BioLife Solutions(US:BLFS)2020-08-10 20:49Revenue and Orders - In the last two weeks of March 2020, the company received higher than average orders for cryopreservation media products, estimating total orders shipped between $1.5 million to $2.0 million[176]. - The company acquired three companies in 2019, resulting in increased revenue diversification compared to prior years, with a trend expected to continue through 2020[178]. - The estimated annual revenue from each customer commercial application using the company's products could range from $0.5 million to $2.0 million[167]. - Total revenue for the three months ended June 30, 2020, increased by $3.2 million, or 48%, compared to the same period in 2019, and by $9.6 million, or 77%, for the six months ended June 30, 2020[179]. - Revenue from biopreservation media products increased by $340,000, or 5%, in the three months ended June 30, 2020, and by $3.2 million, or 27%, in the six months ended June 30, 2020, compared to the same periods in 2019[179]. Acquisitions and Product Development - The acquisition of Astero Bio Corporation in April 2019 expanded the company's bioprocessing tools portfolio, diversifying revenue streams[168]. - The company acquired Custom Biogenic Systems, Inc. in November 2019, allowing for product line growth and reduction of supply chain costs[171]. - The evo platform, acquired from SAVSU Technologies, allows real-time tracking of biologic products, enhancing cold chain management for cell and gene therapies[169]. - The company's proprietary biopreservation media products are formulated to mitigate preservation-induced cell damage, significantly extending shelf-life and improving post-thaw viability[164]. - The company’s automated thawing products help reduce damage during the thawing process, minimizing contamination risks compared to traditional methods[168]. Expenses and Costs - Total costs and operating expenses for the three months ended June 30, 2020, were $9.9 million, a 66% increase from $6.0 million in 2019[181]. - Research and development expenses increased by $786,000, or 114%, for the three months ended June 30, 2020, and by $2.1 million, or 199%, for the six months ended June 30, 2020, compared to the same periods in 2019[185]. - Sales and marketing expenses rose by $421,000, or 45%, for the three months ended June 30, 2020, and by $1.2 million, or 65%, for the six months ended June 30, 2020, compared to the same periods in 2019[190]. - General and administrative expenses increased by $1.1 million, or 49%, for the three months ended June 30, 2020, and by $2.1 million, or 47%, for the six months ended June 30, 2020, compared to the same periods in 2019[192]. - The cost of product revenue as a percentage of revenue was 45% for the three months ended June 30, 2020, compared to 29% for the same period in 2019[184]. Cash and Financing - The company had $29.9 million in cash and cash equivalents as of June 30, 2020, compared to $6.4 million as of December 31, 2019[201]. - The company closed a share purchase agreement with Casdin Capital LLC, resulting in a $20 million investment[202]. - The public offering of 5,951,250 shares at $14.50 per share generated approximately $81 million in net proceeds[202]. - Net cash provided by operating activities increased to $4.9 million for the six months ended June 30, 2020, compared to $1.1 million in the same period of 2019[203]. - Net cash used in investing activities decreased to $1.7 million in the first half of 2020 from $12.7 million in the same period of 2019[207]. - Net cash provided by financing activities totaled $20.2 million during the six months ended June 30, 2020, compared to $586,000 in the same period of 2019[208]. - The company reported a net increase in cash and cash equivalents of $23.4 million for the six months ended June 30, 2020, compared to a decrease of $11.0 million in the same period of 2019[205]. - The company believes its current cash and cash equivalents will be sufficient to meet liquidity needs for at least the next 12 months[202]. - The company may seek additional capital through debt or equity financing due to uncertainties caused by the COVID-19 pandemic[202]. Other Financial Information - The company expects fluctuations in revenue based on customer ordering patterns and the impact of COVID-19 on capital equipment sales[179]. - The company anticipates an increase in R&D and G&A expenses as it continues to expand and support the infrastructure related to its acquisitions[186][193]. - There were no off-balance sheet arrangements as of June 30, 2020[209]. - There have been no significant changes to the company's contractual obligations in the first half of 2020[210].