Business
BioLife Solutions Announces Third Quarter 2021 Financial Results
Total revenue up 200% over Q3 2020; organic revenue up 37% over Q3 2020 driven by 49% growth in media revenue Raises full-year 2021 revenue guidance to $115
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Total revenue up 200% over Q3 2020; organic revenue up 37% over Q3 2020 driven by 49% growth in media revenue\n Raises full-year 2021 revenue guidance to $115 to $119 million, reflecting strong demand for proprietary biopreservation media products\n Conference call begins at 4:30 p.m. Eastern time today\n\n\nBOTHELL, Wash., Nov. 11, 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 nine months ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nMike Rice, Chairman and CEO, commented, \"Demand for our proprietary biopreservation media products continued to accelerate in Q3, with nearly 50% year over year growth and 14% sequential growth. We estimate that our media products have been incorporated into at least 530 customer clinical applications, most of these being cell and gene therapy clinical trials. We remain confident in achieving our financial performance goals of $250 million in revenue and adjusted EBITDA of 30+% within the next three to four years.\"\nThird Quarter 2021 and Recent Operating Highlights\nCompleted the acquisition of Sexton Biotechnologies, Inc., which became a wholly owned subsidiary on September 1, 2021. Gained at least 230 new customers including 30 using biopreservation media, 6 using ThawSTAR® systems, 11 using evo® cold chain management services, 16 using CBS freezers and accessories, 140 using Stirling freezers and accessories, 15 using SciSafe® biologic storage services and 12 now using Sexton cell processing products. We believe the actual number of new customers to be significantly higher, considering the breadth of our global distributor network. Processed 20 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, our biopreservation media products have been used in more than 530 custom clinical applications and are embedded in the manufacturing process of seven approved cell or gene therapies. We estimate potential annual media revenue per customer application to range from $500,000 to $2,000,000 if regulatory approvals are received.Third Qu...