BioLife Solutions (BLFS) Reports Prelim. 2Q Revenues Above Consensus; Boosts FY18 Revenue Guidance

BioLife Solutions (NASDAQ: BLFS) reported Q2 revenue for the quarter came in at $5.2 million versus the consensus estimate of $3.7 million.

BioLife CEO Mike Rice commented, "Strong product demand during the second quarter from our cell and gene therapy customers in the regenerative medicine market segment resulted in more than 100% revenue growth over the prior-year period. Given our performance for the first half of 2018, increased adoption of our products in cell therapy clinical trials, and our outlook on product demand for the remainder of the year, we are significantly increasing our revenue guidance for the full year 2018."

Roderick de Greef, Chief Financial Officer, remarked, "Based primarily on additional warrant exercises during the period, we ended the second quarter with more than $14 million in cash, up from $7 million at March 31, 2018."

• Second quarter 2018 preliminary revenue from sales of BioLife's biopreservation media products reached a record $5.2 million.

BioLife CEO Mike Rice commented, "Strong product demand during the second quarter from our cell and gene therapy customers in the regenerative medicine market segment resulted in more than 100% revenue growth over the prior-year period. Given our performance for the first half of 2018, increased adoption of our products in cell therapy clinical trials, and our outlook on product demand for the remainder of the year, we are significantly increasing our revenue guidance for the full year 2018."

Roderick de Greef, Chief Financial Officer, remarked, "Based primarily on additional warrant exercises during the period, we ended the second quarter with more than $14 million in cash, up from $7 million at March 31, 2018."

Guidance

Management is raising its revenue guidance for the full year 2018 as follows:

• Biopreservation media revenue is now expected to be in a range of $18.5 million to $20 million, representing growth of approximately 68% to 82% over 2017. This is an increase from the Company's prior revenue guidance issued in April 2018 of a range of $14.5 million to $15.5 million.

Management is affirming the remainder of its financial guidance for 2018 as follows:

• Gross margin is expected to be between 63% and 65%, up from 61% for 2017.
• Operating expenses are expected to range from $9.0 million to $9.5 million, compared with $7.8 million for 2017.
• Full year GAAP operating profit with proportional increases in adjusted EBITDA and cash flow from operations.

GUIDANCE:

BioLife Solutions sees FY2018 revenue of $18.5-20 million, versus the consensus of $15.37 million.

For earnings history and earnings-related data on BioLife Solutions (BLFS) click here.

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