BioLife Solutions Inc. (BLFS) gained 16.67% in the after-hours trading on Monday, March 22, 2021, after it announced its financial results which beat the revenue estimates but BLFS reported a Q4 loss. The company also announced the merger of Stirling Ultracold with BLFS.
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On March 22, 2021, Stirling Ultracold announced that it has signed an agreement to merge with BioLife Solutions.
Fourth Quarter Financial Highlights
- BLFS earned $14.7 million in revenue for Q4 2020, surpassing analyst’s estimate by 9.67%.compared to $8.3 million for the fourth quarter of 2019.
- The gross margin (GAAP) was 50% and the adjusted gross margin (non-GAAP) was 54% for the fourth quarter of 2020.
- BLFS spent $19.5 million in the operating expense (GAAP) and it spent $8.2 million in adjusted operating expense (non-GAAP) in the reported quarter.
- Operating loss (GAAP) was $4.7 million and adjusted operating loss (non-GAAP) was $255,000 for the fourth quarter of 2020.
- BLFS suffered a Net loss (GAAP) of 2.1 million or Loss per share (GAAP) of $0.06 and adjusted net loss (non-GAAP) was $256,000 or$0.01 per diluted share, for the fourth quarter of 2020.
- The company had -$3.9 million EBITDA and adjusted EBITDA was $2.5 million for the fourth quarter of 2020.
Full-year 2020 Financial Highlights
- BioLife Solutions’ full year 2020 revenue was $48.1 million compared with $27.4 million for the prior year.
- 52% was the Gross margin (GAAP) for the year 2020 compared with 65% for the prior year and adjusted gross margin (non-GAAP) was 58% for 2020 compared to 69% for the prior year.
- BLFS spent $53.7 million in the operating expense (GAAP) for the full-year 2020, compared to $27.6 million for the previous year. adjusted operating expense (non-GAAP) for the 2020 year was $27.6 million compared with $16.8 million for the year 2019.
- It suffered an operating loss (GAAP) of $5.6 million for the year 2020 compared to an operating loss of $220,000 for the prior year.
- Net income (GAAP) was $2.7 million and adjusted net income (non-GAAP) was $351,000 for the year ended December 31, 2020
- Loss per share (GAAP) was $0.03 loss per share and adjusted earnings per diluted share (non-GAAP) was $0.01 per share for the year ended December 31, 2020.
- EBITDA was $4.4 million and adjusted EBITDA was $8.3 million for the year ended December 31, 2020.
- As of December 31, 2020, BLFS has $90.5 million in cash, cash equivalents, and restricted cash.