Q4 2017 Preliminary Revenue Reaches Record $3.1 Million, up 39% over Q4 2016
Q4 and FY2017 Preliminary Revenue
Preliminary revenue for the fourth quarter of 2017 was $3.1 million, a 39% increase over the prior-year period. For the full year 2017, preliminary revenue was $11 million, a 34% increase from 2016. The growth was driven by increased sales to customers in the regenerative medicine segment and our worldwide distributors.
Management estimates that BioLife’s proprietary CryoStor® and HypoThermosol® biopreservation media products have been used in more than 275 customer clinical applications, including 16 phase 3 clinical trials. This is an increase of 45 additional clinical applications since January 1, 2017. Products were shipped to more than 2,000 customers during 2017.
The year-end 2017 cash balance was $6.7 million, compared with $1.4 million at the end of 2016. The increase in cash was primarily the result of positive operating cash flow in the second half of 2017, combined with $3.7 million in cash proceeds from the exercise of 771,434 previously outstanding common stock warrants related to the Company’s 2014 registered direct stock offering.
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 for the second half of the year, and a stronger balance sheet. We are very well positioned for continued growth and increased shareholder value in 2018, considering the broad adoption of our products in the high-growth regenerative medicine market.”
For additional information, or so see management’s 2018 guidance, please see our Press Release.