BLFS - Earnings call transcript Q3 2021

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Operator

Good day, and thank you for standing by. Welcome to the Third Quarter 2021, BioLife Solutions Earnings Conference call. At this time, all participants are in a listen-only-mode. After the speaker’s presentation, there will be a question-and-answer session and to ask a question, you'll need to press star one on your telephone. Please be advised today's conference is being recorded. Instructions]. [Operator like today, conference Mr. now first to hand for speaker to would over the your I Troy Solutions. Chief Wichterman, Financial Officer of BioLife ahead, sir. go Please

Troy Wichterman

joining Thank thank Call. afternoon, Good our for you, Earnings Third everyone. Quarter Eli. you And

and financial me with issued and Executive months and a which Chairman nine Chief press Joining Mike Officer. a Earlier Greef, our Rod Chief to release results Officer, discuss XXth, are results today September this highlights Rice, XXXX. de Operating and X and President operational our afternoon, ended detailed we

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

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

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

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

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

Mike Rice

have with for my be Rod an great or the the remarks, Rod another to he Rod, on so. team Thank of guidance your initiatives Troy gross months speak provide we'll earnings on first me. for based in to role Troy, key financials will us joining the XXXX to nine and on managing, just will products. is integration demand that After improvements. call we're media you great you'll for margin on call. with you, CFO everyone and and it's And and that, Thanks, Then it's update QX year making first glad After for for another present bio and strong your take increase in continued our be questions. XXXX preservation our targeting our

highlights. $XX growth this customer our nearly Sexton gained revenue growth last and what And services year the of XX% media X% versus media momentum know bio-preservation, processing, of QX was year. by over least and this are: and includes our last was XX% quarter, new first year, up across customers revenue at platforms. In those I'll cell you which preservation we products. Organic QX, top-line driven XXX revenue up and revenue bio year-over-year. QX X products sustained We QX XXX% strong remind year to QX with nearly Turning million above in this

new offering. of in cold and systems services customers finally, And our this our SciSafe chain of is compares XXX services, management freezers ThawSTAR all includes and CBS QX more platform to storage Thaw evo XXX These and freezers than freezers systems. in comprised r year. XXXX Second, mechanical and in Stirling storage chain QX nitrogen cold our which and liquid and XXX

from that XXX indirect but we nearly months XXXX, data we the after will of noted customers, be our significantly the new when and get For actual before, we should as on first distribution count gained higher key nine year-end partners. report

different distributors XXXX recall in shipped based end-users of order largest alone, on products than our bio-preservation XXXX media might two volumes. more our for that products You to

every additional our Company So were recently for cold far us, that chain year, and bioproduction than bio with engagement and focus top management leading preservation they CryoStor and adoption solution the another XX is first Note services. a CDMO nine media, partners also previously and disclosed at our is in in more for this a much revenue a broader pharma have multi-point services. than key stellar this months synergies tools year have we global that that portfolio, pharma portfolio uses year team, using. and earlier of we we that more storage XX offering, of evo SciSafe year, direct offering, least a this indirect driving customers one of using portfolio Cross-selling expect our to capture purchased

driving continue components We synergies by portfolio strategic to of at broader accounts. to capture our revenue adoption our expect

Now comments I Troy about our revenue let and overall will X metrics some platforms qualitative the to speak for each. make

QX, into in at therapies. gained in products Cell cell processing XX new confirmation be will new estimate incorporated used media more our we for trials additional XX have and bio than clinical Cell XXX least customer received products For clinical processing media that that customers gene been We and our preservation applications.

and on media, For doses and huge would if customers manufacturer the dose year, volume in remain our of clinical estimated confident also each that approved, processing customer therapies. three date, media, could in range number in $XXX,XXX generate vials per the in of $X used million, approved in approved Sexton cell milliliters, seven revenue application, To to our a our in we and price selling bio therapies, mill. of media the average each are a are preservation based annual bio media preservation is

bio XX is XXX challenges, just we forecasted Thaw despite platform, high-capacity I controlled high-value, shipped our anticipate freezer With revenue, therapy systems high-margin, supporting therapies mentioned. For cold to we SciSafe Storage platform, a XX the annual the leading services of In early XX platforms, allogeneic gained for Chain which we final and our freezers our and quarter. chain opening this announced of rate includes October, Cold and another free range first approved evo. and European revenue new work to Company In second customers Storage and another operational and new Specific actual quarter, through, media customers. consecutive we we services the continue cell Amsterdam. to preservation rentals and gained bio-repository in revenue for storage recently Services, for our the shipping evo storage services,

and imagine, optionality, and grow Courier, evo expanded for defining through Quick class and have details list external. we I can be the we chain access service management that so our when into our and you but capture we well look opportunities international, With to growth facilities process committed offering Our courier for Gene say Patheon, to Cell well and bullish platform through planning additional Marken, forward We're will in potential opportunities. where can, are now as this Companies Fisher, new map now our customers full Thermo class engaged long evo in is product also how includes to storage to We're robust. can the partner we're cold internal World Biocair. can platform, network the both located our and can very Therapy our development specialty finding new sharing road innovation, business

of supply over call some improvement leading. to will turn he's gross margin on and I chain an the Rod Rod. initiatives, give the Now update you to

Roderick De Greef

was I date Thanks. by originally Mike. of I'd two timing things. on like retirement. delayed The why based the to my addressing start

trajectory, we solid in on is which believe was by and strength continue the Company the the a is see that I in QX case First, growth QX. and which demonstrated clearly revenue realized to

changed. manufacturing manage where product place or and was customer growth. new the COO and based objective earlier the work time. finish second with has attention my Company's been of from and logistics, equation margin to I to this be has team that full the late XXXX experience In addition role, as be currently years offered lines, half in improvement. my previous that's associated of the area with of the Dusty's a been gross the on that Sexton consolidating in realizing XX factor significant for have what's was Company The that area in started, and I'll one form fill integration given second of And And IT year. the supply focusing this on another, resignation, I the gap step is of the I've reporting Based of chain, to me. in particularly key Stirling will the service, to opportunities A the and amount the to

to new service addition, build the at continue our stream In organization will we in specific one service least customer of XXXX. wide goal with revenue out adding Company

by the track NetSuite to total related X fully expense. faced some during the end million warranty the line Approximately addressing comprised total On of in and of third charge the cross-functional issues team price existing of to well or year. $X.X my XX% operational is underway implemented next was COGS in deployment $X.X on things, million continue in million was QX. remarks and variance of priority a and scrap the of the work ERP and with of revenue be million quarter, project, with $X purchase in which Company is we ULT to the product the already of and which across issues resulted the to Stirling the increased place in $X.X charges I'll IT end side by

to the we year-over-year came in Sheet. increase solid process realized an QX, increase delivery impacting fully labor environment, fundamentally XX% been in and adequate summarize, the see in during case of and PPV in the in contained while costs. lower. may establish certain transition in on large vendor, improved are to related now expect significant chain to a the see which companies largely when ongoing amount many from constrained and away continued in large directly the on they through an which and compared is XXXX. to QX freezer QX margins of we the To these of addressed raw light design result the These quarters. material improvements, during charges transition versus gross in prior defined part the negatively supplier which the have warranty expansion issues, some warranty charges, but necessary The side stem will And accrual A operating actual As increase magnitude charges be problems be then coming with to and quarter, the from reflects supply operation should which Balance quality today's Stirling This our also impacted a months. warranty issues standard the scrap expense completed PPBs production. resulted issues, were

recap I'd Now CFO, over quarter's the results. like the to our financials to to Troy call Wichterman, Troy. turn

Troy Wichterman

XXXX over XX.X in ended QX our storage XXXX's then revenue of over in Cell months with media tools. of months remainder million. the totaled Revenue preservation $XX.X includes revenue increase $XX.X provide Revenue by revenue platform X.X was increased increased QX in-line and which quarter of XXXX. of Thanks, XXXX, a since platform Revenue includes Revenue XXXX, was Cell nine million, $XX.X of acquisition for Evo organic $XX.X the Organic with QX, of our XXXX, Rod. up for which Thaw for the systems revenue first I'll our Sexton guidance the from $XX.X bio safe totaled third our and brands. which updates the of Stirling, QX brief which Revenue million review for representing financial growth storage September on and media for million, XXXX CBS, the start XXth, third processing revenue off $XXX,XXX compared and our platform million. XXXX nine-month quarter an for $XX.X the QX XXX% a XX% QX results contributed the September our and from was XXXX to media to freezers was million, ThawStar $XX.X driven XX% XXXX preservation to for bio and concise XX%. Bio XX%. million, was brands. Xst, Sexton revenue XXXX's, preservation million, includes services from and million, nine revenue, for processing increase was expectations. XXX%

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

XXXX, in adjusted XX% gross period same the For nine months the margin year. first XX% compared to of was last

to for stated, QX have the cost of Rod had gross of in these acquisitions, compared freezer of margin months As XXXX, The totaled And sales $XX.X of Stirling line of is which operating the our been see few the QX $X.X believe quarter. overall products. in as nine growth months support primarily throughout million approximately XX%, expenses and adjusted next Adjusted charges with to for first we Without with $X.X $XX.X We will driven we safe, This and primarily to with XXXX quarters. in related increased would for growth expense totaled margin the nine million compared million million sequential Stirling charges, our adjusted QX in historical stock-based operating size our $XX.X million unusual well the our was range. of operating by of was both headcount, necessary Sexton the increase costs, XXXX. related expenses compensation periods absorption objectives. first as XXXX. more in

Our XXXX was operating quarter the third an in loss $X.X of compared adjusted for of operating XXXX. loss $XXX,XXX million QX with

adjusted $X.X operating in income operating million XXXX loss for of of the Our XXXX. nine totaled months $XXX,XXX compared adjusted first to and

or loss per compared adjusted $X.X Net of was Our the an per in or third $X.XX XXXX. for negative $X.XX million $XXX,XXX negative quarter loss of net adjusted XXXX share with share

negative per net was XXXX, $XXX,XXX XXXX. $X.X $X.XX or Adjusted in third compared positive of months third per share, $X.X quarter quarter diluted of or $X.XX EBITDA the income XXXX $X.X net million, nine of was first share of million negative the million adjusted for with XXXX. in compared For adjusted with loss the

For of in million $X.X the adjusted EBITDA same months with $X.X million the XXXX. compared in nine was positive XXXX, positive period first

at and million, XX% year-over-year be my conclude $XX.X of growth to XXXX $XX Our Total growth to with is in to million reflecting XXX% revenue our expected remarks range Self-processing of I'll platform XXth to XXXX. and between $XXX of XX%. $XXX XXX% revenue million. organic expected September $XX million for updated be revenue cash the balance is was revenue to guidance for revenue. on of is revenue storage service for $XX XX% and total million to approximately systems revenue, of million, for accounting $XX of Xst. and we between accounting of and which the Thaw be million, between $XX to closed contributions Sexton, total includes total revenue revenue. XX% approximately XX% approximately September for expected and which Freezers million, is accounting Storage be million $XX expected

share XXX,XXX issued transaction. our in Sexton new count, taking with of in Finally, into consideration the of terms connection shares, we

diluted We have XX.X million basis. XX.X shares million and shares fully a outstanding issued and on

I back turn to Now, call the Mike.

Mike Rice

two Thanks, Troy. takeaways summarize QX. to from I'd like key

services tools so significantly platform, in built at each gene levels growth And cell larger into industry, enterprise, First, a demand the to have record and goals. the base. phenomenal bioproduction potential our stated for therapy build we the aspirational customer portfolio in is a our and with and anticipated BioLife financial

uncommon and team steadily our will operational issues Second, our acquisitions. improve in execute well growing to I'm typical the as we're areas. focus confident tackling further not continue things are we integrate and various our teams

say QX to results pleased demand product looking far our I'm strong, full-year and so Finally, of for QX to the forward sharing very that XXXX. is in we're and

Eli? over questions. Now the turn Operator take back the call your to I'll to

Operator

Max Thank Company. Mike. Masucci [Operator and for you we first Cowen And have from the Instructions] question

Your line is open.

Max Masucci

Hi, questions. thanks the for taking

Roderick De Greef

Hi, Max.

Max Masucci

around the us you expect existing more disruption, detail issue specific share then Which the seek more So to just the bit alternative. things. were on it Rod, is issue whether side came raw the related the to vendor to give and chain the of area? you Can supply sounds if a that with issue the inputs cooperated like in materials you are could the vendor reconcile about an that

Roderick De Greef

have supply by we And to the with surcharges a months. hoped. over come be X lot mentioned, been labor terms expect last Yeah. decision something month circumspect No, of a [Indiscernible] a is reasons. in the relationship We the impact been relationship has has fact that surcharges because that down in will in it's for to the clearly made since had good we I months going as be different parts addition, transitioning to gone -- as a we've completely. as of unexpected has but transition activity, fully we we not the involved transition. it's another transition could transitioned, a several a got of its as smoothly question, on another then fundamentally a and impact delivery, variety so, probably not couple from And have which this be been eliminated it in vendor, vendor consistent There And still really the rates. of had of I the think XXXX vendor, and Max, driven bit that this little negative It's transitory to that, back relates it I'm to or

Max Masucci

Great. And yet, QX just the then we results. implied think about

latest just also Just looking business. on and for QX, the versus in of beat core at your we versus to the same then a netted embedded get raised guidance new growth. And customer for assumptions expectations against our the customer the view wins lot Stirling

Roderick De Greef

then and within comment been don't out expect clear to a guidance that a we Mike to particular it customer in don't product do Max But, piece. the Mike. pretty make the we know, turn that Troy we've the platform, so address that I'll in So platforms laid let you of over split And we what terms in out. of I'll terms wins, lines

Mike Rice

we're Both question, going tools with I'm portfolio well. remarkable, the media. demand you've key want guess adopt Everything companies more really new quarter characterize well. I'd we Well, to our into as and do the having platform degree are even Good in this the this carries doing least products one that categories. talked success, other from that I else or to having Proprietary platforms, our Max. quarter many some accounts, sure both other obviously we is the way over have did life and and but strategic winning but seen deeper And really really science before, doing to within the concentration, also we at some platforms, groups

I'm of both, in my across frothy here. spend that really bullish. come really voice you've a heard It's investment that how is sure time my but now investment we're it's really, on a with into and remarks, but really just strong. level it's translating very So based

Max Masucci

more get years, has opportunity sense the customer with the you and seems makes data X could grown, to base some I products Are prepared from squeeze broader that once how within It remarks. look the positive any really if Absolutely your do your and being your view there evolved expand [Indiscernible], portfolio's in you if were like effectively? at that portfolio the in cross-sell the cross-sold just one past in door. we points mind, in product foot there

Mike Rice

good focus other portfolio. services, and also influencers job sales on and have there the decision-makers we it key seeing based other really the groups, functional area those present synergies on and doing the to -- but expectations physically particularly on to our relationships, I opportunities, Most in got cross-selling about lot of portfolio platform. capture going way, for great a a homes in the that's team, sight, Evo safe have revenue and being definitely parts to seeking of back a we've and friends, [Indiscernible] a marketing our parts sales have I integrated management to this size obviously, our leveraging Max, the high freezer by say now, as seeing more a ability team's and finding storage

various sure. to direct So get arms introduced news it's distribution of to and other folks, great fine a the we're us being the -- leveraging are is, see team so our our to relationships partners, our just around through there area yes, for universe key tens prospects, that focus of and these way thousands for and it's our both good enough

Max Masucci

the taking for questions. Thanks Great.

Mike Rice

Max. welcome are You

Operator

have Stephens. Next Jacob Johnson we from

line open. is Your

Jacob Johnson

the impacted --- back, just Hey, these it's any left. of on impact more have say perception maybe you guess Stirling. just Maybe of I of issues relationship good good outlook Or And stuff. with you brand? kind follow-up never the simply revenues The did at that this afternoon. Stirling your Has Rod, one for your operational to customers? I'd but

Mike Rice

customer and doesn't is it try if Really question, all over we to owns warranty I of we're so that to which on think because like as so it. And a but like options things experience a customer loyalty stock they that. that's and and competitive be Yeah. points so imagine, far to in all good But obvious the a touch works every we're but options don't it doesn't or may other work reduce so get understand return but for a it work remarks, not good of bad to my and we sort normal supposed service it's Jacob. freezer, fairly will that you those yes, can best to consider expected on rate and have reasons, to that, to, time they hyper-focused how brief options I be have calls

Jacob Johnson

you’re checking or a for this guys just broader of you? the just then, that, this the existing investors. on customers freezers I backdrop it freezers on or strong can We're launches, you side from of it coming seeing? to picture for Is demand prepare just and too. out? And Can seeing and color freezers, new talk the bigger you seeing to for any we're kind demand freezer -- the kind Thanks question give Mike. are of business. that customers Is just of about Is kind the demand get you're product seeing elsewhere side up on commercial scaling research, for you your

Mike Rice

depends clearly you an of demand government, of and you strong $XXX,XXX that about. high-value really or all about with industrial LNX -- as those. then margins Within really freezer those above demand appeal academia, I really more corporate there the mechanical know, on for all for gene obviously And therapy, the yet and that talking the there's there's space kind our broader amongst and a freezers. demand bio-farmer good interest demand really the three storage, freezers for market, there. and segment has LNX on bit. from range Yeah. give the you're It's cell and with little In line control think markets them. in great in are is can of good a CBS high-capacity but

the are we of boats. that, tide that's the say just lifting would all I beneficiary So, this

Jacob Johnson

look quarter the in if broadly hint the -- maybe services Can that talk SciSafe, facility, added today? the can could of one you would would I'd to in just come Nice future, one ahead you more. be other mind. at the interest of you And you about will build-out be to regions suspect that footprint sneak then on Amsterdam Asia-Pacific SciSafe to want the I just that any in business.

Mike Rice

and five you of are of are companies, think, biological about footprint And not kind there therapy are facilities. criteria if and making so that those we're really And today it. how we But and each a what know and need roll it's to clusters got or competitors list. we for course companies the and factors outsourced have storage filter a offer So would you has lot from are to storage. clusters can of where selection top going the US who are those in imagine a into this cell those gene the where locations, biotech outsourced an of certain of interest in going the we've all of

timing on you terms based quality, we are an of because up color that coming see you opportunity some put can and to We Rod handle they capex on us for we've as and what people you us interesting our facility on costs really got Just if good it's and in turn some where know, to think in to want, tour all engage. that how a chime it a differentiation

really we we're how bullish out. can that about So business grow

Jacob Johnson

questions, the taking Great. I'll Thanks Mike. for it there. leave

Mike Rice

Sure.

Operator

Knight KeyBanc. we Paul have Next from

open. is line Your

Paul Knight

importance customers the gene the Mike. about per you customer side therapy in and business? spite [Indiscernible] -- the cell III? or into industry market, you increasing per seeing on of references they the Phase in increase, sales seeing II, of media are on moving customer Hi, your Phase more What are are

Mike Rice

into or our sticky. later stage Paul. trials But move particular of phase relations definitely also Most candidate. the a as very were Clearly because later they ability

development to in get media their really the follow-on strong. ability projects is embedded Our

whole bet. revenue if repeated to times gestation approved clinical in candidates, not that we're customer we all journey, most may evaluating end through Where customers. also therapy, they're but cell so be several follow-on trials, period So in with that many you many, be the going it's

Paul Knight

doesn't It seems have mean, like your therapy for C-X gone of I that lot they a not approval? through studies had approved have would safety product,

Mike Rice

there viability switched would always preservation home Kymriah the to functionality improve who the at They and we think in least how to-date, the do up as scaled But small of speaking CryoStor, bridging convinced in for we post that the their lift process cells. shoes. cocktail that. to came US of assessment of and studies been something. from functional from in can do animal studies it they balance --brew have preservation relates do uses their mandated that, some the or recovery of the I It's maybe UPenn that or to specifically they they Novartis, particular if your might agency haven't themselves should

on there in However, lots that I going trials. a in would tell we're of and clinical other projects you that Novartis got as strategic customer media, on

Paul Knight

any CBS call lastly it, And -- higher products? let's of Great. will the market. terms in products, end, ultra-cold have CBS that XX integration then the I presence Stirling Is call is and in of on it their XX Okay. Stirling to with integration there issues with colder, other more, is

Mike Rice

Paul, opportunities as relates to, Not relates to definitely how we our can cover it integration offer now side, but continuum. on the it freezers as complete that temperature

of to well. So defining in covered. we need class offering don't or as minus pitch it space at that obviously they if but minus got If to minus a we've the the they with customer LNX XXX needs mechanical the Stirling coldest the XX, of cold, XX got colder are

Roderick De Greef

that degree, it's end really platforms to chain metal, supply there's certain Paul, done a it and customer revolves to the use. components, be we both to to extent service so around relative electronic Rod, integration the things and And work consolidating can that leverage the manufacturing both of side

Paul Knight

demand on benefit. COVID some And had Stirling now? What's COVID, then of I Okay. last right the direction know COVID

Mike Rice

Yeah, it's actually coming down.

year-to-date you going it's if at you number, XX% XX% range. the to be XX%, but QX, the if look at around So look to down in it's

that year. normalize maybe down We further in QX come and next to expect

XX% it's we year go so think next I forward. than going to it's had longer maybe originally expected, going

Paul Knight

thanks. Okay,

Operator

Next had from B. Securities. Yuan Riley Zhi we

open. is line Your

Yuan Zhi

you Thank color this history the with been, to application. strong service mentioned the competitors? support another you big with its the taking you. from provide you on a congratulations pharma To the can more differentiate extent ago BioLife has provided service while think factors how the are other has to how like you and time our Thank top from regulatory can A a you you quarter. some over questions key your portfolio Company, Company of about XX and for that that you share, selected what relationship

Mike Rice

Yeah, insightful super, is question. relationship long super term. very Well, this

and size with to It's relationship our think this will, almost a that increase to cell great. and on increases things its relationship and kind nascent fantastic number CryoStor ago, the revenue ours. which XX can CAR provide and had storage region, media into more we has progress flowed really based with didn't I just and in through was therapy then and that and of therapy partnership is relationship that continue services, of joined Concurrent I and candidates deeper for forth. the evaluated we when, it of to engaged side. when evo on more, a this a candidates, transport go true some early offer. transitioned adoption in the the days in customer T-cell so the validation, so of And Yuan, select and Gary they the with in joint phase the And courier that, it the as progress those team you safe of their platform was obviously to around, year if evaluation, partners Company the

a just great really it's So relationship. beneficial mutually

Yuan Zhi

which And upgrade like of every color. you can overview is your and helpful gets and business, rental the business you. user the for segment maybe having like business thanks rental Thank are you iPhone, an this of provide years? Yes, couple it

Mike Rice

Sure.

the then the each. to chain So business in break management containers evo sensitive don't cold material storage specialty move point based reported to rental biologic the and chain is turn A revenue temperature We the Services out customers' to those who services B. The platform. in from our of on revenue cold is use of carriers

Yuan Zhi

you. Thank it. Got Yes.

Mike Rice

You're welcome.

Operator

Markets. from Lake Thomas Next Capital Flaten we have Street

open. is line Your

Thomas Flaten

congrats and position. the questions the on taking Troy for Thanks

one Just the a gross quick on margins.

So had where quarter? the was being if below the guys for XX%, a that charges to to get you we margins out bit anticipated have adjust

Mike Rice

some facility think hundred people Yeah, I comp a of the I not it in QX. place That couple in with stock issued to QX. was was, has at do that think in was Stirling to a really it

I at comp I think QX the baseline, two So the that do think with as has bulk benchmark, if you delta look you between of those of a stock piece, sort if will, to Troy? a

Troy Wichterman

throughout that, QX. in the to just comp I to everyone we And did add stock Company for grants like actually

you're drop So that's gross as well. margin what to the the to seeing

Thomas Flaten

announcements. in capable size gears continue of Got Dusty's assuming in up for complexity, a With about light of both to How just future. you leaders will building to your think a recent bench bit. Rod's I'm it. only grow. how switching acquisitive thoughts I'm the the Company grows Obviously, be And are you and resignation business continue and that, you -- and about to as unresignation. on do think to going the get curious do

Mike Rice

that's Yeah, Thomas. good I question, think a

terms promotion, in quite to been in I works that that ready him the with seat has think getting of for clearly time. for respect some Troy's

ready relates finally candidates potential a to today, of that the I to ness think would to strange see Officer, we can't the it of Chief and folks over next it's borrowing couple those I'm year. role, candidates are early Operating We're a one up that into retire. say, 'XX likely some evaluate As step those formerly internally. going And there when future

So that's plan there. the

Thomas Flaten

it. questions. the Thanks guys. Got Appreciate

Mike Rice

[Indiscernible]

Operator

Kalia [Operator Company. Instructions] Next we and Oppenheimer from have Suraj

Your open. line is

Saraj Kalia

Good you Rod, all right? me Can hear afternoon, Troy. Mike,

Mike Rice

Yes. Suraj. Hi,

Saraj Kalia

everyone is healthy. hope and Mike, safe Hey,

to So multi-part it question pose I'll one Rod for Troy. either Mike, or and one you

extent the share. can you that to Mike So

in mentioned quarter? new You customers the XXX

Mike Rice

Yes.

Saraj Kalia

acquisitions? de versus many [Indiscernible] just pull-through How from I'm were novo curious.

Mike Rice

Yeah. I'll one. None acquisitions, take that they're from were all de novo. inherited

Okay.

Saraj Kalia

broader just going gross looking understand gross Okay perfect. is tools you number And the question Stirling given with ago? or to also compare with a time close a just what's if a initiatives. could per in level, trend in speak, two some margin -- taking to if share, to a want in us you line onetime toolbox Maybe remind will margins. so were you all you or Troy. like? account, just all for issues the now, average if on position years revenues was average of you dip comp, it's It new and from all what I year throw And you gentlemen, might therefore the Rod second stock your my and Rod the There and Stirling, were normalizing to are customer where the the of corporate a to trajectory take I

jumping Forgive my timeline. you -- between me calls walk for and how normalization us the the you Thank just questions. maybe through can in taking

Mike Rice

we questions versus certainly because to really can All the that whole people much due brand been the specific closest well has practice, best well. much last to several a new say different what your of the and That makes respect taking of comes that a direct, using super. understanding with years that understand engagement getting compressed closing time at and generation or good very-very so sales that them to learning them. and moving question experience process over the lead depends place to platform. where inbound which on so and compressed, it do the awareness, were media really products positive our with can business I the about Sure, we previous now, it to is it for sales is

think I getting certainly it's compressed.

some buy say they've transition, market money time now and new through because side on and the all we or in based distributors, have sell that's if segments to and market got it to government of depends we likely most a freezer this in then the really degree And direct I'd spend we're On the a the certain in do but team, dates. academic year. integrated large

can I the you Suraj, enough elevator points of at entire every as and all prospect good are identify across sellers I that, And our to pitches, these about talking think more if sales our presentations sure more platforms. that includes compress do sales with that portfolio we being we'll solve we conversation problems. imagine, and customer making So, can where can the opportunities all fluid the customer or believe we cycle all it's be, will

Roderick De Greef

So the me follows. as question to it answer terms best your for think I in of Suraj, way

are the think I look you that's it's running if adjusted full that at use so normalized XX% I XX%, goal XX into word issues in we -- as the margin we have sort of we a QX, of a in Company So slop gross to The percent. just target look margin let's little a have stated basis, blended of X–X-year on for fundamentally may faced you QX. But plus an gross XXXX, the transitory. trend floor. mean, over

we'll And period really you're we points by over fairly going so to that portion XXXX. of is come things going driven in by lower leveraging And then product be the happen to able with bombs. see of of to that some of looking expanding XX% that time. do margin or is be balance and introduction fundamentally costs, quickly from higher at new A fixed increasing gross revenue it levels

So going one balance target XXXX I'm put gross to side, then manufacturing that to the based more executing obviously new margin on X–X-year increases introduction the purchasing the period. revenue product is going on a and is internally, not come by and going about there. out have be side, but to of expansion on We the

Saraj Kalia

Thank you.

Mike Rice

bet. You

Operator

Executive no are will closing for questions the Mike remarks. now this further to at that call Q&A Rice, Chairman session. I there back turn And the concludes Officer time, and Chief

Mike Rice

BioLife. and to with everyone, in nearly strong again, XXX-person Thanks, other. for quality, great Eli. in customers, Thanks dedicated a each of We're interest team space your folks a

only Our Good execution We teamwork. closing commitment support and wish We're XXXX with their success made looking forward your by you appreciate demonstrated good a QX and possible results. is and and strong to night. evening.

Operator

of day, may rest Thank all keep for you concludes conference call. safe you this disconnect. today's And participating. now and your Enjoy the

BioLife Solutions (BLFS) 12 Nov 212021 Q3 Earnings call transcript