BioLife Solutions (BLFS) Announces Preliminary 2021 Revenue of $119 Million

BioLife Solutions, Inc. (NASDAQ: BLFS), a leading supplier of class-defining bioproduction tools and services for the cell and gene therapy (CGT) and broader biopharma markets, today announced preliminary revenue for the fourth quarter and full year 2021.

Preliminary revenue (unaudited) for the fourth quarter of 2021 by platform compared with the fourth quarter of 2020 includes the following:

Preliminary revenue (unaudited) for the full year 2021 by platform compared with the full year 2020 includes the following:

Organic revenue, defined as net sales excluding, when they occur, the impact of acquisitions, increased 64% in Q4 2021 compared to Q4 2020 and increased 37% for the full year 2021 compared to full year 2020.

Mike Rice, BioLife Solutions Chairman and Chief Executive Officer, remarked, "Our team continued to perform at a high level in 2021, achieving record revenue results across our bioproduction tools and services portfolio. We experienced sustained and strong demand for our cell processing platform, comprised of biopreservation media and Sexton tools. Our proprietary biopreservation products experienced tremendous growth throughout 2021, as more of our largest media customers continued to receive regulatory approval for their cell and gene therapies (CGT) and as we continued to drive adoption in the CGT space by new, early-stage customers in 2021. Our freezer and thaw systems platform grew nicely in 2021, and we leveraged our media customer relationships to capture cross-selling opportunities with several key customers. Finally, our storage and storage services platform far exceeded our expectations for revenue, growing 389% over 2020. Overall, we are strongly configured to continue to execute successfully to drive growth in 2022."

Troy Wichterman, Chief Financial Officer, added, "We enter 2022 with good business momentum and continued strong demand for all of our revenue platforms. In 2021, we realized significant revenue growth of nearly 150% over the prior year, as a result of a cohesive team effort and the acquisitions we completed over the past two years. We anticipate providing 2022 financial guidance when we report 2021 fourth quarter and full year financial results in late February."

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