Business
BioLife Solutions Reports First Quarter 2022 Financial Results
Revenue of $36.2 million increased 115% over Q1 2021, with organic revenue growth of 45% and biopreservation media revenue growth of 53% Affirms 2022 revenue
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Revenue of $36.2 million increased 115% over Q1 2021, with organic revenue growth of 45% and biopreservation media revenue growth of 53%\nAffirms 2022 revenue guidance of $159.5 million to $171.0 million, reflecting year-over-year growth of 34% to 44% and organic growth of 28% to 39%\nSequential Improvement in Gross Margin and Adjusted EBITDA; on track for Continued Improvement in 2022, including positive adjusted EBITDA for the full year\nSenior Management and Board to accept shares in lieu of a portion of cash compensation to signal confidence in the business\nBOTHELL, Wash., May 9, 2022 /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) (\"BioLife\" or the \"Company\"), a leading developer and supplier of class-defining bioproduction products and services for the cell and gene therapies (CGT) and the broader biopharma markets, today announced financial results for the three months ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nMike Rice, Chairman and CEO, commented, \"Our team delivered another quarter of very strong topline growth and sequential gross margin and adjusted EBITDA improvements while adeptly managing supply chain and residual quality headwinds in our freezer platform. Certain supply constraints and customer-related freezer order acceptance delays resulted in a robust order backlog as we entered the second quarter.\n\"We continued to make progress in mitigating supply chain risks with our ULT freezer platform and remain confident we will achieve additional improvements throughout the year,\" he added. \"All our growth catalysts and business fundamentals remain intact in an industry with a favorable outlook for long-term growth. We are affirming 2022 revenue guidance with strong, consistent growth expected across all our platforms, and look forward to delivering another year of record revenue.\"\nOperational Highlights\nFor the first quarter of 2022, we gained 189 new direct customers including 23 for biopreservation media, 7 for ThawSTAR® systems, 7 for evo® cold chain management services, 25 for CBS cryogenic freezers and accessories, 98 for Stirling ULT freezers and accessories, 25 for SciSafe® biologic storage services and 4 for Sexton cell processing products.For the first quarter of 2022, we processed 12 new U.S. FDA Drug Master File cross-reference requests, indicating the planned use of CryoStor® or H...