Bothell-based BioLife Solutions, Inc. reported financial results and operational highlights for the third quarter of 2015 on Nov. 12.
BioLife is the leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media and a related cloud hosted biologistics cold chain management app for smart shippers.
“In the third quarter, biopreservation media product revenue reached a new record level, reflecting continued adoption and integration of our products by our regenerative medicine customers as they initiate and progress through clinical trials,” said BioLife’s President and CEO Mike Rice. “We are also in the early stage of product launch for our evoTM Smart Shippers and biologistex cloud based cold chain management app. biologistexTM represents a significant growth opportunity as the regenerative medicine market is realizing the critical role that cold chain logistics play in the commercialization of time and temperature sensitive biologic based products.”
Q3 2015 Financial Highlights
• Biopreservation media product revenue reached a record high of $1.6 million in the third quarter of 2015, an increase of 31 percent over the same period in 2014. Third quarter revenue growth was primarily driven by increased sales of our CryoStor and HypoThermosol biopreservation media to the regenerative medicine segment. For the first nine months of 2015, biopreservation media product revenue increased 32 percent as compared to last year.
• Gross margin in the third quarter of 2015 was 60 percent, compared to 47 percent in the third quarter of 2014. The improvement over 2014 reflects higher sales of biopreservation media products and improved utilization of our manufacturing facility.
• Consolidated net loss attributable to BioLife for the third quarter of 2015 was $1.1 million or nine cents per share, compared to a net loss of $900,000 or seven cents per share in the third quarter of 2014. The increase in the loss is primarily the result of increased headcount and spending related to development and launch activities of our biologistex joint venture.
• Cash used in operations during the third quarter was $1.2 million, resulting in a cash and investments balance of $5.3 million at the end of the quarter.
