BioLife Solutions(BLFS) - 2021 Q1 - Quarterly Report

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].