Biolife Solutions Inc (NASDAQ:BLFS) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 04:30 pm ET


Biolife Solutions Inc (NASDAQ:BLFS) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to the BioLife Solutions Second Quarter 2020 Conference Call. My name is Rebecca and I will be your operator for today's call. [Operator Instructions]. I will now turn the call over to Roderick de Greef, Chief Financial Officer. You may begin, sir.

Rod de Greef

Thank you, Rebecca. 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 2020. Earlier this afternoon, we issued a press release, which summarizes our financial results for the three and six months ended June 30.

As a reminder, during this call, we may make certain projections and other forward-looking statements regarding future events or 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 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.

Michael Rice

Thanks, Rod, and good afternoon everyone and thank you for joining our call. Q2 was another quarter of solid execution and growth despite the challenges all of us are facing due to COVID-19. We grew top-line revenue by nearly 50%, generated positive adjusted EBITDA, gained 48 new customers, and just after the end of the quarter completed an oversubscribed $86 million follow-on offering to strengthen our balance sheet for further M&A activity.

We're in a good place serving the cell and gene therapy industry is rewarding and we're building a great business. We're armed with the leading brand with our media products and are leveraging our media customers to expose our expanded portfolio to the regen med space. We're now well capitalized to continue to build for a bigger and more profitable future. The regen med space is white hot right now with $10 billion raised by companies in the first half of 2020.

Now, I'll provide some Q2 highlights for each product line. For biopreservation media in Q2, revenue was up 5% year-over-year and up 27% year-over-year for the first two quarters of 2020. Recall that in Q1 this