Investor Presentation Acquisition of: March 2022 NASDAQ : BLFS 1 BioLife Solutions Investor Presentation : March 2022 NASDAQ: BLFS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2021 was $37 million, representing a 153% increase year-over-year and a 10% sequential increase [9][26] - Organic revenue growth in Q4 was 64% year-over-year, driven by biopreservation media revenue growth of 64% [9][26] - Adjusted gross margin for Q4 2021 was 18%, down from 54% in Q4 2020, primarily due to unusual costs related to the Stirling product line [31][32] - For the full year 2021, total revenue was $119.2 million, a 148% increase over 2020, with organic revenue growth of 37% [28][29] Business Line Data and Key Metrics Changes - Cell processing platform revenue in Q4 was $14.8 million, up 81% year-over-year, with organic growth of 64% [27] - Freezers and Thaw systems platform revenue was $16.6 million, up 285% year-over-year, with organic growth of 13% [27] - Storage and storage services platform revenue was $5.9 million, up 164% year-over-year, with organic growth of 164% [28] Market Data and Key Metrics Changes - COVID-19 related revenue accounted for approximately 15% of total revenue in Q4 2021 and 15% for the full year 2021 [27][29] - The company gained at least 235 new customers in Q4 2021, compared to 213 in all of 2020, and 700 new direct customers for the full year [12][28] Company Strategy and Development Direction - The company is focused on cross-selling to capture revenue synergies, with 46 customers purchasing additional portfolio solutions in 2021 [14] - The company aims to improve gross margins through operational overhead leverage and increased average selling prices [33][48] - The company is committed to defining class-leading products through innovation and has a robust product development roadmap for the evo platform [25][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand for bioproduction tools and services, particularly in cell and gene therapy [50] - The company anticipates a positive impact on margins throughout 2022 due to various improvement initiatives [33][39] - Management noted that operational issues related to the Stirling product line have been identified and are being addressed [48][104] Other Important Information - The company expects total revenue for 2022 to be in the range of $159.5 million to $171 million, reflecting year-over-year growth of 34% to 44% [39] - The adjusted operating loss for Q4 2021 was $13.2 million, compared to an operating loss of $255,000 in Q4 2020 [36] Q&A Session Summary Question: Can you frame expectations for the margins in Q1 or the first half versus the second half? - Management does not provide specific margin guidance but expects overall gross margin to improve throughout 2022 [54][55] Question: Is there a backlog building in the Stirling segment? - There is a backlog building, but it is not quantified [57] Question: What are the significant factors impacting operating income? - The significant factor impacting operating income is the Stirling product line [60] Question: What contributed to the increase in customer count? - The increase in customer count is attributed to the integrated freezer sales team and heightened brand awareness [61] Question: Can you comment on the durability of COVID-related revenues? - The durability of COVID-related revenues depends on specific contracts and customer renewals [74] Question: What are the competitive advantages of the evo system? - The evo platform is differentiated by its thermal hold time and patented features that reduce risk for customers [86][89]

Investor Presentation Acquisition of: November 2021 NASDAQ : BLFS 1 BioLife Solutions Investor Presentation : November 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...

Business Operations - The company develops, manufactures, and markets bioproduction tools and services for the cell and gene therapy industry, focusing on improving quality and reducing risks in biologic manufacturing and delivery [205]. - The proprietary biopreservation media products, HypoThermosol® FRS and CryoStor®, have been incorporated in over 525 customer clinical applications, significantly extending shelf-life and improving post-thaw viability [209][212]. - The company acquired Sexton Biotechnologies in September 2021, enhancing its portfolio with human platelet lysates and automated cell-processing machines [217]. - In May 2021, the company acquired Global Cooling, which manufactures ultra-low temperature freezers that are energy efficient, using as little as 2.8 kWh/day at -80°C [218]. - The company operates five storage facilities in the USA and one in the Netherlands, providing biological and pharmaceutical storage services [225]. - The evo platform, acquired from SAVSU Technologies, allows real-time tracking of biologic products, enhancing cold chain management for cell and gene therapies [227]. - The company utilizes partnerships with established couriers to market its evo platform, reducing the need for cash to build specialized facilities globally [228]. - The company continues to capitalize on opportunities for organic growth innovations and acquisitions to maximize the value of its product platform [206]. Financial Performance - Total bioproduction tools and services revenue for Q3 2021 was $33.8 million, a 200% increase from $11.3 million in Q3 2020 [231]. - Freezer and thaw product revenue increased by $14.2 million (422%) in Q3 2021 compared to Q3 2020, driven by the acquisition of Global Cooling [236]. - Cell processing product revenue rose by $4.1 million (55%) in Q3 2021 compared to Q3 2020, supported by higher selling prices and customer adoption in the CGT market [235]. - Service revenue for Q3 2021 was $2.3 million, with no service revenue reported in Q3 2020, attributed to the acquisition of SciSafe [237]. - Total revenue for the nine months ended September 30, 2021, was $81.85 million, a 145% increase from $33.36 million in the same period of 2020 [234]. Expenses and Cash Flow - Total operating expenses for Q3 2021 were $44.96 million, a 259% increase from $12.53 million in Q3 2020, primarily due to acquisitions [239]. - Research and development expenses increased by $1.5 million (87%) in Q3 2021 compared to Q3 2020, driven by acquisitions and increased headcount [243]. - Cost of revenue as a percentage of total revenue was 74% for Q3 2021, up from 43% in Q3 2020, reflecting lower margin product lines from acquisitions [241]. - Net cash used by operating activities was $3.82 million for the nine months ended September 30, 2021, compared to net cash provided of $4.39 million in the same period of 2020, reflecting an increase in cash used of $8.2 million [259]. - Net cash used by investing activities totaled $10.65 million during the nine months ended September 30, 2021, compared to $2.66 million in the same period of 2020, indicating a $7.99 million increase due to equipment purchases [260]. - Net cash used by financing activities was $673,000 for the nine months ended September 30, 2021, a decrease of $101.48 million compared to net cash provided of $100.8 million in the same period of 2020 [261]. - As of September 30, 2021, the company had $75.1 million in cash and cash equivalents, down from $90.4 million at the end of 2020 [257]. - The company may consider raising additional capital through debt or equity financing to pursue strategic investment opportunities [257]. Other Income and Gains - Total other income for the three months ended September 30, 2021 was $6.25 million, a significant increase of 5,431% compared to $113,000 in the same period of 2020 [255]. - The gain on acquisition of Sexton Biotechnologies, Inc. contributed $6.45 million to other income in the three months ended September 30, 2021 [256]. - The change in fair value of warrant liability resulted in a non-cash gain of $4.5 million during the nine months ended September 30, 2020 [255]. - The company experienced a 1,592% increase in interest expense, net, for the three months ended September 30, 2021, totaling $(194,000) compared to $13,000 in the same period of 2020 [255]. Contractual Obligations - There were no significant changes to contractual obligations as of September 30, 2021 compared to previous disclosures [263].

Financial Data and Key Metrics Changes - The company reported Q3 2021 revenue of nearly $34 million, representing a 200% increase compared to Q3 2020 and an 8% increase over Q2 2021 [7][18] - Organic revenue growth was 37% year-over-year, driven by a nearly 50% increase in bio-preservation media revenue [8][18] - Adjusted gross margin for Q3 2021 was 28%, down from 57% in the previous year, primarily due to unusual cost of sales charges [19][20] - Adjusted operating loss for Q3 2021 was $8.1 million compared to a loss of $359,000 in Q3 2020 [21] Business Line Data and Key Metrics Changes - Revenue from the Cell Processing platform for Q3 2021 was $11.5 million, including bio-preservation media revenue [18] - Revenue from the Freezers and Thaw Systems platform was $17.6 million [18] - Storage and Cold Chain Services revenue for Q3 2021 was $4.7 million [18] - The company gained 213 new customers across its three product and service platforms in Q3 2021 [8] Market Data and Key Metrics Changes - The company gained nearly 500 new customers in the first nine months of 2021, with expectations for higher counts post-year-end [9] - The company is experiencing strong demand across all platforms, particularly in the cell and gene therapy market [24] Company Strategy and Development Direction - The company aims to capture revenue synergies through cross-selling its portfolio solutions [9][10] - Plans for expanding storage services include opening additional facilities in strategic locations [13] - The company is focused on integrating its acquisitions and improving gross margins [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong demand for bioproduction tools and services, anticipating significant growth in the cell and gene therapy industry [24] - Operational challenges faced in Q3 are viewed as typical for a growing company and are being addressed [24] Other Important Information - The company expects total revenue for 2021 to be in the range of $115 million to $119 million, reflecting year-over-year growth of 139% to 147% [22] - The company has a cash balance of $75.1 million as of September 30, 2021 [22] Q&A Session Summary Question: Supply chain disruption details - Management indicated that the supply chain issues were related to a vendor transition, which has caused unexpected surcharges and inconsistent delivery [27][28] Question: Q4 revenue outlook - Management noted strong demand across platforms and success in both acquiring new customers and expanding existing accounts [30][31] Question: Customer base expansion and cross-selling - Management confirmed that all new customers were de novo and emphasized the importance of cross-selling opportunities [64][35] Question: Impact of operational issues on customer relationships - Management acknowledged that operational issues could affect customer experiences but emphasized their focus on improving service quality [38] Question: Demand for freezers - Management reported strong demand across various segments, including cell and gene therapy and broader biopharma markets [40] Question: SciSafe facility expansion - Management confirmed the opening of five facilities and plans for future expansion based on biotech clusters [42] Question: Gross margin normalization - Management indicated that normalized gross margins are expected to be in the range of 40% to 42%, with a goal of exceeding 50% in the next few years [69][70]

Business Overview - The company develops and markets bioproduction tools and services for the cell and gene therapy industry, focusing on improving quality and reducing risks in biologic manufacturing and delivery [180]. - Proprietary biopreservation media products, HypoThermosol® FRS and CryoStor®, have been incorporated in over 500 customer clinical applications, significantly extending shelf-life and improving post-thaw viability [185][188]. - The proprietary biopreservation media products are fully defined, serum-free, and protein-free, manufactured under current Good Manufacturing Practices (cGMP) [187]. - The company continues to capitalize on opportunities for growth through both organic innovations and strategic acquisitions in the bioproduction sector [181]. Financial Performance - Total revenue for the three months ended June 30, 2021, was $31.2 million, a 215% increase compared to $9.9 million in 2020 [206]. - Product revenue for the three months ended June 30, 2021, was $27.5 million, representing an increase of $18.0 million, or 189%, compared to 2020 [207]. - Revenue from cell processing products increased by $3.0 million, or 45%, for the three months ended June 30, 2021, compared to the same period in 2020 [208]. - Revenue from freezer and thaw products increased by $15.0 million, or 530%, for the three months ended June 30, 2021, compared to the same period in 2020 [209]. Operating Expenses - Total operating expenses for the three months ended June 30, 2021, were $35.8 million, a 262% increase compared to $9.9 million in 2020 [215]. - Research and development expenses increased by $1.6 million, or 106%, for the three months ended June 30, 2021, compared to the same period in 2020 [218]. - Sales and marketing expenses increased by $1.8 million, or 130%, for the three months ended June 30, 2021, compared to the same period in 2020 [221]. - General and administrative expenses increased by $3.9 million, or 118%, for the three months ended June 30, 2021, compared to the same period in 2020 [224]. - Cost of revenue as a percentage of revenue was 59% for the three months ended June 30, 2021, compared to 45% for the same period in 2020 [216]. Cash Flow and Capital - As of June 30, 2021, the company had $76.2 million in cash and cash equivalents, down from $90.4 million on December 31, 2020 [232]. - Net cash used by operating activities was $5.9 million for the six months ended June 30, 2021, compared to a net cash provided of $4.9 million for the same period in 2020, reflecting a change of $10.8 million [235]. - Net cash used in investing activities increased to $8.6 million during the six months ended June 30, 2021, from $1.7 million in the same period of 2020, indicating a rise of $6.9 million [236]. - Net cash provided by financing activities totaled $385,000 for the six months ended June 30, 2021, a significant decrease from $20.2 million in the same period of 2020, reflecting a change of $19.8 million [237]. - The company may consider raising additional capital through debt or equity financing to pursue acquisition or strategic investment opportunities [232]. Acquisitions and Infrastructure - In May 2021, the company acquired Global Cooling, Inc., enhancing its portfolio with ultra-low temperature freezers that are energy efficient, using as little as 2.8 kWh/day at -80°C [193]. - The acquisition of SciSafe Holdings, Inc. in October 2020 expanded the company's capabilities in biological and pharmaceutical storage and cold chain logistics [199]. - The company operates five storage facilities in the USA and one in the Netherlands, providing biological and pharmaceutical storage services [200]. - The evo platform, developed through the acquisition of SAVSU Technologies, allows real-time tracking of biologic products, enhancing cold chain management for cell and gene therapies [201]. Partnerships and Market Strategy - The company utilizes partnerships with established couriers to scale sales and marketing efforts, reducing the need for specialized facilities globally [203]. - The company expects R&D expenses to increase as it continues to expand and refine product lines acquired in recent years [219]. Contractual Obligations - There were no off-balance sheet arrangements as of June 30, 2021 [238]. - The company did not report any significant changes to its contractual obligations in the three and six months ended June 30, 2021 [239].

Financial Data and Key Metrics Changes - Revenue for Q2 2021 totaled $31.2 million, representing a 215% increase over Q2 2020 revenue of $9.9 million [20] - Organic revenue growth for Q2 was 49%, driven by biopreservation media revenue of $9.7 million, which was up 45% over Q2 2020 [20] - Adjusted gross margin for Q2 2021 was 43% compared to 57% in the previous year [22] - Adjusted operating income for Q2 2021 was $65,000 compared to an operating loss of $510,000 in the previous year [25] - Adjusted EBITDA for Q2 2021 increased 208% to $3.7 million compared to $1.2 million in Q2 2020 [25] Business Line Data and Key Metrics Changes - Biopreservation media revenue for Q2 was $9.7 million, up 45% year-over-year [20] - Revenue from Freezers and Thaw Systems for Q2 was $17.6 million, including a contribution from Stirling of $13.3 million [21] - Revenue from Storage and Cold Chain Services for Q2 was $3.9 million, inclusive of a $3.1 million contribution from SciSafe [21] Market Data and Key Metrics Changes - The company gained nearly 200 new customers across its three product and service platforms in Q2, compared to 80 new customers in Q1 [7] - The biopreservation media products have been incorporated into more than 500 customer clinical applications [9] - The company processed nearly 1,000 shipments of critical starting material and/or manufactured cell and gene therapies for about 140 new end customers in Q2 [12] Company Strategy and Development Direction - The acquisition of Sexton Biotechnologies is expected to enhance growth, with products embedded in over 50 cell and gene therapy clinical trials [14] - The company aims to leverage synergies from the acquisition to expand into underrepresented geographies [17] - The company is targeting a mid-term gross margin of over 50% and aims for $250 million in revenue with an adjusted EBITDA margin of over 30% in the next three to four years [31] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand across all platforms, with expectations for continued momentum into Q3 [31] - The company anticipates full-year 2021 media growth in the mid to high 20% range [21] - Management expressed optimism about the future of the cell and gene therapy market and the company's positioning within it [62] Other Important Information - The company expects total revenue for 2021 to be in the range of $108 million to $117 million, reflecting year-over-year growth of 125% to 143% [29] - The acquisition of Sexton is valued at $30 million, expected to contribute $2 million to revenue in Q3 and Q4, and $8 million in 2022 [27] Q&A Session Summary Question: How did evo perform in Q2 and expectations for future revenues? - Management noted strong momentum in the adoption of the evo platform and expects significant contributions from new courier partnerships [34][35] Question: Can you discuss the synergies between cryopreservation media and Sexton's products? - Management indicated that the same users and decision-makers are involved, enhancing workflow efficiency and customer engagement [37][38] Question: What are the drivers of new customer wins in Q2? - Management highlighted increased activity in the cell and gene therapy space and leveraging existing media customers to expand sales [42] Question: Were there any one-time orders that impacted Q2 results? - Management acknowledged backlog at Stirling contributed to the quarter's performance but maintained guidance stability for the second half of the year [46] Question: What is the impact of COVID on demand? - Management indicated that approximately 10% to 15% of current demand is related to COVID, with signs of recovery in certain end markets [49] Question: What is the status of the Stirling manufacturing efficiency roadmap? - Management discussed plans for margin expansion through increased revenue leverage and cost savings from new product introductions [74]

Revenue Performance - Revenue for the three months ended March 31, 2021, was $16.8 million, an increase of $4.7 million, or 39%, compared to the same period in 2020[175]. - Product revenue from biopreservation media products increased by $255,000, or 3%, in the three months ended March 31, 2021, compared to the same period in 2020[176]. - The company expects continued revenue diversification following the acquisition of SciSafe in Q4 2020 and the launch of new products[176]. - The company estimates that annual revenue from each customer commercial application using its products could range from $500,000 to $2.0 million[160]. Cost and Expenses - Cost of revenue increased by $3.0 million, or 65%, in the three months ended March 31, 2021, compared to the same period in 2020, primarily due to increased revenues from lower margin product lines[177]. - Cost of revenue as a percentage of revenue increased to 45% for the three months ended March 31, 2021, compared to 38% in the same period of 2020, due to lower margin product lines acquired in previous years[178]. - Research and development (R&D) expenses rose by $324,000, or 19%, to $1.987 million for the three months ended March 31, 2021, primarily driven by increased headcount and R&D material usage[179]. - Sales and marketing (S&M) expenses increased by $445,000, or 28%, to $2.021 million for the three months ended March 31, 2021, reflecting costs related to the SciSafe acquisition and increased commission expenses[184]. - General and administrative (G&A) expenses surged by $1.7 million, or 54%, to $4.830 million for the three months ended March 31, 2021, due to the assumption of G&A expenses from the SciSafe acquisition and infrastructure buildout[186]. - Total operating expenses increased by $6.036 million, or 51%, to $17.828 million for the three months ended March 31, 2021[181]. Cash Flow and Liquidity - Net cash provided by operating activities was $1.8 million for the three months ended March 31, 2021, compared to $687,000 in the same period of 2020, attributed to improved working capital management[196]. - Net cash used in investing activities totaled $4.4 million for the three months ended March 31, 2021, up from $1.2 million in the same period of 2020, primarily for equipment purchases[197]. - The company had $89.0 million in cash and cash equivalents as of March 31, 2021, down from $90.4 million at the end of 2020, indicating stable liquidity[194]. Strategic Initiatives - The company operates five storage facilities in the USA and one facility in the Netherlands, enhancing its logistics capabilities[170]. - The acquisition of Astero Bio Corporation in April 2019 expanded the company's bioprocessing tools portfolio, diversifying revenue streams[162]. - The evo platform, acquired from SAVSU Technologies, allows for real-time tracking of biologic products, improving cold chain management[163]. - The company has a diversified portfolio of biopreservation tools and services, focusing on improving quality and reducing risks in biologic manufacturing[152]. - The company continues to capitalize on opportunities for organic growth innovations and acquisitions to maximize the value of its product platform[152]. - The company expects R&D and G&A expenses to continue increasing as it expands and supports its growth strategy[180][187]. Other Financial Metrics - Total other income and expenses for the three months ended March 31, 2021, resulted in a loss of $137,000, a significant decrease from a gain of $21.938 million in the same period of 2020[191].

Financial Data and Key Metrics Changes - The company reported record revenue of nearly $17 million for Q1 2021, representing a 40% increase compared to Q1 2020 [7] - Total revenue for Q1 was $16.8 million, a 39% increase from $12.2 million in Q1 2020, and a 14% increase sequentially [21][26] - Adjusted gross margin for Q1 2021 was 55%, down from 64% in the same period last year, primarily due to the lower margin profile of acquired product lines [24] - Adjusted net income for Q1 2021 was $478,000 or $0.01 per share, compared to $1.4 million or $0.06 per diluted share in Q1 2020 [25] Business Line Data and Key Metrics Changes - Media revenue reached nearly $9 million, a 3% increase year-over-year, with a normalized growth rate of approximately 25% after accounting for COVID-related demand pull forward [9][22] - Revenue from the freezer and thaw platform totaled $4.8 million, a 59% increase compared to 2020, driven by strong freezer sales [12][23] - Bio storage platform revenue was $3.1 million, significantly up from $438,000 in Q1 2020, primarily due to the acquisition of SciSafe [23] Market Data and Key Metrics Changes - The company gained 80 new customers in Q1 2021, compared to 213 new customers for the entire year of 2020 [7] - The Sterling ultra-cold business added 29 new customers during the quarter, totaling over 450 ultra-low temperature freezer systems globally [14] Company Strategy and Development Direction - The company is focused on M&A activity to accelerate growth and solidify its position as a leading supplier of bioproduction tools and services [13] - The integration of Sterling ultra-cold is expected to create revenue and cost synergies, with a focus on cross-selling products and expanding distribution networks [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong 2021, citing a strong start in Q1 and positive customer demand for products and services [28] - The company increased its full-year 2021 revenue guidance to $106 million to $115 million, up from the previous guidance of $101 million to $110 million [26][27] Other Important Information - The company has streamlined its revenue reporting into three categories: media, freezer and thaw platform, and bio storage platform [21] - The cash balance as of March 31, 2021, was $89 million, including shares issued to Sterling shareholders [26] Q&A Session Summary Question: How differentiated is the ultra-low temperature technology and how difficult is it for competitors to enter this space? - Management highlighted that the technology is well protected by patents, making it challenging for competitors to establish themselves in the market [30][33] Question: What is driving the upside in Sterling revenue guidance? - The increase is attributed to continued strong demand observed in Q2 compared to earlier guidance [34] Question: Is media growth driven by new customers or existing customers increasing utilization? - The growth is attributed to both new customer acquisition and existing customers progressing through clinical trials [35] Question: Can you confirm the sequential growth in the services segment? - There was some sequential growth in the evo side, but the bulk of the increase came from biostorage revenue from SciSafe [39] Question: What percentage of sales do you expect from CDMOs in the future? - Management expects to replicate the success with CDMOs like Catalent, which currently represents a significant portion of media revenue [88]

Acquisitions - BioLife completed the acquisition of Astero Bio Corporation for a total of $12.5 million, including an initial cash payment of $8.0 million and potential earnout payments of up to $3.5 million based on revenue targets[180]. - The fair value of the net tangible assets acquired from Astero is approximately $324,000, with identifiable intangibles valued at $4.1 million and residual goodwill of $9.5 million[182]. - BioLife acquired SAVSU Technologies, Inc. for $19.9 million, paying 1,100,000 shares of common stock based on a share price of $18.12 at the time of acquisition[185]. - The fair value of the net tangible assets acquired from SAVSU is $4.2 million, with identifiable intangibles at $12.2 million and residual goodwill of $19.5 million[186]. - The CBS Acquisition involved a base payment of $15.0 million, including a cash payment of $11.0 million and shares valued at $4.0 million[188]. - The fair value of the net tangible assets acquired from CBS is $6.0 million, with identifiable intangibles at $6.8 million and residual goodwill of $3.1 million[189]. - BioLife acquired SciSafe Holdings, Inc. for a total consideration of $15 million in cash and 611,683 shares of common stock valued at $29.29 per share[191]. - The fair value of the net tangible assets acquired from SciSafe is $2.8 million, with intangible assets valued at $12.1 million and residual goodwill of $24.9 million[192]. - The company acquired 100% of SciSafe, Inc. for approximately $36.5 million, including $3.7 million in contingent consideration, resulting in $12.1 million of identifiable intangible assets and $24.9 million of goodwill[279]. Financial Performance - Total revenue for 2020 was $48.1 million, a 76% increase from $27.4 million in 2019[213]. - Biopreservation media product revenue increased by $7.6 million, or 32%, in 2020 compared to 2019[213]. - Total operating expenses for 2020 were $53.7 million, up 94% from $27.6 million in 2019[215]. - Research and development expenses rose by $3.6 million, or 112%, in 2020 compared to 2019[218]. - General and administrative expenses increased by $5.7 million, or 64%, in 2020 compared to 2019[223]. - Operating loss for 2020 was $(5.6) million, compared to a loss of $(0.2) million in 2019[291]. - The company reported a net income of $2.7 million for 2020, a significant improvement from a net loss of $(1.7) million in 2019[291]. - Basic earnings per share for 2020 was $0.09, compared to a loss of $(0.09) per share in 2019[291]. - Total revenue, including product, rental, and service revenue, reached $48.1 million in 2020, up from $27.4 million in 2019, marking a 75% increase[291]. - Product revenue for 2020 was $44.5 million, a 66% increase from $26.8 million in 2019[291]. - The company generated $6.6 million from operating activities in 2020, compared to $1.2 million in 2019[242]. - Cash and cash equivalents at the end of 2020 were $90.4 million, compared to $6.4 million at the end of 2019[237]. - Total cash provided by operating activities for the year ended December 31, 2020, was $6,645,000, compared to a cash outflow of $142,000 for the year ended December 31, 2019[299]. - Total assets increased to $234.8 million as of December 31, 2020, compared to $92.8 million in 2019, representing a growth of 153%[287]. - Total liabilities decreased to $29.6 million in 2020 from $49.4 million in 2019, a reduction of 40%[287]. - Shareholders' equity rose to $205.2 million in 2020, compared to $43.5 million in 2019, indicating strong financial health[287]. Revenue Recognition and Accounting Policies - Revenue is recognized when control of products or services is transferred to customers, with no significant financing components in contracts for the year ended December 31, 2020[194]. - The company generates revenue from leasing evo cold chain systems, accounting for rental transactions as operating leases and recording rental revenue on a straight-line basis[194]. - The company recognizes product revenue upon transfer of control to the customer, which occurs at a point in time[195]. - Cost of product, rental, and service revenue as a percentage of revenue was 43% in 2020, up from 32% in 2019[217]. - The company values biopreservation media inventory at cost or net realizable value, using the specific identification method[196]. - The fair value of contingent consideration is remeasured each reporting period, with changes recorded in the consolidated statements of operations[203]. - The company tests goodwill for impairment annually, concluding that goodwill was not impaired as of December 31, 2020[202]. - Intangible assets are recorded at fair value and amortized over their estimated useful lives, with no adverse conditions indicating impairment as of December 31, 2020[365]. - The company established an allowance for doubtful accounts based on the collectability of specific customer accounts, with no specific figures provided in the documents[332]. Future Outlook and Strategic Plans - The company focuses on expanding its market presence through strategic acquisitions and innovations in bioproduction tools and services for the cell and gene therapy industry[178]. - The company expects R&D and sales and marketing expenses to increase as it expands its product lines[219][221]. - The company expects operating expenses to increase in the year ending December 31, 2021, as it continues to expand its cell and gene therapy tools business[253]. - The company plans to actively evaluate strategic transactions, including acquiring complementary products and technologies, which may require additional financing[255]. - The company anticipates increased demand for biological material storage as COVID-19 restrictions are reduced[249]. - The company has successfully mitigated supply chain problems despite the challenges posed by the COVID-19 pandemic[249]. - Future capital requirements will depend on the expansion of the cell and gene therapy tools and services business and the success of research and development activities[252]. - The company expects no material impact from the adoption of ASU 2019-12 on its consolidated financial statements due to a full valuation allowance on net deferred tax assets[370]. Cash Flow and Financing Activities - In 2020, the company used $24.7 million in cash for investing activities, including $15.0 million for the SciSafe acquisition and $7.8 million for capital expenditures[244]. - Cash provided by financing activities in 2020 was $102.1 million, primarily from the sale of common shares totaling $100.3 million[247]. - The company experienced a net cash used in investing activities of $24,715,000 in 2020, compared to $27,018,000 in 2019, indicating a reduction in cash outflows[299]. - The company received $2,175,320 from the Paycheck Protection Program (PPP) but repaid the loan on April 29, 2020, following changes in guidelines[324]. - As of December 31, 2020, the company had deferred social security tax payments amounting to $432,000, with plans to repay 50% in 2021 and the remaining 50% in 2022[324]. Research and Development - Research and development expenses increased to $6.7 million in 2020, up from $3.2 million in 2019, reflecting a focus on innovation[291]. - Research and development costs were expensed as incurred, with no specific figures provided in the documents[355]. - The company has revised revenue projections for the ThawSTAR and freezer product lines due to the impact of COVID-19, but no impairment of long-lived assets was determined as of December 31, 2020[318].