Business
BioLife Solutions Announces Preliminary First Quarter 2020 Revenue
Total Revenue of $12.1 Million Increased 110% Year-over-Year and 46% Sequentially First Quarter 2020 Conference Call Scheduled for May 14 BOTHELL, Wash., May
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Total Revenue of $12.1 Million Increased 110% Year-over-Year and 46% Sequentially\n First Quarter 2020 Conference Call Scheduled for May 14\n\n\nBOTHELL, Wash., May 1, 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 announced preliminary revenue for the first quarter of 2020.\n\n \n \n \n \n \n \n\n \nPreliminary (unaudited) Q1 2020 Revenue \nTotal revenue for the first quarter of 2020 was $12.1 million, a 110% increase over the first quarter of 2019 and a 46% sequential increase over the fourth quarter of 2019. Revenue growth was driven by significantly higher demand for biopreservation media, which accounted for approximately 72% of total revenue. Sales of BioLife's ThawSTAR®, evo® and Custom Biogenic Systems® freezer products accounted for the balance of revenue and were in line with management's expectations.\nMike Rice, BioLife's CEO, remarked, \"As reported by other high-value bioproduction tools suppliers across the advanced therapeutics supply chain, we experienced increased demand during the first quarter as numerous customers placed replenishment and safety stock orders to ensure their clinical development programs could continue unabated during the COVID-19 pandemic.\"\nWithdrawal of 2020 Guidance\nDue to uncertainty regarding the impact of COVID-19 on BioLife and its customers, BioLife is withdrawing financial guidance for 2020. Management will be monitoring order flow and customer forecasts throughout the year and will provide additional detail on its business and outlook during the first quarter conference call.\nQ1 2020 Earnings Call Date\nThe Company will announce first quarter 2020 financial results after market close on Thursday, May 14, 2020 and will host a conference call and live webcast at 4:30 p.m. ET (1:30 p.m. PT) that afternoon. Management will provide an overview of the Company's financial results and a general business update.\nTo access the webcast, log onto the Investor Relations page of the BioLife Solutions website at http://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: 2085346. A we...