BLFS - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2020 BioLife Solutions Incorporated 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] I'll now like to turn the call over to Roderick de Greef. Thank you.

begin. may You

Rod de Greef

of Good results us Sadie. review and you months which XX. third thank operating issued September afternoon, Thank press ended the a the afternoon, X BioLife joining release, quarter the for for financial our to Earlier Solutions for this and we financial you, summarizes results everyone, XXXX. for conference the X call and

or statements the may we financial As results a may expectations. regarding certain from and company. future other this cause materially events subject and the reminder, of make forward-looking are to future projections performance call actual statements uncertainties differ during These to risks that

statements, other projections they and and with a statements law. that assumes that therefore, company's Company affect as or I discussion based public of the to to SEC. the statements forward-looking change, and any by update refer except periodic our are and forward-looking filings date given. the For you are subject detailed projections statements, filed and factors as risks speak only uncertainties business on obligation to are required forward-looking as of these The that the no qualify company

alternative or call, financial metrics included adjusted should not adjusted During to GAAP. These viewed non-GAAP adjusted or to release an afternoon. non-GAAP the Reconciliations speak we we to this press financial of GAAP will in results. are non-GAAP or metrics issued as this be

prior a or financial view current out periods. metrics However, of activity, M&A with to believe when of of our clearer compared results adjusted use we provides investors the non-GAAP our

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

Michael Rice

growing to of capital of new the the you afternoon, everyone. We in for biologic put we in are over some XX continued key another successfully to QX, QX our our acquisition offering end $XX facing in our COVID-XX. customer of management. with our to with we company. us growth challenges customers. the to despite We company, market. leverage the engineering, Thanks, broadened offerings work grew services therapy progress and due cross-sell And opportunities storage a revenue dynamic and to the and the manufacturing of XX%, quality base operations passed was several execution top-line portfolio we joining Across Rod, and audits gained and customer and the of solid call. various raised million all Thank cell good quarter SciSafe, gene at made

impact smart high-performance remain shown Our the team reach few continued of a COVID-XX. revenue our over durability goal despite the sustain next $XXX has of focused We million years. remarkable to level resilience on and execution to interim

with media XX% some XXXX. the provide for of including in product media for GOAL QX, Therapeutics, XX% in gained We year-over-year QX, up year-over-year line. biopreservation was highlights months Therapeutics, revenue and I'll each up new X first XX new Now, request Nurix NanoGhost, Starting Also products customers Stability file the Marker media Nutricia in biopreservation of use the Biotechnology. Sana Therapeutics, clinical Therapeutics, FDA trials. quarter, Biologics cell [ph] master therapy support and XX we processed to [Symbivia] gene our new and Biotechnology, U.S. in

have human franchise [Northwest] these Overall, estimate And as the about on to you very media quarters, paradigm future over that contributions Amnio applications. the Kiadis XXX products is approved more and customer therapies now update Legend media than and We master take applications. been We're Therapeutics continue by in. our customer Biomedical, home-brew Pharma, of it [ph]. from in submitted approvals [ph], are file share several Immunologics] we'll calls Kite cell Mustang AIVITA revenue from to were our strong. few clinical gene therapies used [Friumbra relates Some potential Technology, we potential next Biotech, new media that incorporated Pharma, and following Bio, our for requests products Talaris clinical

customers our XX% subscription some X and on management Pharma, For Celgene, XXXX, drove We evo COVID-XX revenue meetings. [Northwest] Automated that first SQZ bio, our revenue were gained new chain customers. in of Juno, cold due line Biotechnologies. evo expectations reduced year-over-year thaw [ph] X media included and months customers and X Janssen, the ThawSTAR Kite with sales key in-person to Allogene, impact revenue new bluebird growth

trials. note cold phase trials, platform these chain relatively is are still that than all and the It's more hence, management clinical used the so shipment to Our now evo was in revenue is small. low, XXX early important volume

company commercial to pleased cell working gain completed, to the work disclose details. our report has to and this that very been evo successfully validating has and name we're approval that therapy the Regarding company platform, other I'm been

and integrate key Other customers teams and QX. engineering We're X to new chain new approvals management equipment franchise. we customers and AskBio, you Therapeutics, restrictions that vertically purchased anticipate on-site is and or Fate cold visitor XX VWR. CBS platforms ways. capital the to in a continuing, I'll to Turning Product our and COVID-XX in Kite that and CBS talented CBS include large Celgene, impacted use evo sites, progress at design in XXXX Neuvogen. prospect Key Novavax us remind include also platform. we despite Therapeutics, bought customers and accessories quarter. this freezer environment, our QX in shippers BlueRock Pharma, travel third And purchases, gained delay for making vapor that dry has related Athersys, Enlightened in launches our freezer for manufacture development X in products customer CBS freezers at also Therapeutics, good and Lonza the on

introduce the of in first expect We [made [ph] half to year. next CBS doers]

SciSafe. about bit a talk I'll Now,

of a therapy relationships we that As closed of I or of news media. by led vaccine biopharma SciSafe off-site additional spent temperature contract This see trust by a storage SciSafe fairly in customers' to therapies. service near high locations support cell quality to of leader, and and know and/or vaccines. of several nearly ago, additional you BioLife I materials. A for company therapy quite sensitive We're can centers relay X. you providing company new can comments Garrie business, has a service I'll on Garrie October with SciSafe this COVID-XX dynamic with new BioLife development to monitored about our a quickly and know, getting of global a the $X capacity investing with industries my in companies Richardson, acquisition controlled remarks the who glad storage needs related update landing also for gene the value support uses COVID-XX press built we and SciSafe This ongoing cell million and has division is on increased, biologic activity. to few to serves our outsourced tremendous strategic anchored I'm time service potential offering. and I large already bit of conclude release issued with this hubs some company new we weeks contract gene customers. offering currently to a pharma remarkable storage by support and that M&A storage. the logistics commercialization scale biopreservation with and

acquire proposition and very the for in outright therapy market. We or offering continue fit opportunities portfolio and bioproduction developers well to our would disruptive technologies our cell gene pursue that additional our broader and that novel, invest value to tools potentially expand in increase

transactions announce to in expect months. next We the few additional

Now, back for our Rod QX. I'll to to Rod? pass the call present financials

Rod de Greef

representing of for Media Thanks, quarter revenue revenue cold revenue, and an third XX% total year's Mike. of Revenue first $X.X compared and million chain to increase million. XX% automated related quarter revenue, a $XXX,XXX increase the for XX% $X.X the $X.X of included in million, was to was sales quarter representing freezers the evo last year. $XX.X totaled XXXX also of Orders related over line, accessories. or last of million $XXX,XXX product third thaw of revenue

increased $XX.X increase We growing sequentially QX the we an for believe over revenue revenue QX, While period period XXXX of totaled XXXX, XXXX. same the freezer we media compared year-to-date million, witnessed and XX% year. the face balance ended this was September is months to how XX% thaw comparison Media at months some will through headwinds this XX% X $XX.X both the same quarterly smooths XX, least of out in the throughout product year. up lines COVID-related the as and continue of Revenue freezer the of the X it revenue is year. XXXX that to reflection to for believe lumpiness, best last earlier million first the over

last was XX% quarter third with XX% the compared for margin year. gross adjusted Our

operating expenses automated both and XXXX. million $X.X the $X.X For margin same period the QX compared margin XXXX million in XX% profile freezer of year. gross the gross in compared was of margin to periods decrease XX% adjusted evo reflects the Adjusted lower of adjusted lines. last product QX in thaw, for The totaled X for months, with

compared $XX.X by expenses objectives. For the in our the increase of primarily as second periods X million was related increased the compensation same driven with as necessary to both half The stock-based headcount XXXX totaled growth period the last well months, to in an year. made additional in $XX.X overall adjusted operating acquisitions support expenses million and

the compared compared year. last in last for same for the period operating was to Our in Adjusted months million totaled with adjusted the quarter $X.X $XXX,XXX of XXXX $XXX,XXX of operating third X third quarter loss income the $XX,XXX year.

compared of quarter with $XXX,XXX period or net loss year. income or net $X.XX of per for adjusted XXXX last negative adjusted in Our a $X.XX share third $XX,XXX was the same share the

million the same $X.XX year. in with compared the in adjusted $X.X quarter of totaled million $XXX,XXX was income $X.X share third months, with or adjusted same last net year. last compared share net period the income per Adjusted $X.XX For EBITDA per in X the period or $XXX,XXX

compared adjusted with last $X.X million For EBITDA the totaled the period X year. same million for months, $X.X

at $XX purchase $XX SciSafe. October cash our Post was to our balance $XXX balance approximately was SciSafe was of reduced XX cash Our X, by million, million acquisition, million. which due the September on

XX.X In basis. share currently our shares we have of diluted issued fully XX.X a and million terms and million on outstanding shares count,

which despite the revenue growth environment, XX%, continue growth $X.X media this growth financial results million our support revenue challenging strategy. X of we total believe Finally, EBITDA XX% the year-over-year overall operating of first of and of months rationale for the adjusted underlying year, the includes to

back to call the to like over I'd Mike. turn Now,

Michael Rice

consolidating a We the space we Rod. drive cell are class-defining again, space BioLife we Thanks, into quarter, In and much on tools the to further and to and company. opportunity growth. building serve to execution another appreciate larger gene very look logged focused much the very forward summary, therapy solid

Sadie? Now, we'll take questions. over the turn the to your call operator back to

Operator

sir. Lin from your line first question Our Lin, Instructions] open. [Operator is from Chris Cowen. Yes, is Chris

Chris Lin

taking Thanks for Hi, question. and Great. Mike my Rod.

Michael Rice

Hi, Chris.

Chris Lin

and XX at Right, look it of various media XX business, was I just in travel QX, customer new QX, QX the really in to if the think in start restrictions. of I progression adds, spite so in XX ramp encouraging on

mind, with adds So a tracking the new how that us few of during driving for also funnel you period? in can could sense this customer how share you is quarters? next customer And or pipeline the new solid you're give

Michael Rice

can certainly the first take Chris. part, Well, I

relationships, trials sales by to media, Officer cell as the done part, Dr. really is build those and So take work dynamic much We're Mathew. SVP, CryoStor and of the and it driven last personal clinical reputation Scientific years Chief And our that in broader in tool with commercial for therapy relates production. of to quality nearly exposure the all over we've Aby and to specifically able XX different. large and advantage gene awareness being optimized leverage an

positive So And CryoStor from Aby new that that to and from particularly they're former and a they of word-of-mouth to or gig land off, take He wherever knowledge job customers their might is great and be. to job really care experience prospects. as move paid has where company their company, a connected. taking really going at of people does

about on presentations XXX So it's got due tailwind fantastic this articles we've to that on less scientific and of website. It's clinical dependent evidence helpful. really much a in-person nearly customers, our sales

into get that people into, a many, $XXX,XXX from inbound freezer might a We travel and got a facility So able aren't tag or the completely vastly there different get pitch or going media. $XXX,XXX a so severe to dynamic enquiries many from or a being have they because there visitor different dynamic or restrictions, strict price to is there.

those their can Aby biz-dev helpful, more to inquiries We clearly, other been Ask in lot folks entire that and converting our at website, US-based additional so invest of a really, Scientist of least we and allows portfolio. sellers. on there. off continue which for now leverage have to of really got We've openings present some folks right questions that's a specific sales personally ask in a an And Nevertheless, who then couple paying to customers, the folks has applications. button into some

that companies going Chris, to half that sure pipeline, continue to keep the here to part we do the with we're we So and up and want your new pace second make opportunities. question the speak about to of of think the well, to of now. the can I to

know down we discussions, or request, what into we to the And and into would So and we the we e-mail prospects his know right? verbally who is and that about through know but nothing be might Aby file road, master some of with sellers, they the monetize have get orders adopting coming look monetizing. then some of new habit want

think now, we're flow goes share it customers, right And home-brew. as the from just of new think taking we it's I phenomenal.

we're of type trials adding particularly space the with treat to growing, T-cells of clinical that is in So more the our equation, trials than in various cancers. some number faster oncology numerator

what So Good I question. that. that's on could say

Chris Lin

then How think That's do work. validation you your converting base they sales their win efforts those with competitive other on or All over this forward? evo additionally? right. supply customers diversifying the evo you fair. And impact share will are customers to Could going congrats evo exclusively if

Michael Rice

Chris, to Yes. I'd share to those all love be able details.

it. with Some percentage certainly less do appreciate asking, stuff, good now. of have we right hard to we're a not of customer start. worked to Other, clarity get dynamics that build in know But you and this position But really going to up. and going trust not on, disclose blow to until this not We We're timing relationship. little we just really but I that do actually from know a some shipments we approval to we so can just some about specificities.

Chris Lin

do and my for impact deals ensure for not cross-selling characterize capacity And you. and just how ongoing your the Thank fair. M&A would term? how deals you maybe That's question, additional that the near additional you readiness No? last management in And efforts? integration do

Michael Rice

and that everybody Yeah, bring are capacity can actually think something talent outside, pace right because we really us and from right lot first what but say, about to we fantastic, at stepping us to really our to start at even insightful we to preference shape. larger not would question, a for to team of hey, and in though the thinking it we we management But is give team bandwidth here Chris, can more add do responsibilities. of we're something so I on it. the here, a in have dibs looking the more. things of cause now with do we the a help talking going at to now, our Clearly, we're run own enterprise. where we're up those, at we then bring and about think a taking bolt-ons preferential have some additional don't have in would But always to good sense talent least more if we're option deals lot and to We're here don't be or that good talent manage about And that. referring stop do what in pipeline the looking a that much to now, that the have think wonderful confident to

Chris Lin

for taking Thanks great. my Okay, question.

Michael Rice

Sure.

You're welcome.

Operator

line Jacob Jacob, we your from Johnson have Next, is open. Stephens.

Mason Carrico

on Hey, for guys. Mason is Jacob. This

Michael Rice

Mason. Hey,

Mason Carrico

me. from of ones Hey, just couple a quick

does business, And capacity the would how could where media how manufacturing revenue online? your new For that stands? much you cost? bring us And remind much line

Michael Rice

Rod. ahead, go Yeah,

Rod de Greef

Yeah.

you'd clean $XX and that $XX it's obvious to Bothell, sit $XX thing our to capacity, sit X the the shifts, level to that, So we current million million rooms not be $XX double million X is to X today the to aseptic shift. going million Washington, And in XXX. today. to is, but would as capacity to running somewhere in just the you're numbers certainly beyond then go as our up about and After The sizes current increase of, round from to we neighborhood batch get around capacity XXX-liter XXX increasing mark. to as

understandable. planned simple less some out. $X I'd CapEx capacity already So associated increase minimal, is have And very, than are say, those we that to with that very We've ways relatively the million.

Mason Carrico

it. makes That sense. it. Got Got

generating you been had these from of this guidance assets? But business the revenues million if we CBS, line obviously, $XX previously to for million level there pulled. capacity in XXXX, So your has guided $XX some to is to has normalcy, return about revenue anything that of mind of changed

Michael Rice

that? take want you do to Rod,

Rod de Greef

Yeah. opposite. No, the I just think

As down comfortable We we back that's whatever of to customer this $XXX,XXX model, of and product in depending introduction side neighborhood be. that feel ASP somewhere the normal, going going the $XXX,XXX are that's good rate capacity to freezer, which continuing once ability we very very to high development about the on drive the a of path the the has high feel whenever the definitely to the selling things and be gets to and business.

Mason Carrico

it Great. That's guys. from me. Thanks,

Rod de Greef

Mason. You bet. Thanks,

Michael Rice

Mason. Thanks,

Operator

Thomas Flaten open. For from our is it's next Capital. your from Lake Street line question, Thomas,

Thomas Flaten

Thanks so much. the Thanks questions. for taking

around around come can question whether there or which buy anything X? Or - I X, up are calls on that? cross-selling disclose terms X you this X think, that? is we've provide buy, on has you or Just we customers in Where previously. X prepared lines, the to which Are insight of opportunity,

Michael Rice

Yeah. question, Great Tom.

to can on So some to if dashboard CRM refer different you'll think portfolio. can various holistic some names But - see hear parts still the systems, view a looking not I we common to of prepared yet, you'll remarks we so to call, speak integrate of that of my just this so you the have of that, are that. back several

as talk model started when about longer like intersecting would we that taking we'll it's of to the say obviously together, well, in but this we it's visibility far but to that I'd get stuff, circles going there. I put So described than as

Thomas Flaten

was second around there of that's there your was respect was safety - media. commentary on No, great. call, sorry, maintaining quarter work Have stocks continuing of it the kind safety commentary I given pandemic? Or And uncertainty think quarter customers the around them some to call, they with stocks through seen buying the you first that? are of

Michael Rice

Yeah. needed. Rod. fill if ahead, I'll Go in

Rod de Greef

And simply determined, stock think definitely than as QX. a QX, that not only trying permanent after get were No, is of the more media it Thomas, orders pointed read have But this seen, lumpy out not here on me, pull to Yeah. at demand X-month what right going, how forward. on over period, sit you're a I X-month we November, is we've bolus look or the we little why what a it did year latter number is think that because clear in QX whether basis. to we've that last it's big relatively we I were is a we in was of right growth the if more quarterly is into safety year, also, over slapped I that former, which - to bit and

going. So the look that growth at XX% is X-month a to about want you I is think how on media to rate timeframe, take year-over-year think based number right when the

Thomas Flaten

able respect better. Is Are selling type? it on perhaps SciSafe? off-site a storage? a CBS those on Got to application or the completely to just is bit X types competitive little there them SciSafe it. of different a understand both? And Is little And by Or customers it I'm by trying - versus then - sell are with is customer to customer X are and the seeking a sales? their that there characterize you just quick customers.

Michael Rice

as customer this recent really sales, right. others not company, or And vaccines, for phenomenal that company COVID-XX different good this know, but some company of really the types think have I stores with mean, customers looking could just release, but are be we The are, who's from makers. that ilk. of you the Yeah, no only to really a unfortunate, press doubt, biopharma with different opportunity decision a off-site question. They for

is doing on then traditional And biologic all some the have there. planning having therapy going for to cell are storage. capacity. by where other de-risk companies, one who So There looking and either of off-site gene or their basket that's who sensitive eggs they're out companies not that internal in biopharma what's temperature are material,

it's to space and of buy And freezers space manage hire buy. so a them, people that lease and a build build decision to for or kind building

then And performance articulating time so these have many SciSafe and a companies over of Garrie, for to really good outsource. particular, that done a great in proving does and job make it proposition value it sense through

Thomas Flaten

Thanks questions. much the the for - so That's great. taking questions

Michael Rice

Sure.

You're welcome.

Operator

we open. Jason Next, Jason, your is Maxim have McCarthy Group. from line

Adheip Mally

on Thanks Adheip the It's question. taking for everyone. Jason. my line for Hi,

have space was on Biogenic if Systems sector just that you do the between wondering that SciSafe. - you Just on exist particularly were was building synergies I potential the guys a up. and Custom focusing biostorage

Michael Rice

that. be fairly about of it. Most doing cell be a gene definitely. But biopharma and that's therapy. on generic picky We're to focused We we're lot the SciSafe into pretty to and there's biorepository space going turn not companies of and well want sort to looking dominated,

us. can lot common group from stay years. only built customers really hard through last and everything us great some BioLife performance, at the types customers Dr. in relationships, These have Garrie on his many a to offering companies not leverage here rest buy but more of Mathew of work, trust and team, of in stuff over to the built these we the to from and and and close we them. want from So that We've core of the

doing driving we're So that's a do and go some ways to in we're companies, front That's larger of find opportunity and BioLife take mean, that wanting the to them, right de-risk people to cases, business reason that fully care we're for the and of versus, better more with much preference us. in But so now. value M&A add even this going to forward. much, much we're their processes great going I though strategy.

Adheip Mally

quick other just here. question X then And Thanks. Great.

to to which I if see of on So some wanted color unfold think will sort continues continue sort as shed impacted? you pandemic product you be of could just to just here, lines the

Michael Rice

Rod. Yeah. ahead, Go

in You know and list that, the wrap. prices prices right? It's all selling about CapEx and

Rod de Greef

It's a because it's a there's made of thaw lot very logistics in quarter the involved just freezer for the the they're line, Yeah. tough the nice - QX a comeback. delivering again, those, and large. freezer although freezers, and line basically device automated the because was

And so a sort sites were of impacting in hence, be lot selling done that in simply revenue the QX. is opened no over attenuated QX definitely customer sequential in closed of to uptake from to But QX there's up XX% freezer QX, increase the has the which of doubt process, Zoom that. that

those are impacted. product going So X the be that are lines to

Adheip Mally

additional Great. it. color. appreciate I for Thanks the

Michael Rice

You're welcome.

Operator

from Securities. B Next, we is open Wiesenberger Marc have line Marc, your Riley

Marc Wiesenberger

thanks, afternoon. appreciate I you're Yeah, the taking good question.

Michael Rice

Marc. Hi,

Marc Wiesenberger

over can gene question, across And year-end? the to customers? left that be hearing operations? some put the the would that dollars within that And your you up COVID fall your to before And talk last Following about those money to does year? cell there's need expect on are spending where and you maybe incremental earlier budgets maybe work disrupted in you

Michael Rice

so that Certainly, and a freezers cases, some to delays cases, decisions But we've in Marc. able Not to heard, some being trend, regard. as heard other we've much continued in specific delays, in that. also Yeah. in other make accept

that say that see directionally, wouldn't So I regard. a trend in we

Marc Wiesenberger

call expectations of, talk SciSafe, the of in like you was margins business? they're that about XX%. around the Understood. With Can it for are were XXXX, regards kind it, all utilization. operating And steady scales? around XX% looks EBITDA what some margins operating at kind And business that state for their there as leverage to across facilities

Michael Rice

sure detail, Rod. what Go if not in go some but ahead. referencing Marc's Yeah. - I'm ahead,

Rod de Greef

that which will about, to the statements, books think question, been want has coming company because until not Yeah, Marc, as defer keeping audited the issue GAAP. I I according here, talked we historically to their financial be shortly out we that

let's revenue however, no any And with in the the employees the detail in There's In additional samples. a I financial variable manage there's I a of that we're incremental There's cost increased sure as that volume by to to has freezers stair-step reason why add scale, going see in just through. not X have time on I it, And and call don't you're X BioLife a and little page or the more EBITDA as the with GAAP, statements. be very than flow facility. a over same those a to question overall, on large, we it. audited make so, that better But see adjusted consolidated. pretty of would provide also general, margin same want more related the stair-step it to again, the side, that you before decent the bit at number on a any utilities

it So blended overall to average. that dilutive be not should

Marc Wiesenberger

could to evo relationship Are could into some see maybe And there provide what of really qualification details Understood. the of any marquee this Appreciate remaining some that. on you customer? revenues when And you. it before moves then, we get the involved was final one, potential risks forward? actually Thank in maybe your validation these top-line? and process for

Michael Rice

Yeah, right Marc. on,

being but word, yes early. we a no, in to think little I detail, and some give able forward certainly a to say just look

earlier, upset I our mentioned to not as our customer, we're out over the and get skis some So about. tips customer of pending that going things again, just would disclose be

monitoring It So we're one work completed. my have good this to to voice, weeks do a customer, partners feeling we way some and but can on of going X/XX make actually to And some a ships, good it. here at to ton out, with a of end, celebrate that. real going courier hear once in people for validation of also our I'm the news was was around here utmost by bunch again, to treat get earnest ecstatic going can the that BioLife, so the of in about we're in clock including get internally, the we some you But selective disclosures, really we're the when just some can time respect. approval

Okay, Sadie.

Operator

Ott one, line the next we Mike, is open. from your Oppenheimer. have For Mike

Michael Ott

and taking Good my question. afternoon. Suraj Thanks I were… for

Michael Rice

Mike. hi, Yeah,

Michael Ott

European much impact Mike. wondering COVID Hey, end-customer We're are seeing demand? of you terms about is, in

Michael Rice

that of out what, although here. North Some, you the But geographically, America. and, would tell Rod, help me I revenue XX%-plus is can you

So correct? it's a fair range, Rod,

Rod de Greef

Correct.

Michael Rice

on is then Yeah, but think, whatever thought impact of with overall And on in limited ice, freezers some and so be have areas business, version. in stuff a again, the would that, the that I it going the more the of expensive going would bag there's on. certainly

Michael Ott

makes Okay, modeling And Rod. maybe a then question sense. Mike. for Thanks,

Or $X the SciSafe's in really? there it is even For quarters? to across is XXXX, expected million fairly seasonality any fiscal that

Michael Rice

on fairly revenue. Yeah, basically what's they a consistent nice it's about customer, new the revenue recurring is bring once and business

the board. to new that's is thing the So customers be little on tougher coming a will when peg

there be not increases some about the So that contract. revenue, customer but related, stair-step seasonally landing the more of and just will a signing timing in

Michael Ott

Okay, makes so Thanks sense. much.

Michael Rice

bet. You

Operator

For one, Carl, Carl have Capital Byrnes the we Market. line from is Northland open. your next

Carl Byrnes

question. the to Right, thanks I had contract that quick just $X.X my respect for taking with SciSafe. was million awarded a to follow-up

hit been revenue bit increased. the that the You out you mentioned years? that Can recognition might speaks in last that terms to question it And contract quantify Thanks. that over of it a X all? how better had at to know I next

Michael Rice

quantify conversations to the customer Carl. increased same question. other not dollars there are the because increase even Yeah, going ongoing more. it hi, yet Yeah, to good with We're

second-year wrapped And of so feeling correct? think known really many, to them scheme, But quarterly when will. from the It's sort we've years. or year fantastic over the can current respect that. also, a many given or to we contribution it's a we in store] $X.X We was with X revenue So get the good first opportunity. for really customer the that said layout [tell SciSafe one the I customer million route, chunks, well, about we've we and up is all what's that know And a [ph], haven't years. the nevertheless,

Rod de Greef

That's is straightforward. revenue that's stored And, comes play. Once in Carl, The correct. entered into billing the recognition a pretty samples starting to the contract be scheme the freezers, are is monthly into. when

Carl Byrnes

thanks. Understood,

this from in then Is contract, be so, right? $X would contribution if I SciSafe that And the of million XXXX correctly. recall inclusive

Rod de Greef

discussed, Up we to yes. $X.X the million

Carl Byrnes

Exactly.

so Thanks cool. Okay, much.

Rod de Greef

bet. You

Michael Rice

Sure.

welcome. You're

Operator

questions. We any Rice, Instructions] [Operator don't have continue. further please Mike

Michael Rice

We're year BioLife. and we in forward everyone, pandemic. hoping speaking again, look your calls when you full follow-up And and to interest our Thank with and for can during of your this loved during Good you, our Sadie. ones support results. XXXX report stay healthy Thanks you we and night. safe

Operator

Thank participating. all conference gentlemen, you and this concludes today's Ladies for call.

may now disconnect. You

BioLife Solutions (BLFS) 8 Nov 202020 Q3 Earnings call transcript