Business
BioLife Solutions Announces Second Quarter 2020 Financial Results
Total revenue of $9.9 million, up 48% over the prior-year quarter Raised $106 million year-to-date to accelerate consolidation strategy Conference call begins
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Total revenue of $9.9 million, up 48% over the prior-year quarter\n Raised $106 million year-to-date to accelerate consolidation strategy\n Conference call begins at 4:30 pm Eastern time today\n\n\nBOTHELL, Wash., Aug. 6, 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 and six months ended June 30, 2020. \n\n \n \n \n \n \n \n\n \nTotal revenue for the second quarter of 2020 was $9.9 million, a 48% increase over the second quarter of 2019. Revenue growth was driven by acquisitions completed in the second half of 2019. Revenue from biopreservation media accounted for approximately 67% of total revenue in the second quarter of 2020. 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 reduced expectations given the effects of COVID-19.\nMike Rice, BioLife President & CEO, commented, \"We continued to advance the business during the second quarter, achieving record revenue and further adoption of our media, thaw, evo cold chain and freezer platforms. In the first half of 2020, we gained 88 new customers across the product portfolio. Significant institutional investor interest resulted in our completion of an oversubscribed public stock offering just after the close of the quarter. BioLife is very well positioned for both organic and additional acquisition driven growth.\" \nKey Accomplishments in the Second Quarter of 2020\nBiopreservation media revenue of $6.7 million, representing 67% of total revenue. Media revenue decreased 23% from Q1 2020, during which several cell and gene therapy companies placed COVID-19-related safety stock orders. However, for the first half of 2020, media revenue increased 27% compared to the same period in 2019. Gained 48 new customers including 14 using biopreservation media, 5 using ThawSTAR products, 6 using evo cold chain management solutions and 23 that placed initial orders for CBS freezers and related accessories. Processed 14 new U.S. FDA Drug Master File cross-reference requests, indicating the planned use of CryoStor or HypoThermosol in human clinical trials of new cell or gene thera...