BioLife Solutions, Inc. December 31, 2021 and introduced 2022 revenue guidance.
- Record quarterly revenue of $37.3 million up 153% over Q4 2020, with organic revenue growth of 64% and biopreservation media revenue growth of 64%
- Record full year revenue of $119.2 million up 148% over 2020, with organic revenue growth of 37% and biopreservation media revenue growth of 39%
- Initial guidance for 2022 total revenue at $159.5 million to $171 million, reflecting overall growth of 34% to 44% over 2021 and organic growth of 28% to 39%
- Conference call begins at 4:30 p.m. Eastern time today
BOTHELL, Wash., Feb. 28, 2022 BioLife Solutions, Inc. (Nasdaq: BLFS)December 31, 2021 and introduced 2022 revenue guidance.
Mike Rice, Chairman and CEO, commented, "Our team produced outstanding topline results for the 2021 fourth quarter and year. Demand for all our complementary platforms continued to grow as we cross-sold solutions to further penetrate existing customers and gained new customers in the CGT and broader biopharma markets. Our acquisitions of fast-growing assets are driving growth and complementing accelerating growth in demand for our biopreservation media products. In particular, our ULT freezer platform team doubled production and customer shipments from 2020 due to COVID-19 demand, shipping nearly 8,000 freezers in 2021.
- ® systems, 11 now using evo® cold chain management services, 17 now using CBS cryogenic freezers and accessories, 159 now using Stirling ULT freezers and accessories, 14 now using SciSafe® biologic storage services and 12 now using Sexton cell processing products.
- ® or HypoThermosol® in pending cell and gene therapy clinical trials. To date, our biopreservation media products have been used in more than 530 customer clinical applications, up from 450 at the end of 2020. Our proprietary biopreservation media products are embedded in the manufacturing process of eight approved cell or gene therapies and in at least 10 additional therapies for which regulatory filings are expected to be submitted in 2022 and 2023. We estimate potential annual biopreservation media revenue per approved commercial application to range from $500,000 to $2,000,000.
- USA in Amsterdam and by expanding two existing facilities in the USA.
- $37.3 million, an increase of 153% from $14.7 million for the fourth quarter of 2020, with organic revenue growth of 64%. COVID-19 related revenue accounted for approximately 15% of total revenue.
- $14.8 million, up $6.6 million, or 81%, over the same period in 2020. Organic growth was 64%.
- $16.6 million, up $12.3 million, or 285%, over the same period in 2020. COVID-19 related revenue accounted for approximately 15% of the freezer and thaw systems platform revenue. Organic growth was 13%.
- $5.9 million, up $3.6 million, or 164%, over the same period in 2020. COVID-19 related revenue accounted for approximately 50% of the storage and storage services platform revenue. Organic growth was 164%.
- $119.2 million, an increase of 148% from $48.1 million for 2020, with organic revenue growth of 37%
- $45.0 million, up $14.0 million, or 45%, over 2020. Organic growth was 39%.
- $56.6 million, up $43.1 million, or 318%, over 2020. COVID-19 related revenue accounted for approximately 20% of the freezer and thaw systems platform revenue. Organic growth was 30%.
- $17.6 million, up $14.0 million, or 389%, over 2020. COVID-19 related revenue accounted for approximately 40% of the storage and storage services platform revenue. Organic growth was 54%.
- $6.5 million, or 17% of total revenue, related to an increased warranty accrual estimate, supply chain surcharges and inventory write-offs associated with the Stirling ULT freezers. In addition, we had $1.5 million in one-time and transitory impacts to gross margin across the other product platforms, including channel mix and higher than usual scrap. Excluding the $8.0 million of impacts mentioned above, adjusted gross margin for the fourth quarter of 2021 was approximately 39%.
- $55.5 million compared with $19.5 million for the fourth quarter of 2020. Adjusted operating expense (non-GAAP) for the fourth quarter of 2021 was $20.1 million compared with $8.2 million for the fourth quarter 2020.
- $154.0 million compared with $53.7 million for 2020. Adjusted operating expense (non-GAAP) for 2021 was $59.6 million compared with $27.6 million for 2020.
- $18.2 million compared with operating loss of $4.7 million for the fourth quarter of 2020. Adjusted operating loss (non-GAAP) for the fourth quarter of 2021 was $13.2 million compared with adjusted operating loss of $255,000 for the fourth quarter of 2020.
- $34.9 million compared with operating loss of $5.6 million for 2020. Adjusted operating loss (non-GAAP) for 2021 was $20.7 million compared with adjusted operating income of $293,000 for 2020.
- $15.2 million compared with net loss of $2.1 million for the fourth quarter of 2020. Adjusted net loss (non-GAAP) for the fourth quarter of 2021 was $13.3 million compared with adjusted net loss of $256,000 for the fourth quarter of 2020.
- $8.4 million compared with net income of $2.7 million for 2020. $21.2 million compared with adjusted net income of $351,000 for 2020.
- $0.37 compared with basic and diluted loss per share of $0.06 for the fourth quarter of 2020.
- $0.22 compared with basic earnings per share of $0.09 for 2020. Diluted loss per share (GAAP) for 2021 was $0.22 compared with diluted loss per share of $0.03 for 2020.
ADJUSTED EBITDA
- $5.5 million compared with positive $2.5 million for the fourth quarter of 2020.
- $1.1 million compared with positive $8.3 million for 2020. These results include the impact of $8.0 million from the above-mentioned extraordinary expenses and transitory impacts. We also had approximately $943,000 in operating expense related to the buildout of biorepository facilities.
- December 31, 2021 were $69.9 million.
$159.5 million to $171.0 million, reflecting year-over-year growth of 34% to 44% and organic growth of 28% to 39%. COVID-19 related revenue is expected to account for approximately 8% to 9% of total revenue.
- $64.0 million to $67.5 million, an increase of 42% to 50% over 2021 and organic growth of 30% to 35%. This includes biopreservation media and Sexton products.
- $74.0 million to $77.5 million, an increase of 31% to 37% over 2021 and organic growth of 28% to 39%. COVID-19 related revenue is expected to account for approximately 5% of the freezer and thaw systems platform revenue.
- $21.5 million to $26.0 million, an increase of 22% to 48% over 2021 and organic growth of 22% to 48%. COVID-19 related revenue is expected to account for approximately 40% to 50% of the storage and storage services platform revenue. This includes evo® cold chain rental and SciSafe biostorage services revenues.
December 31, 2021 (the "2021 Form 10-K") to March 16, 2022.
December 31, 2021 should be considered preliminary and could be subject to change as the Company's independent registered public accounting firm has not completed its audit. The Company anticipates that the Form 10-K for the year ended December 31, 2021 will be filed by March 16, 2022 or as soon as practicable.
4:30 p.m. ET(1:30 p.m. PT).
http://www.biolifesolutions.com/earnings. Alternatively, you may access the live conference call by dialing (844) 825-0512 or (315) 625-6880 and use Conference ID 9584819. A webcast replay will be available approximately two hours after the completion of the call and will be archived on http://www.biolifesolutions.com/for 90 days.
and ® biopreservation media for shipping and storage, the family of automated, water-free thawing products, cold chain management system, high capacity cryogenic storage freezers, mechanical freezers, biologic storage services, and cell processing tools. For more information, please visit , , , or and follow BioLife on .
Media & Investor Relations
At the Company
Troy Wichterman
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com
Jody Cain
jcain@lhai.com
|
BIoLife Solutions, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except share and per share amounts) |
||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||
|
December 31, |
December 31, |
|||||||||||
|
(In thousands, except per share and share |
2021 |
2020 |
2021 |
2020 |
||||||||
|
Product revenue |
$ |
31,468 |
$ |
12,520 |
$ |
101,913 |
$ |
44,540 |
||||
|
Service revenue |
3,400 |
1,752 |
9,817 |
1,752 |
||||||||
|
Rental revenue |
2,436 |
454 |
7,426 |
1,795 |
||||||||
|
Total revenue |
37,304 |
14,726 |
119,156 |
48,087 |
||||||||
|
Costs and operating expenses: |
||||||||||||
|
Cost of product, rental, and service revenue |
30,440 |
6,753 |
81,408 |
20,646 |
||||||||
|
Research and development |
3,569 |
1,854 |
11,819 |
6,720 |
||||||||
|
Sales and marketing |
4,767 |
1,883 |
13,996 |
6,413 |
||||||||
|
General and administrative |
12,039 |
4,684 |
34,097 |
14,607 |
||||||||
|
Intangible asset amortization |
2,863 |
933 |
8,202 |
3,033 |
||||||||
|
Acquisition costs |
20 |
251 |
1,636 |
668 |
||||||||
|
Change in fair value of contingent consideration |
1,790 |
3,103 |
2,875 |
1,575 |
||||||||
|
Total operating expenses |
55,488 |
19,461 |
154,033 |
53,662 |
||||||||
|
Operating loss |
(18,184) |
(4,735) |
(34,877) |
(5,575) |
||||||||
|
Other income (expense), net |
||||||||||||
|
Change in fair value of warrant liability |
- |
(866) |
(121) |
3,601 |
||||||||
|
Change in fair value of investments |
- |
209 |
- |
1,319 |
||||||||
|
Interest (expense) income, net |
(101) |
(1) |
(432) |
58 |
||||||||
|
Other expense |
299 |
- |
290 |
- |
||||||||
|
Gain on acquisition of Sexton Biotechnologies, Inc. |
- |
- |
6,451 |
- |
||||||||
|
Total other income (expense) |
198 |
(658) |
6,188 |
4,978 |
||||||||
|
Loss before income tax benefit |
(17,986) |
(5,393) |
(28,689) |
(597) |
||||||||
|
Income tax benefit |
2,766 |
3,264 |
20,306 |
3,264 |
||||||||
|
Net (loss) income |
$ |
(15,220) |
$ |
(2,129) |
$ |
(8,383) |
$ |
2,667 |
||||
|
Net (loss) income attributable to common |
||||||||||||
|
Basic |
$ |
(0.37) |
$ |
(0.06) |
$ |
(0.22) |
$ |
0.09 |
||||
|
Diluted |
$ |
(0.37) |
$ |
(0.06) |
$ |
(0.22) |
$ |
(0.03) |
||||
|
Weighted average shares used to compute |
||||||||||||
|
Basic and Diluted |
41,675,256 |
32,960,437 |
38,503,944 |
27,306,258 |
||||||||
|
BIoLife Solutions, Inc. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, amounts in thousands, except per share amounts) |
||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||
|
December 31, |
December 31, |
|||||||||||
|
(In thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||
|
NET INCOME/(LOSS) |
$ |
(15,220) |
$ |
(2,129) |
$ |
(8,383) |
$ |
2,667 |
||||
|
Other comprehensive income/(loss) |
(119) |
- |
(282) |
- |
||||||||
|
COMPREHENSIVE INCOME/(LOSS) |
$ |
(15,339) |
$ |
(2,129) |
$ |
(8,665) |
$ |
2,667 |
||||
|
BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited, amounts in thousands) |
||||||
|
December 31, |
December 31, |
|||||
|
(In thousands) |
2021 |
2020 |
||||
|
Cash, cash equivalents and restricted cash |
$ |
69,870 |
$ |
90,456 |
||
|
Accounts receivable, net |
23,217 |
8,006 |
||||
|
Inventories |
28,345 |
11,602 |
||||
|
Total current assets |
125,859 |
114,712 |
||||
|
Total assets |
552,604 |
234,829 |
||||
|
Accounts Payable |
14,945 |
3,672 |
||||
|
Total current liabilities |
39,970 |
15,573 |
||||
|
Total liabilities |
71,853 |
29,583 |
||||
|
Total shareholders' equity |
$ |
480,751 |
$ |
205,246 |
||
|
BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION (Unaudited, amounts in thousands) |
||||||
|
Year Ended |
||||||
|
December 31, |
||||||
|
(In thousands) |
2021 |
2020 |
||||
|
Net cash (used in) provided by operating activities |
$ |
(4,836) |
$ |
6,515 |
||
|
Net cash used in investing activities |
(12,642) |
(23,731) |
||||
|
Net cash (used in) provided by financing activities |
(2,826) |
101,224 |
||||
|
Effects of currency translation |
(282) |
- |
||||
|
Net increase (decrease) in cash, cash equivalents and restricted stock |
$ |
(20,586) |
$ |
84,008 |
||
|
BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP (ADJUSTED) GROSS PROFIT (Unaudited, amounts in thousands) |
||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||
|
December 31, |
December 31, |
|||||||||||||
|
(In thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||||
|
GAAP GROSS PROFIT |
$ |
5,771 |
$ |
7,387 |
$ |
34,847 |
$ |
25,113 |
||||||
|
GAAP GROSS MARGIN |
15 |
% |
50 |
% |
29 |
% |
52 |
% |
||||||
|
ADJUSTMENTS TO GROSS PROFIT: |
||||||||||||||
|
Inventory step-up |
- |
21 |
1,130 |
411 |
||||||||||
|
Intangible asset amortization |
1,093 |
586 |
2,901 |
2,328 |
||||||||||
|
ADJUSTED GROSS PROFIT |
$ |
6,864 |
$ |
7,994 |
$ |
38,878 |
$ |
27,852 |
||||||
|
ADJUSTED GROSS MARGIN |
18 |
% |
54 |
% |
33 |
% |
58 |
% |
||||||
|
BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP (ADJUSTED) OPERATING EXPENSES (Unaudited, amounts in thousands) |
||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||
|
December 31, |
December 31, |
|||||||||||
|
(In thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||
|
GAAP OPERATING EXPENSES |
$ |
55,488 |
$ |
19,461 |
$ |
154,033 |
$ |
53,662 |
||||
|
ADJUSTMENTS TO OPERATING EXPENSES: |
||||||||||||
|
Cost of product, rental, and service revenue |
(30,440) |
(6,753) |
(81,408) |
(20,646) |
||||||||
|
Acquisition costs |
(20) |
(251) |
(1,636) |
(668) |
||||||||
|
Intangible asset amortization |
(2,863) |
(933) |
(8,202) |
(3,033) |
||||||||
|
Loss on disposal of assets |
(284) |
(172) |
(308) |
(181) |
||||||||
|
Change in fair value of contingent consideration |
(1,790) |
(3,103) |
(2,875) |
(1,575) |
||||||||
|
ADJUSTED OPERATING EXPENSES |
$ |
20,091 |
$ |
8,249 |
$ |
59,604 |
$ |
27,559 |
||||
|
BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP (ADJUSTED) OPERATING INCOME (LOSS) (Unaudited, amounts in thousands) |
||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||
|
December 31, |
December 31, |
|||||||||||
|
(In thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||
|
GAAP OPERATING INCOME/(LOSS) |
$ |
(18,184) |
$ |
(4,735) |
$ |
(34,877) |
$ |
(5,575) |
||||
|
ADJUSTMENTS TO OPERATING INCOME: |
||||||||||||
|
Inventory step-up |
- |
21 |
1,130 |
411 |
||||||||
|
Acquisition costs |
20 |
251 |
1,636 |
668 |
||||||||
|
Intangible asset amortization |
2,863 |
933 |
8,202 |
3,033 |
||||||||
|
Loss on disposal of assets |
284 |
172 |
308 |
181 |
||||||||
|
Change in fair value of contingent consideration |
1,790 |
3,103 |
2,875 |
1,575 |
||||||||
|
ADJUSTED OPERATING INCOME/(LOSS) |
$ |
(13,227) |
$ |
(255) |
$ |
(20,726) |
$ |
293 |
||||
|
BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP (ADJUSTED) NET INCOME (LOSS) (Unaudited, amounts in thousands) |
||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||
|
December 31, |
December 31, |
|||||||||||
|
(In thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||
|
GAAP NET INCOME/(LOSS) |
$ |
(15,220) |
$ |
(2,129) |
$ |
(8,383) |
$ |
2,667 |
||||
|
ADJUSTMENTS TO NET INCOME/(LOSS): |
||||||||||||
|
Inventory step-up |
- |
21 |
1,130 |
411 |
||||||||
|
Acquisition costs |
20 |
251 |
1,636 |
668 |
||||||||
|
Intangible asset amortization |
2,863 |
933 |
8,202 |
3,033 |
||||||||
|
Loss on disposal of assets |
284 |
172 |
308 |
181 |
||||||||
|
Change in fair value of contingent consideration |
1,790 |
3,103 |
2,875 |
1,575 |
||||||||
|
Change in fair value of investments |
- |
(209) |
- |
(1,319) |
||||||||
|
Change in fair value of warrant liability |
- |
866 |
121 |
(3,601) |
||||||||
|
Gain on acquisition of Sexton Biotechnologies, Inc. |
- |
- |
(6,451) |
- |
||||||||
|
Gain on PPP loan extinguishment |
(284) |
- |
(284) |
- |
||||||||
|
Income tax benefit |
(2,766) |
(3,264) |
(20,306) |
(3,264) |
||||||||
|
ADJUSTED NET INCOME/(LOSS) |
$ |
(13,313) |
$ |
(256) |
$ |
(21,152) |
$ |
351 |
||||
|
BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP (ADJUSTED) EBITDA (Unaudited, amounts in thousands) |
||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||
|
December 31, |
December 31, |
|||||||||||
|
(In thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||
|
GAAP NET INCOME/(LOSS) |
$ |
(15,220) |
$ |
(2,129) |
$ |
(8,383) |
$ |
2,667 |
||||
|
ADJUSTMENTS: |
||||||||||||
|
Interest expense/(income), net |
101 |
1 |
432 |
(58) |
||||||||
|
Income tax benefit |
(2,766) |
(3,264) |
(20,306) |
(3,264) |
||||||||
|
Depreciation |
1,314 |
581 |
4,311 |
2,035 |
||||||||
|
Intangible asset amortization |
2,863 |
933 |
8,202 |
3,033 |
||||||||
|
EBITDA |
$ |
(13,708) |
$ |
(3,878) |
$ |
(15,744) |
$ |
4,413 |
||||
|
OTHER ADJUSTMENTS: |
||||||||||||
|
Share-based compensation (non-cash) |
6,427 |
2,164 |
15,319 |
5,981 |
||||||||
|
Inventory step-up |
- |
21 |
1,130 |
411 |
||||||||
|
Acquisition costs |
20 |
251 |
1,636 |
668 |
||||||||
|
Loss on disposal of assets |
284 |
172 |
308 |
181 |
||||||||
|
Change in fair value of contingent consideration |
1,790 |
3,103 |
2,875 |
1,575 |
||||||||
|
Change in fair value of investments |
- |
(209) |
- |
(1,319) |
||||||||
|
Change in fair value of warrant liability |
- |
866 |
121 |
(3,601) |
||||||||
|
Gain on acquisition of Sexton Biotechnologies, Inc. |
- |
- |
(6,451) |
- |
||||||||
|
Gain on PPP loan extinguishment |
(284) |
- |
(284) |
- |
||||||||
|
ADJUSTED EBITDA |
$ |
(5,471) |
$ |
2,490 |
$ |
(1,090) |
$ |
8,309 |
||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/biolife-solutions-reports-unaudited-fourth-quarter-and-full-year-2021-financial-results-301491979.html
SOURCE BioLife Solutions, Inc.
Company Codes: NASDAQ-SMALL:BLFS
