Full Year 2012 Financial ResultsFor the full year ended December 31, 2012, the Company reported revenue of $5.7 million, compared to $2.8 million in 2011, an increase of 105%. This was the result of growth in the Company's core business segments and the addition of a contract manufacturing customer in the second quarter of 2012.
Gross margin was 40.5% for the year ended December 31, 2012, compared to 50.9% in 2011. The decrease is related primarily to the increase in contract manufacturing services revenue, which has a higher cost of sales, compared to core product sales. Additionally, gross margin declined due to additional personnel and other costs included in cost of goods sold related to the expansion of the Company's production operations.
Operating expenses increased for the year ended December 31, 2012 compared to 2011 due primarily to increased personnel costs during the year. BioLife expanded its team from 16 members at the end of 2011 to 28 members at the end of 2012, to meet growing demand for the Company's products and services. Team members were added to the production team, and direct and indirect sales teams in the period.
For the year ended December 31, 2012 BioLife reported a net loss of $1.7 million, an improvement over the $2.0 million net loss reported for 2011.
The fourth quarter of 2012 was the first quarter in the Company's history during which cash was generated by operating activities. Cash provided by operations was $0.9 million for the year ended December 31, 2012, a significant improvement over cash used by operations of $1.0 million in 2011.
Outlook for 2013In 2013, BioLife management expects revenue to be in the range of $6.5 million to $7.0 million. This increase will be 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 the
|SOURCE BioLife Solutions, Inc.|
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