down that road and complete those from a management bandwidth (inaudible) perspective, you got it, full stop. We would be -- we would be much less encumbered and we'd be focusing on external acquisition targets, obviously, the internal R&D that's going on and the projects that fit would be preserved, but we would certainly have more bandwidth to go and look for other things that look like the way we are now and what we're traditionally really, really good at and what we really understand. So sure, you bet.

是的。謝謝，卡爾。這是一個非常好的問題，您正在了解這裡發生的一種關鍵動態。首先，我想再次提醒大家，撤資不是唯一的選擇，而是幾種選擇之一。但如果我們沿著這條路走下去，從管理帶寬（聽不清）的角度完成這些工作，你就明白了，句號。我們會——我們的負擔會少得多，我們會專注於外部收購目標，顯然，正在進行的內部研發和合適的項目將被保留，但我們肯定會有更多的帶寬去觀察對於其他看起來像我們現在的樣子的事情以及我們傳統上真正非常擅長的事情以及我們真正理解的事情。所以當然，你打賭。

We have no further questions at this time. I would now like to turn the call back over to Mike Rice, Chief Executive Officer, for closing remarks.

目前我們沒有進一步的問題。現在我想將電話轉回給首席執行官邁克·賴斯 (Mike Rice)，讓其致閉幕詞。

Thanks, Mallory. I want to thank everyone for your interest in BioLife and your support, and we do look forward to sharing our Q2 numbers and our results with you. Good evening.

謝謝，馬洛里。我要感謝大家對 BioLife 的興趣和支持，我們非常期待與您分享我們的第二季度數據和結果。晚上好。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連接。