Bothell-based BioLife Solutions, Inc. announced financial results for the third quarter of 2014 on Nov. 6.
“In the third quarter we continued to execute on driving continued adoption of our proprietary clinical grade biopreservation media products and investing to build out the infrastructure for biologistex, the cold chain management services joint venture we formed with SAVSU Technologies,” BioLife’s President and CEO Mike Rice said. “This is a very exciting phase in BioLife’s corporate development. We look forward to leveraging the strong franchise we have built in the regenerative medicine market with sales of our complementary biologistex offering. Yield, stability, and quality of biologics are critical determinants of efficacy and commercialization success for our customers and it’s rewarding to see our key markets realize this and recognize the value our products and services provide.”
Third quarter 2014 financial highlights:
• For the third quarter of 2014, core product revenue was $1.2 million, an increase of 24 percent over the third quarter of 2013 and 15 percent over the second quarter of 2014, driven by increased direct sales to the regenerative medicine and drug discovery markets and growth in sales to distributors.
• Core product revenue was $3.5 million for the nine months ended Sept. 30 an increase of 27 percent over the same period in 2013. Total revenue for the third quarter of 2014 decreased 43 percent compared to the third quarter of 2013 due to the cancellation of a contract manufacturing services agreement with an organ preservation company.
• Gross margin for the quarter ended Sept. 30 was 47.3 percent, compared to 41 percent in the same period in 2013, and 45 percent in the second quarter of 2014 driven by the shift in mix toward the Company’s more profitable core products in 2014.
• Net loss for the third quarter of 2014 was $900,000, compared to a loss of $300,000 in the third quarter of 2013 and $900,000 in the second quarter of 2014. The increase in the loss from the same period in 2013 is primarily the result of the reduction in contract manufacturing revenue and increased expenditures in sales and marketing and G&Arelated to the formation of the biologistex CCM, LLC joint venture.