Business
BioLife Solutions Announces Second Quarter 2021 Financial Results
Total revenue grew 215% over Q2 2020 and 85% over Q1 2021 Organic revenue up 49% over Q2 2020 driven by 45% media revenue growth Full year revenue guidance
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Total revenue grew 215% over Q2 2020 and 85% over Q1 2021\n Organic revenue up 49% over Q2 2020 driven by 45% media revenue growth\n Full year revenue guidance raised to $108 to $117 million, reflecting expected contribution from Sexton Biotechnologies\n Conference call begins at 4:30 p.m. Eastern time today\n\n\nBOTHELL, Wash., Aug. 12, 2021 /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) (\"BioLife\" or the \"Company\"), a leading developer and supplier of class-defining bioproduction products and services for cell and gene therapies and the broader biopharma market, today announced financial results for the three and six months ended June 30, 2021. \n\n \n \n \n \n \n \n\n \nMike Rice, Chairman and CEO, commented, \"We logged another record quarter, with strong execution and growth across our portfolio of disruptive bioproduction tools and services. With our recently announced acquisition of Sexton Biotechnologies, we can provide even more value and deepen our partnerships with our cell and gene therapy customers. The BioLife brand is increasingly being recognized as the go to source for class-defining CGT tools and services. With our integration initiatives and identified revenue and cost synergies, we have even more confidence of achieving our declared financial performance goals of $250 million in revenue and adjusted EBITDA of 30+% within the next three to four years.\"\nSecond Quarter 2021 and Recent Operating Highlights\nCompleted the acquisition of Stirling Ultracold, which became a wholly owned subsidiary on May 3, 2021. Management reaffirms previous estimate that Stirling will contribute revenue of $40 million to $42 million in 2021. Gained 183 new direct customers including 22 using biopreservation media, 10 using ThawSTAR® systems, 1 using evo® cold chain management services, 16 using CBS freezers and accessories, 129 using Stirling freezers, and 5 using SciSafe® biologic storage services. Processed 14 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, BioLife's biopreservation media products have been incorporated into more than 500 customer clinical applications.Second Quarter 2021 Financial Highlights \nBioLife Solutions is presenting various financial metrics under U.S. Generally Acce...