Business
BioLife Solutions Reports Third Quarter 2022 Financial Results
Record revenue of $40.7 million increased 21% over Q3 2021; biopreservation media revenue growth of 50%, validating leading position as a critical cell and
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"Record revenue of $40.7 million increased 21% over Q3 2021; biopreservation media revenue growth of 50%, validating leading position as a critical cell and gene therapies tool supplier\nCash flow from operations of $1.5 million and adjusted EBITDA of $1.4 million\nTightens 2022 revenue guidance range reflecting year-over-year growth of 34% to 38% and organic growth of 37% to 40%\nConference call begins at 4:30 p.m. Eastern time today \nBOTHELL, Wash., Nov. 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 therapy (CGT) and the broader biopharma markets, today announced financial results for the three and nine months ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nMike Rice, Chairman and CEO, commented, \"Against a backdrop of several macro headwinds affecting the life science tools industry, our team delivered a strong quarterly performance from our diversified offering of products and services, setting the stage for record full-year revenue. We are tightening our 2022 revenue guidance range and have a bullish outlook for 2023, driven by strong growth expectations from our Cell Processing platform.\"\n\"Our high-margin biopreservation media product line, which is recurring consumables revenue, grew 50% over Q3 2021. With our year-to-date results, BioLife has validated its position as a CGT tools leader. We generated record total revenue for Q3 despite a prior year comparable that included significant COVID-related revenue. We continue to diversify our customer base and increase cross-selling success by partnering with customers to drive adoption of multiple platforms, all of which can reduce risk in CGT manufacturing, storage and distribution. It's important to note that in Q3, 44% of total revenue was from proprietary consumables and 18% was from recurring service revenue, so over 60% of total revenue was from non-capital equipment sales.\"\nTroy Wichterman, CFO, added, \"We achieved positive adjusted EBITDA of $1.4 million for the third quarter, with further gains expected in Q4 2022. Although we continue to experience strong demand for our biopreservation media products, we are adjusting the top of our 2022 revenue guidance range to reflect expected shipment delays rel...