BioLife Solutions Inc (BLFS)

[techisbest]

BioLife Solutions Announces 2016 Revenue Growth of 28%
PR Newswire
6:00 AM ET
BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media ("BioLife"), today announced preliminary 2016 revenue of $8.2 million, representing 28% growth in sales of biopreservation media products compared to the prior year.

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2016 Key Operational Highlights:

-- Preliminary Q4 revenue from biopreservation media product sales reached a new high of $2.2 million, a 24% increase over the same period last year.

-- BioLife's proprietary, clinical grade biopreservation media products, CryoStor(R) and HypoThermosol(R), are now embedded in 240 customer validations and clinical trials, an increase of 40 or 20% since the end of 2015. The Company's products are part of the cell manufacturing and distribution processes in a majority of the ongoing CAR and other T cell clinical trials targeting blood cancers and solid tumors.

-- 123 new customers were gained, including 65 in the regenerative medicine market segment.

-- Execution of long term supply agreements with Kite Pharma, Bellicum Pharmaceuticals, and TissueGene.

-- The biologistex joint venture was restructured to enable additional outside capital to be raised to drive adoption of the evo(R) Smart Shipper and biologistex(TM) Cold Chain Management SaaS.

-- Strengthened the executive m anagement team with the following appointments:

-- Roderick de Greef as Chief Financial Officer

-- Karen Foster as Vice President of Operations

-- Jim Mathers as Vice President of Global Sales

Mike Rice, BioLife CEO, commented on the Company's performance by stating, "2016 was another strong year of execution that broadened the biopreservation media franchise we have built in the regenerative medicine market. Our efforts should be further rewarded in 2017 with possible customer regulatory approvals of their cell-based therapies. Customer adoption of the evo Smart Shipper and biologistex SaaS is anticipated this year and our recent JV restructuring was an important accomplishment to enable growth without BioLife having to raise additional capital."

2017 Catalysts:

-- Cell therapy customers, including Kite Pharma, could receive regulatory approvals to commence marketing and commercial manufacturing, which, as a result, should drive increased demand for our proprietary biopreservation media products.

-- Continued adoption of CryoStor and HypoThermosol in pre-IND validations and phase 1, 2 and 3 clinical trials of new cell and tissue based products and therapies.

-- Adoption of the evo Smart Shipper and use of the biologistex Cold Chain Management SaaS by leading CAR T cell therapy customers.

2017 Financial Guidance:

-- Biopreservation media revenue growth of 20-25% over 2016; revenue in excess of $10 million.

-- Gross margin, as a percent of sales, between 55% to 60%.

-- Operating expenses ranging from $8 - $9 million, reflecting a quarterly decrease of $400,000 - $500,000 resulting from the recently announced restructuring of the biologistex joint venture.

-- Positive quarterly EBITDAS by the end of 2017.