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Jun 30, 2022
BioLife Q2 2022 Earnings Report
BioLife Solutions reported strong Q2 2022 results with record revenue and sequential improvements in adjusted gross margin and adjusted EBITDA.
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
Revenue by Segment
Cell Processing platform Revenue
CapyFin.comevo and Thaw platform Revenue
CapyFin.com 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