Business
BioLife Solutions Announces Third Quarter 2020 Financial Results
Q3 total revenue of $11.3 million increased 71% over the prior year Three month media revenue up 22% versus 2019 Conference call begins at 4:30 p.m. Eastern
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Q3 total revenue of $11.3 million increased 71% over the prior year\n Three month media revenue up 22% versus 2019\n Conference call begins at 4:30 p.m. Eastern time today\n\n\nBOTHELL, Wash., Nov. 5, 2020 /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 three and nine months ended September 30, 2020. \n\n \n \n \n \n \n \n\n \nTotal revenue for the third quarter of 2020 was $11.3 million, a 71% increase over the third quarter of 2019. Revenue growth was driven by increased sales of the Company's biopreservation media products and by acquisitions completed in the second half of 2019. Revenue from biopreservation media accounted for 66% of total revenue in the third quarter of 2020. Sales of the Company's ThawSTAR®, evo® and Custom Biogenic Systems® (CBS) freezer products accounted for the balance of revenue and were in line with management's revised expectations based on the effects of COVID-19.\nMike Rice, BioLife President & CEO, commented, \"The team delivered another solid quarter of execution and growth. We gained 56 new customers across the business. We also brought SciSafe into the Company via the acquisition that closed on October 1st. This addition strengthens our value proposition to cell and gene therapy developers. BioLife is configured for continued success as the cell and gene therapy market matures over the next several years.\" \nThird Quarter 2020 and Recent Accomplishments\nEntered into a purchase agreement with SciSafe Holdings, Inc., which became a wholly owned subsidiary of the Company on October 1, 2020. Management estimates that SciSafe will contribute revenue of at least $9 million in 2021. Raised $86 million in gross proceeds through an oversubscribed follow-on public offering of 5,951,250 shares of common stock. Booked biopreservation media revenue of $7.4 million, representing 66% of total revenue. Media revenue increased 22% compared with the same period in 2019. Gained 56 new customers including 21 using biopreservation media, 7 using ThawSTAR products, 5 using evo cold chain management solutions and 23 placing initial orders for CBS freezers and related accessories. Processed 22 new U.S. FD...