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
Contract Manufacturing Services – A New Business and Revenue Stream
Distributor Sales – Growth in Our Indirect Sales Channel
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.
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 www.EDGAR.com. 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.|
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