Business
BioLife Solutions Announces First Quarter 2020 Financial Results
Total Revenue of $12.2 Million Increased 111% Year-over-Year and 47% Sequentially Casdin Capital to invest $20 Million in Growth Capital to Accelerate
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Total Revenue of $12.2 Million Increased 111% Year-over-Year and 47% Sequentially\n Casdin Capital to invest $20 Million in Growth Capital to Accelerate Consolidation Strategy\n Conference call today at 4:30 p.m. Eastern time\n\n\nBOTHELL, Wash., May 14, 2020 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) (\"BioLife\" or the \"Company\"), a leading developer and supplier of a portfolio of class-defining bioproduction tools for cell and gene therapies, today announced financial results for the three months ended March 31, 2020. \n\n \n \n \n \n \n \n\n \nTotal revenue for the first quarter of 2020 was $12.2 million, a 111% increase over the first quarter of 2019 and a 47% increase over the fourth quarter of 2019. Revenue growth was driven by significantly higher revenue from biopreservation media, which increased 50% year-over-year and 67% sequentially, and accounted for approximately 71% of total revenue. Sales of BioLife's ThawSTAR®, evo® and Custom Biogenic Systems® (CBS) freezer products accounted for the balance of revenue and were in line with management's expectations. \nThe Company also announced an agreement for a strategic capital investment by Casdin Capital for the purchase of $20 million of primary common shares at $10.50 per share. Casdin also intends to purchase an additional $5 million of secondary common shares from an existing investor on the same terms.\nMike Rice, BioLife's CEO, remarked, \"On the heels of significantly increased demand for our products from existing customers, 40 new customers, and 13 new US FDA Master File requests, we believe it is the right time to accelerate our ongoing growth strategy. We are fortunate to have a growth equity partner in Casdin Capital that enabled us to strengthen our balance sheet to aggressively grow our portfolio of high value tools and services targeting the cell and gene therapy market. Through a combination of internal innovation, and acquisitions, co-investments and licensing of external assets, BioLife is on target to expand its business substantially over the next few years.\" \n\"Casdin Capital continues to demonstrate confidence in management and our business plan. Casdin has been a key shareholder and partner in identifying and co-investing in acquisition targets that support our strategy to further consolidate the bioproduction tools space,\" he adde...