Biolife Solutions Inc (NASDAQ:BLFS) Q2 2019 Earnings Conference Call - Final Transcript

Aug 08, 2019 • 04:30 pm ET


Biolife Solutions Inc (NASDAQ:BLFS) Q2 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the BioLife Solutions' Second Quarter 2019 Earnings Conference Call. [Operator Instructions]

I would now like to introduce your host for today's conference, Mr. Roderick de Greef, BioLife Solutions' Chief Financial Officer. You may begin.

Roderick de Greef

Thank you, Catherine. Good afternoon, everyone, and thank you for joining us for the BioLife Solutions' conference call to review the operating and financial results for the second quarter of 2019. Earlier this afternoon, we issued a press release which summarizes our financial results for the three and six months ended June 30th, 2019.

As a reminder, during the call, we will make certain projections and other forward-looking statements regarding future events or the future financial performance of the Company. These statements are subject to risks and uncertainties that may 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, 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're given. The Company assumes no obligation to update any projections or forward-looking statements except as required by law. During this call for the first time, we will speak to non-GAAP or adjusted results and guidance.

Reconciliations of GAAP to non-GAAP or adjusted financial metrics are included in the press release we issued this afternoon. These non-GAAP or adjusted financial metrics should not be viewed as an alternative to GAAP. However, in light of our M&A activity, we believe that the use of non-GAAP or adjusted metrics provide investors with a clearer view of our current financial results when compared to prior periods.

Now I'd like to turn the call over to Mike Rice, President and CEO of BioLife.

Michael Rice

Thank you, Rod. Good afternoon, everyone. Thank you for joining the call. I'm very pleased to discuss our Q2 results and provide some details on how the business is performing and what we expect from our recent acquisitions of Astero Bio and SAVSU. Q2 total revenue was $6.7 million, up 29% over Q2 last year. Second quarter revenue growth was primarily driven by a 33% increase in direct sales to our regenerative medicine customers and the 31% growth from our distributors compared to the same period in 2018. In the total of $6.7 million, we generated revenue of $374,000 in automated thaw product sales from our Astero acquisition that closed on April 1st. We gained 51 new biopreservation media customers, with 37 coming from the high growth cell and gene therapy segment.

Notable new cell and gene therapy, biopreservation media customers included BlueRock Therapeutics, [Indecipherable] Caribou Bio, Casebia, Celixir, [Indecipherable] GenCure, Recardio, Neon Therapeutics and Rubius Therapeutics. Also in Q2, we processed 14 additional FDA master file cross-reference letters supporting use of our products and new cell and gene therapy clinical trials. We also