BioLife Q4 2019 Earnings Report
Key Takeaways
BioLife Solutions reported a strong fourth quarter and full year in 2019, marked by a 52% increase in fourth-quarter revenue to $8.3 million. Strategic acquisitions, including Astero Bio, SAVSU Technologies, and Custom Biogenic Systems, played a significant role in the company's growth.
Fourth quarter revenue increased to $8.3 million, a 52% increase year-over-year.
Full-year revenue reached $27.4 million, up 39% compared to the previous year.
Biopreservation media revenue was $5.2 million for the fourth quarter, a decrease of 5% compared to the fourth quarter of 2018.
2020 revenue is expected to be in the range of $48 million to $53 million, reflecting year-over-year revenue growth of 75% to 94%.
BioLife
BioLife
BioLife Revenue by Segment
Forward Guidance
BioLife Solutions anticipates revenue between $48 million and $53 million for 2020, representing a 75% to 94% increase over 2019. The company expects media revenue to grow by 20% to 30% and constitute approximately 55% of total revenue. Freezer sales are projected to account for around 35% of total revenue, with automated thaw and evo product lines each contributing approximately 5%.
Positive Outlook
- Revenue for 2020 is expected to be in the range of $48 million to $53 million, reflecting year-over-year revenue growth of 75% to 94%.
- Media revenue is expected to grow between 20% to 30% over 2019.
- Freezer sales are expected to account for approximately 35% of total revenue.
- Automated thaw and evo product lines each accounting for approximately 5% of total revenue.
- We expect to exit 2020 with an adjusted EBITDA (non-GAAP) margin of 20% to 25%.
Challenges Ahead
- Gross margin for 2020 is expected to be in the range of 58% to 62%.
- Operating expenses for 2020 are expected to be in the range of $28 to $30 million, which includes $2.8 million of intangible asset amortization expense.
- Potential Impact of COVID-19 Coronavirus in the Seattle area.
- We believe we have sufficient inventory to meet previously forecasted biopreservation media demand for the next six to nine months.
- This is a dynamic situation, with an unknowable magnitude and duration.