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Sep 30, 2022
BioLife Q3 2022 Earnings Report
BioLife Solutions experienced revenue growth and positive adjusted EBITDA, driven by cell processing platform, despite supply chain challenges.
Key Takeaways
BioLife Solutions reported a 21% increase in revenue to $40.7 million for Q3 2022, with a strong performance from the cell processing platform. The company achieved positive adjusted EBITDA of $1.4 million, but adjusted the top of the 2022 revenue guidance range due to expected shipment delays related to supply-chain challenges impacting the cryogenic freezer product line.
Total revenue increased by 21% to $40.7 million compared to Q3 2021.
Cell Processing platform revenue increased by 57% over the same period in 2021.
Adjusted EBITDA was $1.4 million for the third quarter.
Tightened 2022 revenue guidance range reflecting year-over-year growth of 34% to 38% and organic growth of 37% to 40%.
Revenue by Segment
Forward Guidance
Total revenue for 2022 is now expected to range from $160 million to $164 million, reflecting year-over-year growth of 34% to 38% and organic growth of 37% to 40%.
Positive Outlook
- Cell Processing platform: $67.0 million to $68.0 million, an increase of 49% to 51% over 2021 and organic growth of 42% to 43%.
- Freezers and Thaw Systems platform: $66.0 million to $68.0 million, an increase of 17% to 20% over 2021 and organic growth of 8% to 13%.
- Storage and Storage Services platform: $27.0 million to $28.0 million, a total and organic increase of 54% to 59% over 2021.
- COVID-19 related revenue is expected to account for approximately 7% to 8% of total revenue.
- BioLife expects positive full year adjusted EBITDA.
Challenges Ahead
- Modest reduction in the top of the range for Cell Processing platform is due to anticipated supply chain constraints.
- Reduction for Freezers and Thaw Systems platform is due to anticipated supply chain constraints.
- There continues to be some supply chain risk which could impact Freezers and Thaw Systems platform in Q1.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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