BOTHELL, Wash., Jan. 10, 2012 /PRNewswire/ -- BioLife Solutions Inc. (OTCBB: BLFS), a leading developer, manufacturer, and marketer of proprietary hypothermic storage and cryopreservation freeze media for cells and tissues, today announced preliminary record revenue for the fourth quarter and full calendar year 2011. Highlights include:
- Sixth consecutive quarter of record revenue
- Preliminary fourth quarter revenue of $809,000, up 13% over the third quarter and 41% over the same period in 2010
- Unaudited full year 2011 revenue of $2.8 million, an increase of 33% over 2010
- Distributor sales for the full year accounted for 20% of total revenue, up from 10% in 2010
- Revenue shipments to the regenerative medicine segment increased 50% over 2010
- Executed a new contract manufacturing agreement with profitable public life sciences company
Mike Rice, BioLife Chief Executive Officer, commented on the continued strong growth in revenue, "2011 was a very solid year for BioLife as we continued to execute our growth strategies. We have created a strong recurring revenue stream from an expanding foundation of customers in the biobanking, drug discovery and regenerative medicine markets. We have also secured, and continue to pursue, new contract manufacturing business opportunities to leverage our facilities, capacity and expertise. And in the fourth quarter of 2011, we executed non-exclusive agreements with several new distributors. All of these accomplishments should result in continued revenue growth in 2012."
Rice added, "BioLife's flagship products, CryoStor® and HypoThermosol,® continued to displace home-brew biopreservation media formulations as customers increasingly recognize extended stability and improved post-preservation cell and tissue viability enabled by the Company's proprietary technology.
"Both our present and new customers are incorporating our cGMP, serum-free biopreservation media products into their research and production processes," Rice added. "Our performance continues to demonstrate our commitment to growth, and our ability to reduce our operating losses as we strive to reach and sustain profitability."
BioLife Solutions will be exhibiting and presenting at the Phacilitate Cell & Gene Therapy Forum 2012, January 30th – February 1st in Washington, DC.
About BioLife Solutions
BioLife Solutions develops, manufactures and markets patented hypothermic storage and cryopreservation solutions for cells, tissues, and organs. The Company's proprietary HypoThermosol® and CryoStor® platform of solutions are marketed to academic and commercial organizations involved in cell therapy, tissue engineering, cord blood banking, drug discovery, and toxicology testing. BioLife's products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced, delayed-onset cell damage and death. BioLife's enabling technology provides academic and clinical researchers significant improvements in post-thaw cell, tissue, and organ viability and function. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.
This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements that relate to the intent, belief, plans or expectations of the Company or its management, or that are not a statement of historical fact. Any forward-looking statements in this news release are based on current expectations and beliefs and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Some of the specific factors that could cause BioLife Solutions' actual results to differ materially are discussed in the Company's recent filings with the Securities and Exchange Commission. BioLife Solutions disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
SOURCE BioLife Solutions, Inc.