BioLife Solutions Announces Fourth Quarter and Full Year 2017 Financial Results
Revenue Increased 39% for the Quarter and 34% for the Year
Achieves Positive Cash Flow from Operations for the Year
Reaffirms Guidance for 2018 Operating Profit
On March 8, 2018 BioLife Inc. (NASDAQ: BLFS), the leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media, reported financial results and operational highlights for the three and 12 months ended December 31, 2017.
Revenue from biopreservation media product sales for the fourth quarter of 2017 reached a new record of $3.1 million, an increase of 39% compared with the fourth quarter of 2016. This was the 10th consecutive quarter of record revenue. Revenue for the full year 2017 was $11.0 million, an increase of 34% over 2016. Revenue growth was driven by sales of CryoStor® and HypoThermosol® clinical grade biopreservation media products to the high-growth regenerative medicine, drug discovery segments and to BioLife’s worldwide distributor network. In 2017, BioLife gained more than 100 new direct customers, with more than half of these in the regenerative medicine market segment.
Mike Rice, BioLife President & CEO, commented, “We successfully executed in key performance areas throughout 2017. We closed the year with record revenue, increased product adoption, positive cash flow from operations and a strengthened balance sheet. We are well positioned for continued growth in 2018 as more of our regenerative medicine customers progress through clinical trials and secure regulatory approvals. I am pleased to report that 2018 is starting off with strong sales growth and we look forward to reporting our Q1 results.”
To see 2017 Market Segment and Channel Highlights and for Additional Details, please see our Press Release.