Company Overview - BioLife Solutions aims to facilitate basic and applied research and the commercialization of new therapies by supplying solutions that maintain the health and function of biologic source material and finished products during manufacturing, storage and distribution[5] - The company's mission is to be a leading provider of bioproduction tools and services to the cell and gene therapy and broader biopharma markets[5] - BioLife Solutions gained over 700 new direct customers in 2021[14, 24] - In 2021, marquee global distributors sold the company's biopreservation media products to over 4,200 unique end customers[14, 24] Financial Performance and Guidance - BioLife Solutions experienced year-over-year revenue growth of 148%[14] - The company's 2022 revenue guidance projects total revenue between $1595 million and $171 million, representing growth of 34% to 44%[20] - The company is aiming for total revenue exceeding $250 million, adjusted gross margin greater than 50%, and adjusted EBITDA margin greater than 30% by 2024[22] Market and Strategy - Regenerative medicine funding reached $231 billion in 2021, up 16% from 2020[29] - The company's biopreservation media is embedded in over 530 customer clinical applications[14, 40] - BioLife Solutions is pursuing an acquisitive growth strategy, targeting synergistic products and technologies in the cell and gene therapy space[58, 60]

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].