BioLife Solutions, a leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media, has reported operational highlights and financial results for the first quarter of 2017.
Revenue from biopreservation media product sales reached a new high of $2.4 million in the first quarter of 2017, an increase of 28% over the same period in 2016. Revenue growth was driven by sales of CryoStor® and HypoThermosol® clinical grade biopreservation media products to the regenerative medicine segment and record revenue from BioLife’s worldwide distributor network.
Mike Rice, BioLife President & CEO, commented, “We continued to execute our growth plan in the first quarter and believe that 2017 will be a transformative year for BioLife, our customers, and shareholders. Order volume and total revenue from our strategic market segments were strong. We had significant revenue growth from the leading cell therapy contract manufacturers, and expect continued leverage from these customers in the regenerative medicine market. Coupled with our demonstrated reduction in operating expenses, we’re on track to meet the guidance we issued for 2017.”
Q1 2017 Operational Highlights:
– 7th consecutive quarter of record biopreservation media revenue.
– 36 new direct customers were gained, including initial orders from 20 regenerative medicine companies.
– 2nd consecutive quarter with at least $1 million in revenue from the regenerative medicine segment, representing 51% growth compared to Q1 2016.
– Record revenue from distributors with 20% growth over the first quarter of 2016.
Q1 2017 Financial Highlights:
– Gross margin was 61% for the first quarter compared to 58% in the same period in 2016.
– Operating expenses for the first quarter totaled $1.9 million, a reduction of 26% compared to $2.6 million in the first quarter of 2016.
– Operating loss for the first quarter was $0.5 million, a reduction of 69% compared to $1.5 million in the first quarter of 2016.
– Net loss for the first quarter was $0.9 million, a reduction of 42% compared to a net loss of $1.5 million in the same period in 2016.
– Adjusted EBITDA for the first quarter was negative $44,500 compared to negative $1 million in the first quarter of 2016.
Roderick de Greef, Chief Financial Officer, remarked, “We experienced positive financial results across the board this quarter compared to last year and believe the $1 million year over year improvement in adjusted EBITDA clearly underscores the progress we’ve made over the past 12 months.”
Management reaffirms the full-year 2017 guidance provided in January as follows:
– Biopreservation media revenue is expected to grow between 20-25% over 2016, with revenue in excess of $10 million.
– Gross Margin is expected in a range of 55% to 60%.
– Annual operating expenses are expected to range from $8 to $9 million.
– Positive quarterly adjusted EBITDA by the end of 2017.
The Company hosted a conference call and live webcast on May 11th. A webcast replay is archived on www.biolifesolutions.com for 90 days.
Source: BioLife Solutions Announces Q1 2017 Financial Results. Press Release