BOTHELL, Wash., Aug. 11, 2016 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), a 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 operational highlights and financial results for the three and six months ended June 30, 2016.
Revenue from biopreservation media product sales reached a record high of $2.0 million in the second quarter of 2016, an increase of 39% over the same period in 2015. Total revenue for the quarter was up 33% over the same period last year. For the first six months of 2016, revenue totaled $3.8 million, a 28% increase compared to $3.0 million in 2015.
Mike Rice, BioLife President & CEO, commented, "Our biopreservation media product business continues to demonstrate strong growth. Several strategic customers are in the final phase of clinical development, and we expect significantly higher demand for CryoStor and HypoThermosol from these customers to support large scale manufacturing of their cell-based products following regulatory approvals. With respect to evo and our biologistex joint venture, we continue to educate prospective customers on the need for and benefits of improved thermal packaging, sensor based logistics, and secure, cloud hosted distribution data for time and temperature sensitive biologic materials. We remain confident that we will secure customer orders this year and that biologistex will contribute meaningful revenue in 2017."
Recent Operational Highlights
- Long term supply agreements were executed with Kite Pharma and Bellicum Pharmaceuticals, two of the leading developers of cellular immunotherapies for various cancers.
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