BioLife Solutions (NASDAQ: BLFS) reported Q4 EPS of $0.00, $0.02 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $8.3 million versus the consensus estimate of $9.01 million.

Mike Rice, BioLife CEO, commented, "2019 saw a remarkable transition for BioLife, as we transformed the business from a single product company to a multi-solution provider of class-defining bioproduction tools to the cell and gene therapy industry.

We posted record revenue of $27.4 million and record adjusted EBITDA of $5.7 million, driven by our 2019 acquisitions, which we believe confirms that our strategy to innovate and consolidate in this highly-fragmented industry is bearing fruit. In 2019, we gained nearly 200 new customers and confirmed our biopreservation media products were spec'd into 69 additional clinical trials. Our customer base includes most of the leading and late stage cell and gene therapy companies and with our 2019 acquisitions, we are currently serving a majority of the companies in the space with at least one product in our bioproduction tools portfolio. In addition to our products being embedded in the commercial shipments of YESCARTA® and ZOLGENSMA®, at least one of our portfolio products is spec\'d into seven additional cell or gene therapies that could gain approval in 2020.

We believe that we have a tremendous opportunity to expand our product offering and grow revenue organically and from additional acquisitions of other innovative tools providers."

GUIDANCE:

BioLife Solutions sees FY2020 revenue of $48-53 million, versus the consensus of $52.35 million.

Our financial guidance for the full year 2020 is based on expectations for our existing business, and does not include any additional M&A activity, or any potential impact of COVID-19.

• Revenue for 2020 is expected to be in the range of $48 million to $53 million, reflecting year-over-year revenue growth of 75% to 94%. Media revenue is expected to grow between 20% to 30% over 2019, and account for approximately 55% of total revenue. Freezer sales are expected to account for approximately 35% of total revenue, with automated thaw and evo product lines each accounting for approximately 5% of total revenue. We expect revenue in the first half of the year to represent 40% of the years total, with the remaining 60% realized in the second half of the year.
• Gross margin for 2020 is expected to be in the range of 58% to 62%.
• Operating expenses for 2020 are expected to be in the range of $28 to $30 million, which includes $2.8 million of intangible asset amortization expense.
• We expect positive 2020 operating profit, net income and EBITDA, on a GAAP and non-GAAP basis. We expect to exit 2020 with an adjusted EBITDA (non-GAAP) margin of 20% to 25%.

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