Revenue increases 79% to a record $5.3 million; achieves net income of $1.2 million
On November 8, 2018, BioLife Solutions, Inc. (NASDAQ: BLFS), the leading developer, manufacturer and marketer of proprietary biopreservation media products for cell and gene therapies, reported financial results and operational highlights for the three and nine months ended September 30, 2018.
Revenue from biopreservation media product sales for the third quarter of 2018 reached $5.3 million, an increase of 79% from the third quarter of 2017. Revenue for the nine months ended September 30, 2018 was $14.3 million, an increase of 81% compared with the prior year period. Product revenue growth for both periods was driven by sales of clinical-grade biopreservation media to the high-growth cell and gene therapy segment, and to BioLife’s worldwide distributor network.
Mike Rice, BioLife Chief Executive Officer, commented, “Q3 was another record revenue quarter and our second consecutive profitable quarter with more than $1 million in net income. We continued to realize the benefits of scaling our business. Product demand from the cell and gene therapy market and our distributors drove this record performance. BioLife is well positioned for a strong close to 2018.”
Third Quarter 2018 Financial Results
- Gross margin for the third quarter of 2018 increased to 70% from 63% in the third quarter of 2017, due to higher average selling prices per liter, and reduced COGS per liter, the result of higher production volume driven by increased sales of biopreservation media to the regenerative medicine market segment.
- Operating expenses for the third quarter of 2018 were $2.5 million, compared with $1.9 million for the third quarter of 2017, primarily reflecting higher performance-based compensation and sales and marketing expenses.
- Operating profit for the third quarter of 2018 was $1.2 million, compared with an operating loss of $32,000 for the third quarter of 2017.
- Net income attributable to common stockholders for the third quarter of 2018 was $1.2 million, or $0.05 per diluted share, compared with a net loss attributable to common stockholders of $425,000, or $0.03 diluted per share, for the third quarter of 2017.
- EBITDA for the third quarter of 2018 was positive $1.2 million compared with negative $234,000 for the third quarter of 2017.
- Adjusted EBITDA for the third quarter of 2018 was $1.7 million compared with $298,000 for the third quarter of 2017.
- Cash provided by operations for the third quarter of 2018 was $809,000, compared with cash provided by operations of $74,000 for the prior-year period.
- Cash balance at September 30, 2018 was $32.4 million compared with $2.8 million at September 30, 2017, and $6.7 million at December 31, 2017.
For third quarter market segment and channel highlights, or for additional details and financials, please see our November 8th, 2018 earnings press release.