Le Lézard
Classified in: Health, Science and technology, Business
Subjects: ERN, CCA, ERP

BioLife Solutions Announces Fourth Quarter and Full Year 2017 Financial Results



BOTHELL, Wash., March 8, 2018 /PRNewswire/ -- 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 reported financial results and operational highlights for the three and 12 months ended December 31, 2017.

BioLife Solutions, Inc. logo.  (PRNewsFoto/BIOLIFE SOLUTIONS INC.) (PRNewsfoto/BioLife Solutions, Inc.)

Revenue from biopreservation media product sales for the fourth quarter of 2017 reached a new record of $3.1 million, an increase of 39% compared with the fourth quarter of 2016.  This was the 10th consecutive quarter of record revenue.  Revenue for the full year 2017 was $11.0 million, an increase of 34% over 2016. Revenue growth was driven by sales of CryoStor® and HypoThermosol® clinical grade biopreservation media products to the high-growth regenerative medicine, drug discovery segments and to BioLife's worldwide distributor network. In 2017, BioLife gained more than 100 new direct customers, with more than half of these in the regenerative medicine market segment.

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 and a strengthened balance sheet. We are well positioned for continued growth in 2018 as more of our regenerative medicine customers progress through clinical trials and secure regulatory approvals. I am pleased to report that 2018 is starting off with strong sales growth and we look forward to reporting our Q1 results."

2017 Market Segment & Channel Highlights

Regenerative Medicine (cell therapy, tissue engineering, stem cell transplant)

Drug Discovery (pharma, cell suppliers)

Biobanking (cord blood banks, tissue banks, hair transplant surgeons)

Distributors

Fourth Quarter 2017 Financial Results

Full Year 2017 Financial Results

Roderick de Greef, BioLife Chief Financial Officer, remarked, "Across the board, our 2017 financial results exceeded the guidance we issued in January 2017 and subsequently updated in November 2017. More importantly, we have established a strong foundation for continued revenue growth and gross margin expansion, and expect to achieve GAAP operating profitability for the first time in the Company's history in 2018."

2018 Financial Guidance

Management is reaffirming guidance for 2018 as follows:

Conference Call & Webcast

The Company will host a conference call and live webcast at 4:30 p.m. EST this afternoon. To access the live webcast, please go to www.biolifesolutions.com and click on the top banner, or directly at www.biolifesolutions.com/earnings/. 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: 8488316.  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 is the leading developer, manufacturer and supplier of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media for cells and tissues. Our proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the regenerative medicine, biobanking and drug discovery markets. Our biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death; offering commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function.

For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.

Cautions Regarding Forward Looking Statements

Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the company's anticipated business and operations, the potential utility of and market for its products and services, potential revenue growth and market expansion, commercial manufacturing of our customers' products, and projected financial results, cash flow and liquidity, including the potential of achieving GAAP operating profit for the full-year of 2018. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, uncertainty regarding market adoption of products; uncertainty regarding third party market projections; market volatility; competition; litigation; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.

Discussion of Non-GAAP Financial Measures

BioLife's management believes that the non-GAAP measure of "Adjusted EBITDA" enhances an investor's understanding of the Company's financial and operating performance and its future prospects by being more reflective of core operating performance. BioLife's management uses this financial metric for strategic decision making, forecasting future financial results, and evaluating current period financial and operating performance. The presentation of non-GAAP financial information is not intended to be reviewed in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.  A reconciliation of GAAP to non-GAAP results is included in the financial tables in this press release.

Adjusted EBITDA Definition:

"Adjusted EBITDA" is a non-GAAP measure defined by BioLife as net income/(loss) excluding interest expense/(income), income tax expense, depreciation expense, amortization expense, stock-based compensation expense, loss on deconsolidation of joint venture and the loss/(gain) on equity method investments.

Media & Investor Relations
Roderick de Greef
Chief Financial Officer
(425) 686-6002
rdegreef@biolifesolutions.com

BIOLIFE SOLUTIONS, INC.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)














Three Months Ended



Year Ended




December 31,
2017


December 31,
2016



December 31,
2017



December 31,
2016


Revenue

$

3,134


$

2,250


$

11,022


$

8,227


Cost of product sales


1,294



884



4,276



3,448


Gross profit


1,840



1,366



6,746



4,779


Gross margin %


59%



61%



61%



58%


Operating expenses














Research and development


295



428



1,193



2,029



Sales and marketing


539



610



2,086



3,009



General and administrative


1,224



955



4,523



4,592


Total operating expenses


2,058



1,993



7,802



9,630
















Operating loss


(218)



(627)



(1,056)



(4,851)















Loss on deconsolidation of biologistex


??



(2,786)



??



(2,786)



Loss from equity method investment in SAVSU


(298)



??



(1,005)



??



Other income (expenses)


(42)



(152)



(454)



(404)



    Total other income (expenses)


(340)



(2,938)



(1,459)



(3,190)

















Net loss


(558)



(3,565)



(2,515)



(8,041)



Net loss attributable to non-controlling interest


??



241



??



1,166



Net loss attributable to BioLife Solutions, Inc.


(558)



(3,324)



(2,515)



(6,875)



Less: Preferred stock dividends


(106)



??



(213)



??



Net loss attributable to common stockholders

$

(664)


$

(3,324)


$

(2,728)


$

(6,875)

















Basic and diluted net loss per common share

attributable to BioLife Solutions, Inc.

$

(0.05)


$

(0.26)


$

(0.21)


$

(0.54)



Basic and diluted weighted average common

shares outstanding


13,744



12,798



13,264



12,643


 

Non-GAAP Reconciliation:




Three Months Ended



Year Ended



December 31,
|
2017


December 31,
2016



December 31,
2017



December 31,
2016

Net loss attributable to BioLife Solutions, Inc.

$

(558)


$

(3,324)


$

(2,515)


$

(6,875)

Interest expense/(income), net


1



58



190



98

Depreciation expense


79



90



338



366

Amortization of debt discount


??



94



156



218

EBITDA


(478)



(3,082)



(1,831)



(6,193)

Share-based compensation (non-cash)


312



193



1,270



777

Loss on deconsolidation of biologistex


??



2,786



??



2,786

Loss from equity-method investment in SAVSU (non-cash)


298



??



1,005



??

Adjusted EBITDA

$

132


$

(103)


$

444


$

(2,630)

 

BIOLIFE SOLUTIONS, INC.

Unaudited Condensed Consolidated Balance Sheet Information

(In thousands)





December 31,
2017


December 31,
2016


Cash and cash equivalents


$

6,663


$


1,406


Accounts receivable



1,021




1,194


Inventories



1,847




1,758


Total current assets



9,931




4,628


Total assets



12,143




7,927











Total current liabilities



1,513




1,133


Total liabilities



2,051




4,761


Total Shareholders' equity



10,092




3,166


 

BIOLIFE SOLUTIONS, INC.

Unaudited Condensed Consolidated Statement of Cash Flows Information

(In thousands)



Year Ended


December 31,

2017


December 31,

2016

Cash provided/(used) by operating activities

$

605


$

(4,327)

Cash provided/(used) by investing activities


(144)



393

Cash provided/(used) by financing activities


4,796



3,167

Net increase (decrease) in cash and equivalents

$

5,257


$

(767)

 

SOURCE BioLife Solutions, Inc.


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