BOTHELL, Wash., March 11, 2020 /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 fourth quarter and full year ended December 31, 2019.
Mike Rice, BioLife CEO, commented, "2019 saw a remarkable transition for BioLife, as we transformed the business from a single product company to a multi-solution provider of class-defining bioproduction tools to the cell and gene therapy industry.
We posted record revenue of $27.4 million and record adjusted EBITDA of $5.7 million, driven by our 2019 acquisitions, which we believe confirms that our strategy to innovate and consolidate in this highly-fragmented industry is bearing fruit. In 2019, we gained nearly 200 new customers and confirmed our biopreservation media products were spec'd into 69 additional clinical trials. Our customer base includes most of the leading and late stage cell and gene therapy companies and with our 2019 acquisitions, we are currently serving a majority of the companies in the space with at least one product in our bioproduction tools portfolio. In addition to our products being embedded in the commercial shipments of YESCARTA® and ZOLGENSMA®, at least one of our portfolio products is spec'd into seven additional cell or gene therapies that could gain approval in 2020.
We believe that we have a tremendous opportunity to expand our product offering and grow revenue organically and from additional acquisitions of other innovative tools providers."
2019 M&A Recap
Revenue Highlights for the Fourth Quarter and Full Year 2019
Additional Financial Highlights for the Fourth Quarter and Full Year 2019
GROSS MARGIN
OPERATING EXPENSES
OPERATING INCOME/(LOSS)
NET INCOME/LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
EARNINGS/(LOSS) PER SHARE
EBITDA
2020 Financial Guidance
Our financial guidance for the full year 2020 is based on expectations for our existing business, and does not include any additional M&A activity, or any potential impact of COVID-19.
Potential Impact of COVID-19 Coronavirus
The Seattle area, including the location of our corporate headquarters and our media production facility and warehouse, is currently the epicenter of the coronavirus outbreak in the US. We are following the recommendations of local health authorities to minimize exposure risk for our team members and visitors. We believe we have sufficient inventory to meet previously forecasted biopreservation media demand for the next six to nine months, and we are implementing various business continuity plans to reduce the potential impact of COVID-19. However, this is a dynamic situation, with an unknowable magnitude and duration. Our focus is on the health of our team members in all locations, and our ability to meet customer demand for our products.
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: 9098230. 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 bioproduction tools. Our tools portfolio includes our proprietary CryoStor® freeze media and HypoThermosol® shipping and storage media, ThawSTAR® family of automated, water-free thawing products, evo® cold chain management system, and Custom Biogenic Systems high capacity storage freezers. 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
[email protected]
BIOLIFE SOLUTIONS, INC. | ||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Three Months Ended | Year Ended | |||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | |||||||||||
Revenue | $ | 8,295 | $ | 5,456 | $ | 27,371 | $ | 19,742 | ||||||
Cost of sales | 3,167 | 1,710 | 8,858 | 6,217 | ||||||||||
Gross profit | 5,128 | 3,746 | 18,513 | 13,525 | ||||||||||
Gross profit % | 62 | % | 69 | % | 68% | 69 | % | |||||||
Operating expenses | ||||||||||||||
Research and development | 1,700 | 315 | 4,120 | 1,298 | ||||||||||
Sales and marketing | 1,940 | 637 | 4,975 | 2,615 | ||||||||||
General and administrative | 2,499 | 1,751 | 9,078 | 5,950 | ||||||||||
Acquisition costs | 402 | ?? | 940 | ?? | ||||||||||
Change in fair value of contingent consideration | (264) | ?? | (264) | ?? | ||||||||||
Total operating expenses | 6,277 | 2,703 | 18,849 | 9,863 | ||||||||||
Operating income (loss) | (1,149) | 1,043 | (336) | 3,662 | ||||||||||
Total other income (expenses) | 89 | (150) | 9,857 | (396) | ||||||||||
Net income before income taxes | (1,060) | 893 | 9,521 | 3,266 | ||||||||||
Income taxes (benefit) | (1,541) | ?? | (1,541) | ?? | ||||||||||
Net income after provision for taxes | 481 | 893 | 11,062 | 3,266 | ||||||||||
Preferred stock dividends | ?? | (60) | ?? | (339) | ||||||||||
Net income attributable to common shares | $ | 481 | $ | 833 | $ | 11,062 | $ | 2,927 | ||||||
Basic net income (loss) per common share | $ | 0.02 | $ | 0.04 | $ | 0.47 | $ | 0.14 | ||||||
Diluted net income (loss) per common share | $ | 0.02 | $ | 0.03 | $ | 0.42 | $ | 0.12 | ||||||
Basic shares used to compute earnings per share | 20,613,360 | 18,415,059 | 19,460,299 | 16,256,465 | ||||||||||
Diluted shares used to compute earnings per share | 22,893,473 | 21,129,838 | 22,024,755 | 19,075,771 |
BIOLIFE SOLUTIONS, INC. Condensed Consolidated Balance Sheet Information (In thousands) | ||||||||
December 31, 2019 | December 31, 2018 | |||||||
Cash and cash equivalents | $ | 6,448 | $ | 30,657 | ||||
Accounts receivable, net | 5,345 | 3,045 | ||||||
Inventories | 11,121 | 3,509 | ||||||
Total current assets | 24,177 | 37,564 | ||||||
Total assets | 93,011 | 45,467 | ||||||
Total current liabilities | 7,775 | 1,939 | ||||||
Total liabilities | 9,985 | 2,319 | ||||||
Total Shareholders' equity | $ | 83,026 | $ | 43,148 |
BIOLIFE SOLUTIONS, INC. Condensed Consolidated Statement of Cash Flows Information (In thousands) | ||||||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Cash provided by operating activities | $ | 1,213 | $ | 2,348 | ||||
Cash (used) by investing activities | (27,018) | (6,500) | ||||||
Cash provided by financing activities | 1,596 | 28,146 | ||||||
Net increase (decrease) in cash and equivalents | $ | (24,209) | $ | 23,994 |
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, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | ||||||||||
GAAP GROSS PROFIT | $ | 5,128 | $ | 3,746 | $ | 18,513 | $ | 13,525 | |||||
ADJUSTMENTS TO GROSS PROFIT: | |||||||||||||
Inventory step-up charges | 234 | ?? | 389 | ?? | |||||||||
ADJUSTED GROSS PROFIT | $ | 5,362 | $ | 3,746 | $ | 18,902 | $ | 13,525 | |||||
ADJUSTED GROSS MARGIN | 65 | % | 69 | % | 69 | % | 69 |
% |
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, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | |||||||||
GAAP OPERATNG EXPENSES | $ | 6,277 | $ | 2,703 | $ | 18,849 | $ | 9,863 | ||||
ADJUSTMENTS TO OPERATING EXPENSES: | ||||||||||||
Acquisition and integration costs | (402) | ?? | (940) | ?? | ||||||||
Intangible amortization | (614) | ?? | (1,078) | ?? | ||||||||
Fair Value Adj of Contingent Consideration | 264 | ?? | 264 | ?? | ||||||||
ADJUSTED OPERATING EXPENSES | $ | 5,525 | $ | 2,703 | $ | 17,095 | $ | 9,863 |
BIOLIFE SOLUTIONS, INC. | ||||||||||||
RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP (ADJUSTED) OPERATING INCOME | ||||||||||||
(Unaudited, amounts in thousands) | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | |||||||||
GAAP OPERATING INCOME (LOSS) | $ | (1,149) | $ | 1,043 | $ | (336) | $ | 3,662 | ||||
ADJUSTMENTS TO OPERATING INCOME: | ||||||||||||
Inventory step-up charges | 234 | ?? | 389 | ?? | ||||||||
Acquisition and integration costs | 402 | ?? | 940 | ?? | ||||||||
Intangible amortization | 614 | ?? | 1,078 | ?? | ||||||||
FV Adj of contingent consideration | (264) | ?? | (264) | ?? | ||||||||
ADJUSTED OPERATING INCOME (LOSS) | $ | (163) | $ | 1,043 | $ | 1,807 | $ | 3,662 |
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 | Year Ended | |||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | |||||||||
GAAP NET INCOME | $ | 481 | $ | 833 | $ | 11,062 | $ | 2,927 | ||||
ADJUSTMENTS TO NET INCOME: | ||||||||||||
Inventory step-up charges | 234 | ?? | 389 | ?? | ||||||||
Acquisition and integration costs | 402 | ?? | 940 | ?? | ||||||||
Intangible amortization | 614 | ?? | 1,078 | ?? | ||||||||
Loss on disposal of assets | ?? | ?? | 13 | ?? | ||||||||
Loss on equity method investment | ?? | 309 | 739 | 672 | ||||||||
Gain on acquisition | ?? | ?? | (10,108) | ?? | ||||||||
Fair Value Adj of contingent consideration | (264) | ?? | (264) | ?? | ||||||||
Income tax (benefit) | (1,541) | ?? | (1,541) | ?? | ||||||||
ADJUSTED NET INCOME (LOSS) | $ | (74) | $ | 1,142 | $ | 2,308 | $ |
3,599 |
BIOLIFE SOLUTIONS, INC. | ||||||||||||
RECONCILIATION OF GAAP NET INCOME PER DILUTED SHARE TO NON-GAAP (ADJUSTED) NET INCOME PER DILUTED SHARE | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | |||||||||
GAAP NET INCOME PER SHARE - DILUTED | $ | 0.02 | $ | 0.03 | $ | 0.42 | $ | 0.12 | ||||
ADJUSTMENTS TO NET INCOME PER SHARE ? DILUTED: | ||||||||||||
Inventory step-up charges | 0.01 | ?? | 0.01 | ?? | ||||||||
Acquisition and integration costs | 0.02 | ?? | 0.04 | ?? | ||||||||
Intangible amortization | 0.02 | ?? | 0.04 | ?? | ||||||||
Loss on disposal of assets | ?? | ?? | ?? | ?? | ||||||||
Loss on equity method investment | ?? | 0.01 | 0.03 | 0.03 | ||||||||
Gain on acquisition | ?? | ?? | (0.39) | ?? | ||||||||
Fair Value Adj of contingent consideration | (0.01) | ?? | (0.01) | ?? | ||||||||
Income tax (benefit) | (0.06) | ?? | (0.06) | ?? | ||||||||
ADJUSTED NET INCOME PER SHARE - DILUTED | $ | 0.00 | $ | 0.04 | $ | 0.08 | $ | 0.15 |
BIOLIFE SOLUTIONS, INC. | |||||||||||||
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) EBITDA | |||||||||||||
(Unaudited, amounts in thousands) | |||||||||||||
Three Months Ended | Year Ended | ||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | ||||||||||
GAAP NET INCOME | $ | 481 | $ | 833 | $ | 11,062 | $ | 2,927 | |||||
ADJUSTMENTS: | |||||||||||||
Interest expense/(income), net | (89) | (159) | (502) | (276) | |||||||||
Tax expense (benefit) | (1,541) | ?? | (1,541) | ?? | |||||||||
Depreciation | 344 | 94 | 718 | 338 | |||||||||
Amortization | 614 | ?? | 1,078 | ?? | |||||||||
EBITDA | $ | (191) | $ | 768 | $ | 10,815 | $ | 2,989 | |||||
OTHER ADJUSTMENTS: | |||||||||||||
Acquisition and integration costs | 402 | ?? | 940 | ?? | |||||||||
Inventory step-up charges | 234 | ?? | 389 | ?? | |||||||||
Share-based compensation (non-cash) | 1,222 | 388 | 3,129 | 1,519 | |||||||||
Loss on disposal of assets | ?? | ?? | 13 | ?? | |||||||||
Loss from equity-method investment (SAVSU) | ?? | 309 | 739 | 672 | |||||||||
Preferred dividends | ?? | 60 | ?? | 339 | |||||||||
Gain on Acquisition | ?? | ?? | (10,108) | ?? | |||||||||
Fair Value Adj of Contingent Consideration | (264) | ?? | (264) | ?? | |||||||||
ADJUSTED EBITDA | $ | 1,403 | $ | 1,525 | $ | 5,653 | $ | 5,519 |
SOURCE BioLife Solutions, Inc.
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