BOTHELL, Wash., Nov. 12, 2015 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), the leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media and a related cloud hosted biologistics cold chain management app for smart shippers (“BioLife” or the “Company”), today reported financial results and operational highlights for the third quarter of 2015.
Q3 2015 Financial Highlights
- Biopreservation media product revenue reached a record high of $1.6 million in the third quarter of 2015, an increase of 31% over the same period in 2014. Third quarter revenue growth was primarily driven by increased sales of our CryoStor and HypoThermosol biopreservation media to the regenerative medicine segment. For the first nine months of 2015, biopreservation media product revenue increased 32% as compared to last year.
- Gross margin in the third quarter of 2015 was 60%, compared to 47% in the third quarter of 2014. The improvement over 2014 reflects higher sales of biopreservation media products and improved utilization of our manufacturing facility.
- Consolidated net loss attributable to BioLife for the third quarter of 2015 was $1.1 million or $0.09/share, compared to a net loss of $0.9 million or $0.07/share in the third quarter of 2014. The increase in the loss is primarily the result of increased headcount and spending related to development and launch activities of our biologistex joint venture.
- Cash used in operations during the third quarter was $1.2 million, resulting in a cash and investments balance of $5.3 million at the end of the quarter
Mike Rice, BioLife’s President & CEO, said, “In the third quarter, biopreservation media product revenue reached a new record level, reflecting continued adoption and integration of our products by our regenerative medicine customers as they initiate and progress through clinical trials. We are also in the early stage of product launch for our evo Smart Shippers and biologistex cloud based cold chain management app. biologistex represents a significant growth opportunity as the regenerative medicine market is realizing the critical role that cold chain logistics play in the commercialization of time and temperature sensitive biologic based products.”
Operational Highlights
- Adoption of the Company’s biopreservation media products into more than 200 pre-clinical validation projects and clinical studies of new cellular immunotherapies and cell and tissue based regenerative medicine products. A significant number involve CAR-T cells and other types of T cells and mesenchymal stem cells targeting blood cancers, solid tumors and other leading causes of death and disability.
- Commercial launch and deployment of the evo Smart Shipper and biologistex cloud hosted cold chain management app to select key customers.
- Launch of BloodStor® 27 NaCl Freeze Media, targeting end user cryopreservation applications including freezing of platelets for clinical administration. In the U.S. alone, over 2 million doses of fresh platelets are administered annually.
- UK-based TC Biopharm Ltd, a developer of anti-cancer immunotherapies incorporated our CryoStor clinical and commercial grade freeze media in its manufacturing and clinical delivery processes of ImmuniCell, a novel T cell based immunotherapy targeting various cancers.
- Publication of “Practical Handbook of Cell Therapy Cryopreservation” by AABB Press; co-authored by Aby J. Mathew, PhD, Chief Technology Officer of BioLife.
Regenerative Medicine Market Snapshot
The recently released Alliance for Regenerative Medicine (ARM) Q3 2015 Data Report cites 573 active clinical trials underway at the end of the third quarter of 2015. Globally, companies in the combined regenerative medicine and advanced therapies field raised more than $9.3 billion in the first three quarters of 2015, up 163 percent when compared to the same time period last year.
2015 Expectations
Management is reconfirming expectations for 2015:
- 20% - 30% growth in biopreservation media product revenue over 2014.
- Continued validation of the evo Smart Shipper and biologistex app and revenue from the service.
- Gross margin in a range of 55% to 60%.
- Increased sales and marketing expenses related to the rollout of the biologistex service.
Conference Call & Webcast
The Company will host a conference call and live webcast at 4:30 p.m. EST this afternoon. To access the webcast, please log on to the Investor Relations page of the BioLife Solutions website at www.biolifesolutions.com. 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: 73011917. 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 develops, manufactures and markets hypothermic storage and cryopreservation solutions and smart shipping containers connected to a cloud hosted cold chain management app to improve the quality of delivery logistics for cells, tissues, and organs. BioLife also performs contract aseptic media formulation, fill, and finish services. The Company’s proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets.
To read full press release, please click here.
Help employers find you! Check out all the jobs and post your resume.
