On May 1, 2020 BioLife Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of a portfolio of best-in-class bioproduction tools for cell and gene therapies, reported preliminary revenue for the first quarter of 2020 (Press release, BioLife Solutions, MAY 1, 2020, View Source [SID1234556923]).
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Preliminary (unaudited) Q1 2020 Revenue
Total revenue for the first quarter of 2020 was $12.1 million, a 110% increase over the first quarter of 2019 and a 46% sequential increase over the fourth quarter of 2019. Revenue growth was driven by significantly higher demand for biopreservation media, which accounted for approximately 72% of total revenue. Sales of BioLife’s ThawSTAR, evo and Custom Biogenic Systems freezer products accounted for the balance of revenue and were in line with management’s expectations.
Mike Rice, BioLife’s CEO, remarked, "As reported by other high-value bioproduction tools suppliers across the advanced therapeutics supply chain, we experienced increased demand during the first quarter as numerous customers placed replenishment and safety stock orders to ensure their clinical development programs could continue unabated during the COVID-19 pandemic."
Withdrawal of 2020 Guidance
Due to uncertainty regarding the impact of COVID-19 on BioLife and its customers, BioLife is withdrawing financial guidance for 2020. Management will be monitoring order flow and customer forecasts throughout the year and will provide additional detail on its business and outlook during the first quarter conference call.
Q1 2020 Earnings Call Date
The Company will announce first quarter 2020 financial results after market close on Thursday, May 14, 2020 and will host a conference call and live webcast at 4:30 p.m. ET (1:30 p.m. PT) that afternoon. Management will provide an overview of the Company’s financial results and a general business update.
To access the webcast, log onto the Investor Relations page of the BioLife Solutions website at View Sourceearnings." target="_blank" title="View Sourceearnings." rel="nofollow">View Source Alternatively, you may access the live conference call by dialing (844) 825-0512 (U.S. & Canada) or (315) 625-6880 (International) with the following Conference ID: 2085346. A webcast replay will be available approximately two hours after the call and will be archived on View Source for 90 days.