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BioLife Solutions Announces Record Revenue of $2.2 Million in First Quarter of 2013
Date:5/14/2013

customer was recognized as all future performance obligations associated with the previous license agreements were cancelled with the agreement signed in the first quarter of 2013.

Gross margin as a percentage of revenue decreased to 52.1% in the first quarter of 2013 compared to 58.6% for the same period in 2012 due primarily to the increase in contract manufacturing product sales, which has a higher cost of sales, compared to core product sales, offset by recognition of the license revenue during the quarter with no associated costs.

Operating expenses in the first quarter of 2013 were $0.9 million compared with $0.7 million in the first quarter of 2012. This increase was primarily attributable to additional personnel costs that commenced in the second quarter of 2012, higher corporate costs, higher depreciation and rent costs related to the new facility, and higher office-related expenses.

For the first quarter of 2013, the Company reported operating income of $0.2 million compared to operating loss of $0.2 million in the first quarter of 2012. Net loss was $(7,176), or $(0.00) per share for the first quarter of 2013, compared to a loss of $0.3 million or $(0.00) per share in the first quarter of 2012.

Outlook for 2013The Company continues to expect the following 2013 results:

  • Revenue in the range of $6.5 million to $7.0 million, driven by continued increases in sales to existing core product and contract manufacturing customers, the addition of new customers in the regenerative medicine market as customers continue to move their cell and tissue-based therapies and products through the clinical trial and regulatory approval processes, and continued focus on sales through existing distribution network. The Company does not anticipate additional licensing transactions similar to that concluded in the first quarter.
  • Gross margin as a percentage of revenue of approximately 38% - 41% in 2013, with fluctuation occurring
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  • SOURCE BioLife Solutions, Inc.
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