Exhibit 99.1

 

biolife.jpg
 

BioLife Solutions Announces Fourth Quarter and Full Year 2020 Financial Results

 

Q4 total revenue of $14.7 million increased 78%, full year total revenue of $48.1 million increased 76%

 

Introduces guidance for 2021 total revenue of $101 million to $110 million, up 110% to 129% over 2020

 

Conference call begins at 4:30 p.m. Eastern time today

 

BOTHELL, Wash. (March 22, 2021)

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 fourth quarter and year ended December 31, 2020.

 

Mike Rice, BioLife President & CEO, commented, “Despite the COVID-19 pandemic, the BioLife team delivered another quarter and year of stellar operational and financial results. We gained more than 200 new direct customers across our bioproduction tools and services portfolio and more than 3,500 new indirect media customers that sourced our products from distributors. We also drove further adoption of all our other portfolio offerings within the cell and gene therapy space.

 

“With our acquisition of Stirling Ultracold announced earlier today, we expect to surpass our goal of $100 million in total revenue this year and expect to reach $250 million in total revenue in the next three to four years.”

 

Fourth Quarter 2020 Highlights

 

 

Acquired SciSafe Holdings, Inc., which became a wholly owned subsidiary of the Company on October 1, 2020. Management now estimates that SciSafe will contribute revenue of at least $12 million in 2021, up from previous expectations of $9 million.

 

 

Biopreservation media revenue was $8.2 million, an increase of 58% compared with the same period in 2019.

 

 

Gained 213 new direct customers including 63 using biopreservation media, 29 using ThawSTAR® systems, 43 using evo® cold chain management services, 73 using CBS freezers and accessories, and 5 using biologic storage services.

 

 

Processed 75 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, the Company’s biopreservation media products have been incorporated into more than 450 customer clinical applications.

 

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The following information was filed by Biolife Solutions Inc (BLFS) on Monday, March 22, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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