Bothell-based BioLife Solutions announced preliminary revenue for the fourth quarter and full year 2014 on Monday. BioLife is a developer, manufacturer and marketer of proprietary clinical grade hypothermic storage and cryopreservation freeze media and precision thermal shipping products for cells and tissues.
Revenue during the fourth quarter of 2014 for the company was $1.8 million, including sales of our proprietary biopreservation media products, which grew to $1.5 million. This represents 21 percent growth during the same period in 2013. During the fourth quarter, the company also recorded $300,000 in revenue from contract manufacturing.
“2014 was a very strong year during which we experienced rapid acceleration of product adoption in the regenerative medicine space, especially by customers in the growing and exciting cellular immunotherapy space,” said BioLife President and CEO Mike Rice. “In 2014 we also transformed the company’s financial position, strengthening our balance sheet by successfully raising $15.4 million, which resulted in $13.6 in net proceeds, and eliminating all of our debt. This enabled us to uplist BioLife stock to the NASDAQ Capital Market. Finally, we formed our biologistex CCM joint venture with SAVSU Technologies to strengthen our products and services offering and our position as a premier tools provider to the biobanking, drug discovery, and regenerative medicine markets.”
For the year, the company recorded preliminary total revenue of $6.3 million, including $4.9 million in proprietary product revenue, which represents year over year growth of 25 percent. In 2014, the company also recorded $1.4 million in revenue from contract manufacturing customers.