Revenue from biopreservation media product sales for the third quarter of 2017 was a new record of $3M, an increase of 39% compared with the third quarter of 2016.
Revenue Increased 39% Over Prior Year
|
| [09-November-2017] |
|
BOTHELL, Wash., Nov. 9, 2017 /PRNewswire/ -- BioLife Solutions, 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 nine months ended September 30, 2017. Revenue from biopreservation media product sales for the third quarter of 2017 was a new record of $3 million, an increase of 39% compared with the third quarter of 2016. This was the ninth consecutive quarter of record revenue. Revenue for the nine months ended September 30, 2017 was $7.9 million, an increase of 32% compared with the prior-year period. Revenue growth for both periods was driven by sales of CryoStor® and HypoThermosol® clinical grade biopreservation media products to the high-growth regenerative medicine segment and to BioLife's worldwide distributor network. Mike Rice, BioLife President & CEO, commented, "Our Q3 results demonstrate our continued ability to grow our business in a disciplined manner. We achieved record sales, expanded gross margin, and positive cash flow from operations in the quarter. Notably, product sales to the regenerative medicine market segment were more than 50% of total revenue, reaching $1.6 million. This was an increase of nearly 50% from the second quarter of 2017, and 100% growth over the third quarter of 2016, driven by increased demand from late stage cell therapy customers. "We look forward to closing 2017 on a strong note and expect continued growth in 2018, as our regenerative medicine customers gain regulatory approvals and commence commercial manufacturing." Third Quarter 2017 Operational Highlights
Third Quarter Financial Results
Nine Month Financial Results
Roderick de Greef, BioLife Chief Financial Officer, remarked, "Our financial results continue to improve and our achievement of positive cash flow from operations for the third quarter is another important milestone. The combination of positive cash flow and the recent warrant exercises have generated a meaningful increase in our cash position." 2017 Financial Guidance Based on the financial results for the nine months ended September 30, 2017, management has revised full-year 2017 guidance as follows:
2018 Preliminary Financial Guidance Based on management's current outlook for next year, preliminary guidance for full-year 2018 is as follows:
Conference Call & Webcast The Company will host a conference call and live webcast at 4:30 p.m. EST this afternoon. To access the live webcast, please go to the BioLife Solutions website at www.biolifesolutions.com, and click on the "Investors" tab, and scroll down to select the "Events" icon where you will be directed to the live webcast. 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: 5699907. 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 business and operations, the potential utility of and market for its products and services, potential revenue growth and market expansion, commercial manufacturing of our customers' products, and projected financial results, cash flow and liquidity, including the potential for reaching positive adjusted EBITDA for the full-year of 2017 and GAAP operating profit for the full-year of 2018. 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 "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. Adjusted EBITDA Definition: "Adjusted EBITDA" is a non-GAAP measure defined by BioLife 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 BIOLIFE SOLUTIONS, INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended
Nine Months Ended
-----------------
September 30, September 30,
2017 2016 September 30, September 30,
2017 2016
---- ----
Revenue $2,963 $2,135 $7,887 $5,977
Cost of product sales 1,095 921 2,981 2,565
----- --- ----- -----
Gross profit 1,868 1,214 4,906 3,412
----- ----- ----- -----
Gross margin % 63% 57% 62% 57%
Operating expenses
293 497 899 1,600
Research and development
489 816 1,547 2,399
Sales and marketing
1,118 1,039 3,298 3,637
General and administrative
Total operating expenses 1,900 2,352 5,744 7,636
----- ----- ----- -----
Operating loss (32) (1,138) (838) (4,224)
--- ------ ---- ------
(287) (128) (1,119) (252)
Total other income (expenses)
(319) (1,266) (1,957) (4,476)
Net loss
-- 297 -- 924
Net loss attributable to non-
controlling interest
(319) (969) (1,957) (3,552)
Net loss attributable to BioLife
Solutions, Inc.
(106) -- (106) --
Less: Preferred stock dividends
$(425) $(969) $(2,063) $(3,552)
Net loss attributable to common
stockholders
$(0.03) $(0.08) $(0.16) $(0.28)
Basic and diluted net loss per
common share
attributable to BioLife
Solutions, Inc.
13,238 12,699 13,102 12,576
Basic and diluted weighted
average common
shares outstanding
Non-GAAP Reconciliation:
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, September 30, September 30, September 30,
2017 2016 2017 2016
---- ---- ---- ----
Net loss
attributable to
BioLife Solutions,
Inc. $(319) $(969) $(1,957) $(3,552)
Interest expense/
(income), net 1 33 188 39
Depreciation expense 84 94 260 276
Amortization of debt
discount -- 94 156 125
--- --- --- ---
EBITDA (234) (748) (1,353) (3,112)
Share-based
compensation (non-
cash) 314 181 958 584
Loss from equity-
method investment
in SAVSU (non-
cash) 218 -- 707 --
--- --- --- ---
Adjusted EBITDA $298 $(567) $312 $(2,528)
==== ===== ==== =======
BIOLIFE SOLUTIONS, INC.
Unaudited Condensed Consolidated Balance Sheet Information
(In thousands)
September 30, December 31,
2017 2016
---- ----
Cash and cash
equivalents $2,831 $ 1,406
Accounts
receivable 1,355 1,194
Inventories 1,861 1,758
Total current
assets 6,367 4,628
Total assets 8,881 7,927
Total current
liabilities 1,089 1,133
Total liabilities 1,667 4,761
Total
Shareholders'
equity 7,214 3,166
BIOLIFE SOLUTIONS, INC.
Unaudited Condensed Consolidated Statement of Cash Flows Information
(In thousands)
Nine Months Ended
-----------------
September September
30, 30,
2017 2016
---- ----
Cash
provided/
(used)
by
operating
activities $(198) $(3,659)
Cash provided/
(used) by
investing
activities (91) 662
Cash provided/
(used) by
financing
activities 1,714 2,192
----- -----
Net
increase
(decrease)
in cash
and
equivalents $1,425 $(805)
====== =====
View original content with multimedia:http://www.prnewswire.com/news-releases/biolife-solutions-announces-third-quarter-2017-financial-results-300553317.html SOURCE BioLife Solutions, Inc. |
||
Company Codes: NASDAQ-SMALL:BLFS |
