Third Quarter 2012 Financial ResultsTotal revenue for the third quarter of 2012 was $1.7 million, compared to $0.7 million in the same period of 2011. The increase of 135% from 2011 to 2012 was due primarily to contract manufacturing revenue and higher sales to customers in the cell and tissue banking and regenerative medicine market segments.
Gross margin in the quarter was 35.4% compared to 51.7% in the same quarter last year. The reduction in gross margin was attributable to higher cost of sales on contract manufacturing revenue and higher personnel and other costs included in cost of goods sold related to the expansion of the Company's facilities and production capacity.
Operating expenses in the third quarter were $744,000 compared with $655,000 in the third quarter of 2011 primarily attributable to increases related to strategic hires in all departments, partially offset by lower legal costs.
Other income/expense is primarily related to interest expense on the Company's notes payable.
For the third quarter, the Company reported a net loss of $352,000, or $(0.01) per share, a significant improvement over the third quarter of 2011 net loss of $479,000, or $(0.01) per share. Loss from operations in the quarter also improved to $149,000, compared to the $285,000 loss from operations in the third quarter of 2011.
Outlook for 2012Management is increasing its revenue guidance to $5.0 million for the full year 2012, based on the expectation of higher sales to its contract-manufacturing customers. The Company also expects steady increases in revenue from existing and new customers in the regenerative medicine market segment, as wel
|SOURCE BioLife Solutions, Inc.|
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