Business
BioLife Solutions Announces Fourth Quarter and Full Year 2020 Financial Results
Q4 total revenue of $14.7 million increased 78%, full year total revenue of $48.1 million increased 76% Introduces guidance for 2021 total revenue of $101
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Q4 total revenue of $14.7 million increased 78%, full year total revenue of $48.1 million increased 76%\n Introduces guidance for 2021 total revenue of $101 million to $110 million, up 110% to 129% over 2020\n Conference call begins at 4:30 p.m. Eastern time today\n\n\nBOTHELL, Wash., March 22, 2021 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) (\"BioLife\" or the \"Company\"), a leading developer and supplier of a portfolio of class-defining bioproduction products and services for cell and gene therapies, today announced financial results for the fourth quarter and year ended December 31, 2020. \n\n \n \n \n \n \n \n\n \nMike Rice, BioLife President & CEO, commented, \"Despite the COVID-19 pandemic, the BioLife team delivered another quarter and year of stellar operational and financial results. We gained more than 200 new direct customers across our bioproduction tools and services portfolio and more than 3,500 new indirect media customers that sourced our products from distributors. We also drove further adoption of all our other portfolio offerings within the cell and gene therapy space. \n\"With our acquisition of Stirling Ultracold announced earlier today, we expect to surpass our goal of $100 million in total revenue this year and expect to reach $250 million in total revenue in the next three to four years.\"\nFourth Quarter 2020 Highlights\nAcquired SciSafe Holdings, Inc., which became a wholly owned subsidiary of the Company on October 1, 2020. Management now estimates that SciSafe will contribute revenue of at least $12 million in 2021, up from previous expectations of $9 million. Biopreservation media revenue was $8.2 million, an increase of 58% compared with the same period in 2019. Gained 213 new direct customers including 63 using biopreservation media, 29 using ThawSTAR® systems, 43 using evo® cold chain management services, 73 using CBS freezers and accessories, and 5 using biologic storage services. Processed 75 new U.S. FDA Drug Master File cross-reference requests, indicating the planned use of CryoStor® or HypoThermosol® in pending cell and gene therapy clinical trials. To date, the Company's biopreservation media products have been incorporated into more than 450 customer clinical applications.Financial Highlights for the Fourth Quarter and Year Ended December 31, 2020 \nBioLife Solutions is presen...