Biolife Solutions Inc (NASDAQ:BLFS) Q4 2018 Earnings Conference Call - Final Transcript
Mar 14, 2019 • 04:30 pm ET
Good day, ladies and gentlemen, and welcome to the BioLife Solutions Fourth Quarter and Full Year 2018 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to Roderick de Greef, Chief Financial Officer. You may begin.
Roderick de Greef
Thank you, Saniya. Good afternoon, everyone, and thank you for joining us for the BioLife Solutions conference call to review the operating and financial results for the fourth quarter and full year of 2018.
This morning, we issued a press release detailing our agreement to acquire Astero Bio Corporation. And earlier this afternoon, we issued a press release, which summarizes our financial results for the three and 12 months ended December 31st, 2018. Both releases are available on the Investor Relations page of our website at biolifesolutions.com.
As a reminder, this call is being recorded and broadcast live on our website. A replay of the webcast will be available through the same link for 90 days.
Before we get started, I would like to remind everyone that during this call, we will make projections and other forward-looking statements regarding future events or the future financial performance of the Company. These statements are subject to any risks and uncertainties that could cause actual results to differ materially from expectations. For a detailed discussion of the risks and uncertainties that affect the Company's business and that qualify as forward-looking statements made on this call, I refer you to our periodic and other public filings filed with the SEC.
Company projections and forward-looking statements are based on factors that are subject to change and therefore, these statements speak only as of the date they are given. The Company assumes no obligation to update any projections or forward-looking statements except as required by law.
Now, I'd like to turn the call over to Mike Rice, President and CEO of BioLife.
Thanks, Rod. Good afternoon, everyone. Thank you for joining the call. 2018 was a very strong year of execution and growth. With revenue of just under $20 million, we grew the business almost 80% over 2017 at our first full year of profitability and continue to make significant progress in driving the adoption of our proprietary biopreservation media products in the cell and gene therapy market.
I'll start with some comments about market dynamics and segment revenue, and speak about our just announced agreement to acquire Astero Bio. After that, Rod will present our Q4 and full year 2018 financial results and provide our initial guidance for 2019, including details around the expected financial impact of the Astero acquisition.
I'll begin with some comments about the regenerative medicine market segment. First, 2018 funding continued at a torrid pace with more than $13 billion invested in the space during the year. This was up 73% over 2017. There were more than 1,000 clinical