Revenue increases 102% to $5.2 million. Net income of $1.0 million achieved
| BOTHELL, Wash., Aug. 9, 2018 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) (“BioLife”), the leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media, today reported financial results and operational highlights for the three and six months ended June 30, 2018. Revenue from biopreservation media product sales for the second quarter of 2018 reached a new record of $5.2 million, an increase of 102% from the second quarter of 2017, and an increase of 36% from the first quarter of 2018. Revenue from biopreservation media product sales for the first half of 2018 totaled $9.0 million, an increase of 83% compared with the prior-year period. Product revenue growth for both periods was driven by sales of CryoStor® and HypoThermosol® clinical-grade biopreservation media to the high-growth cell and gene therapy segment, and to BioLife’s worldwide distributor network. Second Quarter 2018 Financial Results
Mike Rice, BioLife President & CEO, commented, “In Q2, we demonstrated our ability to efficiently manage the business during a sustained high-growth phase. We continued to see strong demand for our proprietary products in the cell and gene therapy segment, and expect this to continue for the next several quarters based on awareness of our products in this market segment and the number of new clinical trials in process by our customers.” Q2 2018 Market Segment & Channel Highlights Regenerative Medicine (cell therapy, tissue engineering, stem cell transplant)
Distributors
Six Month Financial Results
Roderick de Greef, BioLife Chief Financial Officer, remarked, “Our second quarter financial results mark the first time since inception that BioLife has achieved positive net income, underscoring the operating leverage we can realize on higher revenue levels. Given our strong financial results for the first half of 2018 and our outlook for the remainder of the year, we now expect 2018 to be our first full year of profitability.” 2018 Financial Guidance Management provided 2018 financial guidance as follows:
Conference Call & Webcast The Company will host a conference call and live webcast at 10:00 a.m. ET this morning. To access the live webcast, please go to www.biolifesolutions.com and click on the top banner, or directly at www.biolifesolutions.com/earnings/. Alternatively, you may access the live conference call by dialing (844) 825-0512 (U.S. & Canada) or (315) 625-6880 (International) with the following Conference ID: 4968357. A webcast replay will be available approximately two hours after the call and will be archived on www.biolifesolutions.com for 90 days. About BioLife Solutions BioLife Solutions is the leading developer, manufacturer and supplier of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media for cells and tissues. Our proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the regenerative medicine, biobanking and drug discovery markets. Our biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death; offering commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter. Cautions Regarding Forward Looking Statements Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the company’s anticipated future growth strategy, including the acquisition of synergistic cell and gene therapy manufacturing tools and services or technologies, anticipated business and operations, guidance for financial results in 2018, including achieving GAAP operating profit, net income, EBITDA, adjusted EBITDA and cash flow from operations, the potential utility of and market for its products and services, potential revenue growth and market expansion, regulatory approvals and/or commercial manufacturing of our customers’ products, and potential customer revenue. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, uncertainty regarding market adoption of products; uncertainty regarding third-party market projections; market volatility; competition; litigation; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law. Discussion of Non-GAAP Financial Measures BioLife’s management believes that the non-GAAP measure of “EBITDA” and “Adjusted EBITDA” enhances an investor’s understanding of the Company’s financial and operating performance and its future prospects by being more reflective of core operating performance. BioLife’s management uses this financial metric for strategic decision making, forecasting future financial results, and evaluating current period financial and operating performance. The presentation of non-GAAP financial information is not intended to be reviewed in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables in this press release. EBITDA and Adjusted EBITDA Definitions: “EBITDA” is a non-GAAP measure defined by BioLife Solutions, Inc., as net income/(loss) excluding interest expense/(income), income tax expense, depreciation expense, and amortization expense. “Adjusted EBITDA” is a non-GAAP measure defined by BioLife Solutions, Inc., as net income/(loss) excluding interest expense/(income), income tax expense, depreciation expense, amortization expense, stock-based compensation expense and the loss/(gain) on equity method investments. Media & Investor Relations Roderick de Greef Chief Financial Officer (425) 686-6002 rdegreef@biolifesolutions.com
BIOLIFE SOLUTIONS, INC. Unaudited Condensed Statements of Operations (In thousands, except per share amounts) Three Months Ended Six Months Ended ------------------ ---------------- June 30, June 30, June 30, June 30, 2018 2017 2018 2017 ---- ---- ---- ---- Revenue $5,178 $2,558 $8,993 $4,924 Cost of product sales 1,537 957 2,901 1,885 ----- --- ----- ----- Gross profit 3,641 1,601 6,092 3,039 ----- Gross margin % 70% 63% 68% 62% Operating expenses Research and development 325 319 671 605 Sales and marketing 641 546 1,253 1,059 General and administrative 1,390 1,077 2,744 2,180 ----- Total operating expenses 2,356 1,942 4,668 3,844 ----- ----- ----- ----- Operating income (loss) 1,285 (341) 1,424 (805) ----- ---- ----- ---- Total other income (expenses) (146) (427) (281) (834) ---- ---- ---- ---- Net income (loss) 1,139 (768) 1,143 (1,639) Income taxes -- -- -- -- --- --- --- --- Net income (loss) after provision for taxes 1,139 (768) 1,143 (1,639) Preferred stock dividends (93) -- (200) -- --- --- ---- --- Net income (loss) attributable to common shares $1,046 $(768) $943 $(1,639) ====== ===== ==== ======= Basic net income (loss) per common share $0.07 $(0.06) $0.06 $(0.13) Diluted net income (loss) per common share $0.05 $(0.06) $0.05 $(0.13) Basic shares used to compute earnings per share 15,180 13,101 14,642 13,033 Diluted shares used to compute earnings per share 20,374 13,101 19,064 13,033
Non-GAAP Reconciliation: (In thousands) Three Months Ended Six Months Ended ------------------ ---------------- June 30, June 30, June 30, June 30, 2018 2017 2018 2017 ---- ---- ---- ---- Net income (loss) after tax provision $1,139 $(768) $1,143 $(1,639) Interest expense/(income), net (31) 105 (39) 188 Depreciation expense 84 87 161 177 Amortization of debt discount -- 62 -- 156 --- --- --- --- EBITDA 1,192 (514) 1,265 (1,118) Share-based compensation (non-cash) 374 313 748 644 Loss from equity-method investment in SAVSU (non-cash) 177 260 320 489 --- --- --- --- Adjusted EBITDA $1,743 $59 $2,333 $15 ====== === ====== ===
BIOLIFE SOLUTIONS, INC. Unaudited Condensed Balance Sheet Information (In thousands) June 30, December 31, 2018 2017 ---- ---- Cash and cash equivalents $ 14,167 $ 6,663 Accounts receivable 2,166 1,021 Inventories 2,122 1,847 Total current assets 18,807 9,931 Total assets 21,787 12,143 Total current liabilities 1,664 1,513 Total liabilities 2,132 2,051 Total Shareholders’ equity 19,655 10,092
BIOLIFE SOLUTIONS, INC. Unaudited Condensed Statement of Cash Flows Information (In thousands) Six Months Ended ---------------- June 30, 2018 June 30, 2017 ---- Cash provided/(used) by operating activities $953 $(272) Cash (used) by investing activities (1,061) (78) Cash provided by financing activities 7,611 1,259 ----- ----- Net increase in cash and equivalents $7,503 $909 ====== ====
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Company Codes: NASDAQ-SMALL:BLFS |
