Q4 2017 Preliminary Revenue Reaches Record $3.1 Million, up 39% over Q4 2016
BOTHELL, Washington – January 4, 2018 – BioLife Solutions, Inc. (NASDAQ: BLFS) (“BioLife”), the leading developer, manufacturer and marketer of proprietary clinical-grade cell and tissue hypothermic storage and cryopreservation freeze media, today announced preliminary Q4 and full year 2017 revenue and provided additional operational updates and financial guidance for 2018.
Q4 and FY2017 Preliminary Revenue
Preliminary revenue for the fourth quarter of 2017 was $3.1 million, a 39% increase over the prior year period. For the full year 2017, preliminary revenue was $11 million, a 34% increase from 2016. The growth was driven by increased sales to customers in the regenerative medicine segment and our worldwide distributors.
Management estimates that BioLife’s proprietary CryoStor® and HypoThermosol® biopreservation media products have been used in more than 275 customer clinical applications, including 16 phase 3 clinical trials. This is an increase of 45 additional clinical applications since January 1, 2017. Products were shipped to more than 2,000 customers during 2017.
The year-end 2017 cash balance was $6.7 million, compared with $1.4 million at the end of 2016. The increase in cash was primarily the result of positive operating cash flow in the second half of 2017, combined with $3.7 million in cash proceeds from the exercise of 771,434 previously outstanding common stock warrants related to the Company’s 2014 registered direct stock offering.
Mike Rice, BioLife President & CEO, commented, “We successfully executed in key performance areas throughout 2017. We closed the year with record revenue, increased product adoption, positive cash flow from operations for the second half of the year, and a stronger balance sheet. We are very well positioned for continued growth and increased shareholder value in 2018, considering the broad adoption of our products in the high-growth regenerative medicine market.”
Management has issued financial guidance for 2018 as follows:
- Biopreservation media revenue is expected to range between $13.6 million to $14.7 million,
representing growth of 25% to 35% over 2017.
- Gross margin is expected to range between 62% to 64%, compared to 2017 guidance of
60% to 62%.
- Operating expenses are expected to range from $9 million to $9.5 million, an increase of
13% to 19% compared to 2017 guidance of $8 million.
- GAAP operating profit is expected on a full year basis.
Roderick de Greef, Chief Financial Officer, remarked, “Our financial results in 2017 improved across the board, and we expect these positive trends to continue in 2018. We are particularly pleased to have eliminated $4.2 million in senior debt, and we added $5.3 million in cash to our balance sheet during the year without any increase in our fully diluted share count.”