Biolife Solutions Inc (NASDAQ:BLFS) Q1 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 04:30 pm ET

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Biolife Solutions Inc (NASDAQ:BLFS) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to today's First Quarter 2020 BioLife Solutions, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder today's program is being recorded.

I would now like to introduce your host for today's program, Roderick de Greef, Chief Financial Officer. Please go ahead, sir.

Executive
Rod de Greef

Thank you, Jonathan. Good afternoon everyone and thank you for joining us for the BioLife Solutions conference call to review the operating and financial results for the first quarter of 2020. Earlier this afternoon, we issued a press release, which summarizes our financial results for the three months ended March 31.

As a reminder, during this call we may 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 to the date they are given. The company assumes no obligation to update any projections or forward-looking statements except as required by law.

During the call, we will speak to non-GAAP or adjusted results. 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 provides 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.

Executive
Michael Rice

Thanks, Rod, and good afternoon everyone, thank you for joining our call. Despite significant COVID-19 related disruption to our operations in Q1, the team performed flawlessly, delivering record revenue and gaining 40 new customers in a very challenging environment. For the last month or so of the quarter, we had our team members either working from home, part of an essential reduced on site workforce who are not working through all the transition to get our customer support teams up and running remotely, we stayed in close contact with our customers and shipped more media products than in any other period and BioLife history. Many of our biopreservation media customers responded to our proactive outreach and placed safety stock or replenishment orders. So their cell and gene therapy research and development projects could continue unabated during the coronavirus pandemic.

While it's clear that cell and gene therapy clinical trials have been significantly affected by the reallocation of hospital beds to COVID patients,