BioLife Q2 2022 Earnings Report
Key Takeaways
BioLife Solutions reported a 30% increase in revenue to $40.5 million in Q2 2022, driven by strong organic growth and biopreservation media revenue growth. The company is updating its 2022 revenue guidance to $160 million to $166 million. Adjusted EBITDA was positive at $1.5 million.
Total revenue for the second quarter of 2022 was $40.5 million, an increase of 30% from $31.2 million for the second quarter of 2021, with organic revenue growth of 44%.
Cell processing platform revenue was $15.4 million, up $5.7 million, or 58%, over the same period in 2021.
Freezers and Thaw Systems platform revenue was $18.7 million, up $1.1 million, or 6%, over the same period in 2021.
Adjusted EBITDA for the second quarter of 2022 was $1.5 million compared with $3.7 million for the second quarter of 2021.
BioLife
BioLife
BioLife Revenue by Segment
Forward Guidance
Total revenue for 2022 is expected to range from $160 million to $166 million, reflecting year-over-year growth of 34% to 39% and organic growth of 37% to 43%.
Positive Outlook
- Cell Processing platform: $67.0 million to $69.5 million, an increase of 49% to 55% over 2021 and organic growth of 42% to 47%.
- Freezers and Thaw Systems platform: $70.0 million to $71.5 million, an increase of 24% to 26% over 2021 and organic growth of 31% to 34%.
- Storage and Storage Services platform: $23.0 million to $25.0 million, a total and organic increase of 31% to 42% over 2021.
- COVID-19 related revenue is expected to account for approximately 8% of total revenue.
- Expect positive 2022 full year adjusted EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income