Exhibit 99.1

 

 

 

 

BioLife Solutions Announces Fourth Quarter and Full Year 2018 Financial Results

 

Revenue Increased 79% for the Year to $19.7 Million

Net Income of $2.9 Million

Gained 84 New Direct Cell & Gene Therapy Customers

 

Conference Call and Webcast Begin at 4:30 p.m. Eastern Time Today

 

BOTHELL, Washington  March 14, 2019 —BioLife Solutions, Inc. (NASDAQ: BLFS) (“BioLife”), the leading developer, manufacturer and marketer of proprietary cell and tissue hypothermic storage and cryopreservation freeze media, today reported financial results and operational highlights for the fourth quarter and full year ended December 31, 2018.

 

Revenue from biopreservation media product sales for the fourth quarter of 2018 reached a new record of $5.5 million, an increase of 74% compared with the fourth quarter of 2017. Revenue for the full year 2018 was $19.7 million, an increase of 79% over 2017. Revenue growth was primarily driven by sales of CryoStor® biopreservation media products to the high-growth regenerative medicine segment and BioLife’s worldwide distributor network.

 

Mike Rice, BioLife President & CEO, commented, “2018 was a banner year for BioLife on several fronts, with record revenue of nearly $20 million, our first full year of profitability, the addition of 84 new direct cell and gene therapy customers, and 57 new FDA master file cross references for the use of CryoStor and HypoThermosol in customer clinical trials. We expect to deliver another strong performance in 2019, driven by demand for our biopreservation media products and our newly acquired Astero automated thawing technologies.”

 

2018 Market Segment & Channel Highlights

 

Regenerative Medicine (cell therapy, tissue engineering, stem cell transplant)

 

 

Product revenue: $11.0 million; 56% of total revenue representing a 108% increase over 2017.

 

 

Shipped first-time orders to 84 new direct cell or gene therapy customers.

 

 

Processed 57 FDA master file cross reference letters supporting our products in planned cell or gene therapy clinical trials. This is up from 27 in 2016 and 47 in 2017.

 

Distributors

 

 

Product revenue: $6.4 million; 33% of total revenue with 99% growth over 2017.

 

 

Key worldwide distributors: STEMCELL Technologies, MilliporeSigma, Thermo Fisher and VWR.

 

 

Provided scientific and technical support to an increasing number of distributor customers in the cell and gene therapy market segment, specifically in China.

 

 

The following information was filed by Biolife Solutions Inc (BLFS) on Thursday, March 14, 2019 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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