BioLife Solutions Announces Record Quarterly Revenue
BOTHELL, Wash., April 6, 2011 /PRNewswire/ -- BioLife Solutions, Inc. (OTCBB: BLFS), a leading developer and manufacturer of clinical grade biopreservation media products for cells and tissues, today announced preliminary revenue of $611,000 for its first quarter ended March 31, 2011. This represents 6% sequential growth over the fourth quarter of 2010 and 19 percent growth from the first quarter of 2010.
Mike Rice, Chairman and CEO, commented on the Company's revenue by stating, "We're pleased with the progress we made last year and in the first quarter of 2011 in generating revenue growth to reduce our operating loss as we strive to reach profitability. First quarter revenue was a mix of orders shipped to new accounts, including a new contract manufacturing customer, and strong orders from our numerous existing customers in the developing regenerative medicine market, where our proprietary biopreservation media products are used to extend stability and increase viability of biologics used in cell therapy and tissue-engineering applications. We also realized strong growth in our indirect distribution channel, with year-to-date revenue already more than 50% of our full year 2010 total. Our partners continue to build awareness of the value of our best-in-class biopreservation media products, and their efforts are resulting in increasing orders from their end customers."
MedMarket Diligence, LLC, estimates that the current worldwide market for regenerative medicine products and services is growing at 20 percent annually. Rice commented, "We expect pre-formulated biopreservation media products such as our HypoThermosol® and CryoStor® to continue to displace 'home-brew' cocktails, creating demand for clinical grade preservation reagents that will grow at greater than the