On April 2, 2018, BioLife Solutions Inc. (NASDAQ: BLFS) (“BioLife”), the leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media, announced preliminary revenue for the three months ended March 31, 2018. First quarter 2018 preliminary revenue from sales of BioLife’s proprietary CryoStor® and HypoThermosol® biopreservation media products reached $3.8 million, the 11th consecutive quarter of record revenue. This represents 61% growth over the first quarter of 2017 and 22% sequential growth over the fourth quarter of 2017. Mike Rice, BioLife President & CEO, commented, “Our first quarter of 2018 followed on the theme of strong demand we experienced at the end of 2017. Demand for CryoStor and HypoThermosol, our proprietary, clinical grade biopreservation media products, was driven by the regenerative medicine market segment where revenue nearly doubled over the first quarter of 2017. During the first quarter our domestic and international network of distributors also contributed to the increase in revenue. We also benefitted from certain cell therapy customers that placed safety stock orders which accounted for approximately 10% of total revenue. We’re off to a great start to the year and are increasing our previous guidance for 2018 biopreservation media revenue.” Management provides the following update to its financial guidance for 2018:
- Biopreservation media revenue is now expected to range between $14.5 million to $15.5 million, representing growth of approximately 32% to 41% over 2017. This is an increase from the Company’s previous guidance for 2018 revenue of $13.6 million to $14.7 million, or 25% to 35% growth over 2017.
- Gross margin to be between 62% and 64%, up from 61% for 2017.
- Operating expenses to range from $9 million to $9.5 million compared with 2017 operating expenses of $7.8 million.
- Full year GAAP operating profit with proportional increases in adjusted EBITDA and cash flow from operations.