Navigation Links
BioLife Solutions CEO Issues 2010 Corporate Update

BOTHELL, Wash., Jan. 10, 2011 /PRNewswire/ -- BioLife Solutions, Inc. (OTC Bulletin Board: BLFS) is issuing the following corporate update today by its Chairman and Chief Executive Officer Mike Rice, to summarize the continued progress the Company made in 2010 on a number of strategic growth initiatives.  


I am pleased to report preliminary record revenue of $575,000 for the fourth quarter of 2010, an increase of 10% over the third quarter of 2010, and 20% over the same quarter in 2009.  Preliminary revenue for the full year of 2010 was $2,081,391, an increase of 32% over 2009.  In 2010, we shipped 1,000 product revenue orders to 250 customers in 30 countries.  Awareness of the value of our proprietary GMP grade biopreservation media products continues to grow throughout the worldwide life sciences and clinical communities, as our products continue to displace competing "home-brew" formulations and commercial preservation media products.  

Revenue highlights of the fourth quarter and full year 2010 include:

Regenerative Medicine Market – Continued Product Adoption

  • The worldwide regenerative medicine market is comprised of nearly 1,000 commercial companies and hospitals, which are developing cell and tissue-based products and therapies to treat cancer, heart disease, diabetes, neurologic disorders, movement disorders and many other afflictions.
  • In 2010, our biopreservation media products were incorporated into the manufacturing and delivery processes of several new developmental stage regenerative medicine products.  We estimate that our products are incorporated into 40 – 50 regenerative medicine products currently in the pre-clinical or clinical trial stage of development.
  • 2010 revenue from this segment grew 34% from 2009, and accounted for about 31% of total 2010 revenue.  
  • Many regenerative medicine customers have the potential to generate in excess of $1 million of annual revenue for BioLife if regulatory approvals are obtained and the products are successfully commercialized.

  • Contract Manufacturing Services – A New Business and Revenue Stream

  • Preliminary contract manufacturing revenue for 2010 was about 10% of total revenue. This was a new customer type for the Company in 2010 as we began offering additional services that leverage our expertise and the capacity created by our investment in internal manufacturing.
  • In the fourth quarter we secured a long-term contract manufacturing relationship with a leading life sciences tools company, in which we will manufacture a private labeled cord blood stem cell freeze media product for our partner.  We estimate our partner has approximately 10% of the market for cord blood stem cell freeze media products.
  • We estimate that nearly all 2010 contract-manufactured products are intended for distribution to cord blood banks in the biobanking segment, and we expect continued growth in this segment in 2011.

  • Distributor Sales – Growth in Our Indirect Sales Channel

  • Revenue from our indirect distribution channel doubled from 2009 as our partners increased their order volume significantly in the fourth quarter and full year 2010.  Revenue from this channel was about 10% of total revenue.

  • In summary, 2010 was pivotal year in the Company's history and growth as we continued to build a recurring revenue base that can transform BioLife into a valuable enterprise and an attractive investment opportunity.  We remain focused on our financial priorities for the next 24 to 36 months, which include achieving positive cash flow and reducing our debt levels.  In 2011, we look to acquire additional customers in our strategic market segments including regenerative medicine, biobanking, and drug discovery, and also execute new contract manufacturing and distribution agreements.

    On behalf of BioLife Solutions, our team members and Board of Directors, I thank you for your continued confidence and support, and look forward to reporting on our progress in 2011.


    Mike Rice

    Chairman & Chief Executive Officer

    Safe Harbor Statement

    Statements contained in this press release that are not purely historical are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995.  In some cases, we use words such as "believes", "expects", "anticipates", "plans", "estimates", "could", and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements.  Actual results may differ materially from those indicated by these forward-looking statements.  Factors that may cause or contribute to such differences are identified in our most recent Annual Report on Form 10K under "Risk Factors", which is on file with the SEC and available at  In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date.  While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so except as may be legally necessary, even if our estimates should change.Media Relations:Investor Relations:Len Hall

    Matt ClawsonAllen & Caron Inc

    Allen & Caron Inc(949) 474-4300


    SOURCE BioLife Solutions, Inc.
    Copyright©2010 PR Newswire.
    All rights reserved

    Related biology technology :

    1. BioLife Solutions Credit Facility Increased to $9 Million
    2. BioLife Solutions HypoThermosol(R) Adopted by MicroIslet for Processing Pancreatic Islet Cells to Treat Diabetes
    3. BioLife Solutions Submits FDA Master File on HypoThermosol(R) Preservation and Storage Media for Cells, Tissues
    4. BioLife Solutions Granted European Biopreservation Patent
    5. BioLife Solutions Completes Safety Studies on HypoThermosol(R) and CryoStor(TM)
    6. BioLife Solutions Joins Prestigious Biomedical Excellence for Safer Transfusion Collaborative
    7. BioLife Solutions Launches BioPreservation Today(R) Industry Newsletter
    8. Improved Cryopreservation Outcomes in Potential $100B Tissue Engineering Market Enabled by BioLife Solutions CryoStor(TM)
    9. Rutgers University Cell and DNA Repository Adopts BioLife Solutions CryoStor(TM) as Standard Biopreservation Media
    10. BioLife Solutions Announces Validation and Start-Up of New Internal Manufacturing Facility for Serum-Free Cell and Tissue Biopreservation Media Products
    11. BioLife Solutions and STEMCELL Technologies Announce Worldwide Distribution Agreement
    Post Your Comments:
    (Date:12/1/2015)... ... December 01, 2015 , ... Matthew “Tex” VerMilyea, PhD, ... VerMilyea will oversee all IVF lab procedures as well as continue his ... , “We traveled 7,305 miles to Auckland, New Zealand to bring home a High ...
    (Date:11/30/2015)... (PRWEB) , ... November 30, 2015 , ... Global ... and development stages of a new closed system for isolating adipose-derived stem cells. The ... vascular fraction (SVF) of adipose tissue. SVF is a component of the lipoaspirate obtained ...
    (Date:11/30/2015)... radiology technique shows promise for helping morbidly obese patients lose ... presented today at the annual meeting of the Radiological Society ... --> --> Gastric artery embolization ... way to stop bleeding in emergency situations, but the idea ... is new. Mubin Syed , M.D., interventional radiologist ...
    (Date:11/30/2015)... 30, 2015  Culprits beware, a University at ... Jan Halámek, is taking crime scene fingerprint identification ...   -->   --> ... --> --> Halámek and ... a straightforward concept for identifying whether a culprit ...
    Breaking Biology Technology:
    (Date:10/29/2015)... Daon, a global leader in mobile biometric ... new version of its IdentityX Platform , IdentityX ... have already installed IdentityX v4.0 and are ... FIDO UAF certified server component as an option ... features. These customers include some of the largest and ...
    (Date:10/29/2015)... 29, 2015  Connected health pioneer, Joseph C. ... of technology-enabled health and wellness, and the business opportunities ... The Internet of Healthy Things . Long ... even existed, Dr. Kvedar, vice president, Connected Health, Partners ... delivery, moving care from the hospital or doctor,s office ...
    (Date:10/29/2015)... Oct. 29, 2015 Today, LifeBEAM ... partnership with 2XU, a global leader in technical ... smart hat with advanced bio-sensing technology. The hat ... to monitor key biometrics to improve overall training ... the two companies will bring together the most advanced ...
    Breaking Biology News(10 mins):