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

BioLife Solutions Announces Third Quarter 2019 Financial Results


BOTHELL, Wash., Nov. 12, 2019 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of a portfolio of best-in-class bioproduction tools for cell and gene therapies, today reported financial results and operational highlights for the three and nine months ended September 30, 2019.  The Company also revised 2019 financial guidance to reflect the acquisition of Custom Biogenic Systems, Inc. ("CBS") announced earlier today and introduced preliminary 2020 revenue guidance.

Cell and gene therapy tools. (PRNewsfoto/BioLife Solutions, Inc.)

Total revenue from sales of biopreservation media, automated thaw products and rental revenue of evo shipping containers for the third quarter of 2019 was $6.6 million, representing 25% year-over-year growth. Revenue from thaw product sales and evo rentals met or exceeded management's internal plan for the quarter. Media sales were approximately $1 million below management's internal plan primarily due to lower-than-expected orders from one large distributor and one cell therapy contract manufacturer. Order volume from these two customers has resumed to typical levels to date in the fourth quarter.

Mike Rice, BioLife Solutions CEO, remarked, "Q3 was another strong quarter of operational execution, growth and strategic activities supporting our vision to build BioLife into a premier bioproduction tools supplier. We achieved our financial goals in our cell and gene therapy franchise with the exception of biopreservation media revenue. Our media revenue remains concentrated with a relatively small number of large direct customers, distributors and CMOs and we anticipate some variability in demand from this segment.

"A primary driver of our M&A strategy is to broaden our product portfolio in order to mitigate the impact of this concentration, while pursuing our next financial milestone of $100 million in annual revenue. We believe that our acquisition of CBS will be a key component of our revenue growth and diversification strategy," he added. "With $1 to $2 million in revenue expected from CBS during the remainder of this year, we are raising the top of our 2019 revenue guidance range."

Third Quarter 2019 Revenue Highlights

Cell & Gene Therapy Market Segment

Worldwide Distributor Network

Third Quarter Operational Highlights

Third Quarter and Nine Month 2019 Financial Results

BioLife Solutions is presenting various financial metrics under U.S. Generally Accepted Accounting Principles (GAAP) and as adjusted (non-GAAP).  A reconciliation of GAAP to non-GAAP metrics appears at the end of this news release.

Revenue

Gross Margin

Operating Expenses

Operating Income/(Loss)

Net Income Attributable to Common Stockholders

Earnings per Share

EBITDA

Roderick de Greef, BioLife Chief Financial Officer, remarked, "With the addition of CBS following the acquisitions of SAVSU and Astero earlier this year, along with expectation for continued growth in our cell and gene therapy franchise, our 2020 outlook is for revenue to increase by 69% to 90% compared with the midpoint of our revised 2019 revenue guidance."

2019 Financial Guidance

Management updated 2019 financial guidance to include contributions from Astero (beginning April 1), SAVSU (beginning August 8) and CBS (beginning November 12), as follows:

Preliminary 2020 Revenue Guidance

Based on the anticipated contributions from Astero, SAVSU and CBS, and continued growth in media revenue, management expects 2020 total revenue to be $50 million to $56 million, representing growth of 69% to 90% compared with the midpoint of 2019 revenue guidance.

Management will provide additional 2020 financial guidance during the 2019 fourth quarter and full year conference call, planned for March 2020.

Conference Call & Webcast

The Company will host a conference call and live webcast at 4:30 p.m. Eastern time today. To access the live webcast, please go to 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: 7207519.  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 a leading supplier of cell and gene therapy tools. Our proprietary CryoStor® freeze media and HypoThermosol® shipping and storage media are highly valued in the regenerative medicine, biobanking and drug discovery markets. These biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our ThawStar® family of automated cell thawing products and evo cold chain management system can mitigate therapeutic and economic risk for cell and gene therapy developers by reducing the potential of administering a non-viable dose. 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 expected financial performance of the company following the completion of its 2019 acquisitions, the company's ability to implement its business strategy and anticipated business and operations, in particular following its 2019 acquisitions, the company's anticipated future growth strategy, including the acquisition of synergistic cell and gene therapy manufacturing tools and services or technologies, guidance for financial results in 2019 and 2020, including achieving adjusted operating profit, adjusted net income, EBITDA, adjusted EBITDA and cash flow from operations, the potential utility of and market for our products and services, potential revenue growth and market expansion, regulatory approvals and/or commercial manufacturing of our customers' products, and potential customer revenue. 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 unexpected costs, charges or expenses resulting from the company's 2019 acquisitions, market adoption of the company's products (including the company's recently acquired products); the ability of the company's 2019 acquisitions to be accretive on the company's financial results; the ability of the company to implement its business strategy; 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.

Non-GAAP Measures of Financial Performance:

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: adjusted gross profit and gross margin, adjusted operating expenses, adjusted operating income, adjusted net income, adjusted earnings per diluted share (EPS), earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. When analyzing the Company's operating results and guidance, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.  

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



Nine Months Ended



September 30,

2019


September 30,

2018



September 30,

2019



September 30,

2018

Revenue

$

6,604


$

5,293


$

19,075


$

14,286

Cost of revenue


2,084



1,606



5,690



4,507

Gross profit


4,520



3,687



13,385



9,779

Gross profit %


68%



70%



70%



69%

Operating expenses













       Research and development


1,309



312



2,420



983


       Sales and marketing


1,259



725



3,035



1,978


       General and administrative


2,258



1,455



6,579



4,199


      Acquisition costs


291



??



538



??

Total operating expenses


5,117



2,492



12,572



7,160














Operating income (loss)


(597)



1,195



813



2,619














Total other income (expenses)


9,913



36



9,768



(246)

Net income before provision for taxes


9,316



1,231



10,581



2,373

Income taxes


??



??



??



??

Net income


9,316



1,231



10,581



2,373

Preferred stock dividends


??



(80)



??



(279)

Net income attributable to common shares

$

9,316


$

1,151


$

10,581


$

2,094













Basic net income per common share

$

0.47


$

0.07


$

0.55


$

0.13

Diluted net income per common share

$

0.37


$

0.05


$

0.43


$

0.10













Basic shares used to compute earnings per share


19,735



17,273



19,072



15,529

Diluted shares used to compute earnings per share


25,343



23,657



24,705



21,051

 

BIOLIFE SOLUTIONS, INC.

Unaudited Condensed Consolidated Balance Sheet Information

(In thousands)


September 30,

2019


December 31,

2018

Cash and cash equivalents


$

21,205


$


30,657

Accounts receivable, net



4,313




3,045

Inventories



5,694




3,509

Total current assets



32,067




37,564

Assets held for rent, net



2,976




??

Total assets



84,228




45,467









Total current liabilities



4,944




1,939

Total liabilities



7,266




2,319

Total Shareholders' equity


$

76,962


$


43,148

 

BIOLIFE SOLUTIONS, INC.

Unaudited Condensed Consolidated Statement of Cash Flows Information

(In thousands)




Nine Month Period Ended September 30,




2019



2018


Cash provided by operating activities


$

2,216



$

1,763


Cash (used) by investing activities



(12,997)




(6,339)


Cash provided by financing activities



1,329




30,294


Net increase (decrease) in cash and cash equivalents


$

(9,452)



$

25,718


 

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP (ADJUSTED) GROSS PROFIT

(Unaudited, amounts in thousands)



Three Months Ended



Nine Months Ended


September 30,

2019


September 30,

2018



September 30,

2019



September 30,

2018

GAAP GROSS PROFIT

$

4,520


$

3,687


$

13,385


$

9,779

ADJUSTMENTS TO GROSS PROFIT:












Inventory step-up charges


52



??



155



??

ADJUSTED GROSS PROFIT

$

4,572


$

3,687


$

13,540


$

9,779

ADJUSTED GROSS MARGIN


69

%


70

%


71

%


69%

 

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP (ADJUSTED) OPERATING EXPENSES

(Unaudited, amounts in thousands)



Three Months Ended



Nine Months Ended


September 30,

2019


September 30,

2018



September 30,

2019



September 30,

2018

GAAP OPERATNG EXPENSES

$

5,117


$

2,492


$

12,572


$

7,160

ADJUSTMENTS TO OPERATING EXPENSES:












Acquisition and integration costs


(291)



??



(538)



??

Intangible amortization


(360)



??



(465)



??

ADJUSTED OPERATING EXPENSES

$

4,466


$

2,492


$

11,569


$

7,160

 

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP (ADJUSTED) OPERATING INCOME

(Unaudited, amounts in thousands)



Three Months Ended



Nine Months Ended


September 30,

2019


September 30,

2018



September 30,

2019



September 30,

2018

GAAP OPEARITNG INCOME (LOSS)

$

(597)


$

1,195


$

813


$

2,619

ADJUSTMENTS TO OPERATING INCOME:












Inventory step-up charges


52



??



155



??

Acquisition and integration costs


291



??



538



??

Intangible amortization


360



??



465



??

ADJUSTED OPERATING INCOME

$

106


$

1,195


$

1,971


$

2,619

 

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS TO NON-GAAP (ADJUSTED) NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

(Unaudited, amounts in thousands)



Three Months Ended



Nine Months Ended


September 30,

2019


September 30,

2018



September 30,

2019



September 30,

2018

GAAP NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

9,316


$

1,151


$

10,581


$

2,094

ADJUSTMENTS TO NET INCOME:












Inventory step-up charges


52



??



155



??

Acquisition and integration costs


291



??



538



??

Intangible amortization


360



??



465



??

Loss on disposal of assets


13



??



13



??

Loss on Equity Method Investment


291



43



739



363

Gain on Acquisition


(10,108)



??



(10,108)



??

ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

215


$

1,194


$

2,383


$

2,457

 

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP NET INCOME PER DILUTED SHARE TO NON-GAAP (ADJUSTED) NET INCOME PER DILUTED SHARE

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,

2019


September 30,

2018


September 30,

2019


September 30,

2018

GAAP NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE - DILUTED

$

0.37


$

0.05


$

0.43


$

0.10

ADJUSTMENTS TO NET INCOME PER SHARE ? DILUTED:












Inventory step-up charges


0.01



??



0.01



??

Acquisition and integration costs


0.01



??



0.02



??

Intangible amortization


0.01



??



0.02



??

Loss on disposal of assets


0.00



??



0.00



??

Loss on Equity Method Investment


0.01



0.00



0.03



0.02

Gain on Acquisition


(0.40)



??



(0.41)



??

ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE - DILUTED

$

0.01


$

0.05


$

0.10


$

0.12

 

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) EBITDA

(Unaudited, amounts in thousands)



Three Months Ended



Nine Months Ended



September 30,

2019


September 30,

2018



September 30,

2019



September 30,

2018


GAAP NET INCOME

$

9,316


$

1,231


$

10,581


$

2,373


ADJUSTMENTS:













Interest expense/(income), net


(109)



(79)



(412)



(117)


Depreciation


165



84



373



245


Intangible amortization


360



??



465



??


EBITDA

$

9,732


$

1,236


$

11,007


$

2,501















OTHER ADJUSTMENTS:













Acquisition and integration costs


291



??



538



??


Inventory step-up charges


52



??



155



??


Share-based compensation (non-cash)


654



383



1,907



1,131


Loss on disposal of assets


13



??



13



??


Loss from equity-method investment (SAVSU)


291



43



739



363


Gain on Acquisition


(10,108)



??



(10,108)



??


ADJUSTED EBITDA

$

925


$

1,662


$

4,251


$

3,995


 

SOURCE BioLife Solutions, Inc.


These press releases may also interest you

at 09:30
The "NeoDynamics AB - Product Pipeline Analysis, 2019 Update" company profile has been added to ResearchAndMarkets.com's offering. Summary NeoDynamics AB (NeoDynamics) is a medical technology company that develops medical solutions for the early...

at 09:20
Europe Durable Medical Equipment (DME) Market by Type (Monitoring & Therapeutic Equipment [Blood Glucose Monitors, Infusion Pumps, Vital Sign Monitors, Oxygen Equipment], Medical Furniture [Medical Beds, Patient Lifts & Lift Chairs, Stretchers],...

at 09:17
ATL Technology, an interconnect development and manufacturing partner of top medical device firms, today announced the expansion of its Costa Rica operations and the divestiture of its Catheter Research Inc. ("CRI") business unit to Biomerics....

at 09:15
The "Cepheid - Product Pipeline Analysis, 2019 Update" company profile has been added to ResearchAndMarkets.com's offering. Summary Cepheid, a subsidiary of Danaher Corporation, is a molecular diagnostic company that develops, manufactures and...

at 09:15
Pharmatech Associates today announced the addition of Jahan Jowharchi as vice president, facilities and capital projects, to lead the expansion of the company's service offering in all areas of pharmaceutical facility design and engineering. Mr....

at 09:15
ALGENTECH, announces the issuance of a key patent in the field of genome editing by the U.S. Patent Office (U.S. patent number 10457950). The technology claimed by the patent amplifies the effectiveness of gene editing in eukaryotic cells and can be...



News published on 12 november 2019 at 16:01 and distributed by: