Business
BioLife Solutions Reports Preliminary and Unaudited 2022 Fourth Quarter and Full Year Financial Results
Record full year revenue of $161.8 million increased 36% over 2021; biopreservation media revenue growth of 45%, validating leading position as a critical
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Record full year revenue of $161.8 million increased 36% over 2021; biopreservation media revenue growth of 45%, validating leading position as a critical cell and gene therapies (CGT) tools and services supplier\nRecord Q4 2022 revenue of $44.3 million increased 19% over 2021; biopreservation media revenue growth of 35%\nFull year adjusted EBITDA of $3.6 million and Q4 2022 adjusted EBITDA of $1.7 million\nConference call begins at 4:30 p.m. Eastern time today \nBOTHELL, Wash., March 16, 2023 /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 therapy (CGT) and the broader biopharma markets, today announced financial results for the fourth quarter and year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nMike Rice, Chairman and CEO, commented, \"We closed 2022 with another year of strong performance and growth, driven by solid execution across our portfolio. Our success indicators of new customer acquisition, adoption of our cell processing solutions in cell and gene therapy applications, and growth of our storage services platform all point to continued validation of our class-defining bioproduction tools and services as highly preferred in our target markets. For the full year 2022, we gained over 1,300 new customers via our direct sales team and global network of distributors. Our engineering, quality and operations teams continued to focus on supply chain and other optimization initiatives for our freezers and thaw platform and we expect to continue to drive a mix shift to high margin, recurring revenue.\"\nTroy Wichterman, Chief Financial Officer, remarked, \"We achieved full year 2022 positive adjusted EBITDA of $3.6 million and ended the year with $64.1 million in cash and short-term investments. As of today, Silicon Valley Bank is operational and fully honoring existing credit facilities. We currently have no additional need for capital.\"\nOperational Highlights\nNew Customer Acquisition\nPlatform/Solution\nQ4 2022\nFY2022\nBiopreservation Media\n15\n69\nSexton Cell Processing\n5\n33\nSciSafe® Storage Services\n26\n99\nThaw\n7\n35\nevo® Cold Chain\n12\n43\nCryogenic Freezers\n13\n82\nULT Freezers\n139\n461\nTOTAL\n217\n822\n \nNew distributor indirect customers totaled at l...