BLFS - Earnings call transcript Q2 2022

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Operator

Good day. My name is Chantel, and I'll be your conference operator today. At this time, I would like to welcome everyone to the BioLife Solutions Inc. Q2 2022 Earnings Conference Call.

As a reminder, today's conference call is being recorded [Operator Instructions]. you. Thank Financial begin Chief conference. you Officer, Wichterman, your may Troy

Troy Wichterman

thank afternoon, joining Thank Good and you you, Chantel. everyone for this call.

Joining Rice, quarter Chairman results and Rod call of a press are XXXX. Executive we highlights our Earlier today's and and financial announcing Officer. President de me Officer; Greef, for issued Operating today, operational release and on Chief Chief Mike the second

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

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

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

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

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

Mike Rice

Rod your remarks, focused our be you his provide glad take and is afternoon, questions. initiatives team to will for Troy then an on. good QX, After my we'll After Thanks, Thank for on update operational present our financials key will Troy, joining everyone. call. that,

I'm that operational million, improvements highlights. our media from growth in of QX driving XX% growth team's with revenue revenue very of key performance pleased quarter and with and $XX.X revenue delivering financial revenue Turning initiatives Biopreservation customer XX% meaningful another are of revenue organic was up completing to QX record in XX%. Total our results. XXXX in and

to like Our confidence freezer recent intact. strong business processes, and also therapy companies ULT growth engineering a adjusted space fundamentals catalyst we supply improvements business that again echo tools and continue revenue I'd Stirling remain rest which teams full their to want production expressed with confident do of on chains Troy tightening sequential remain the we commitment life specifically and the in will sustained improved growth the margin year realized have other gross year. our in sentiments in that important will for calls. quality and operations, EBITDA science and our few our We so visibility, the earnings functions, also our and And cell products. express for to optimizing gene minutes. guidance, and my in QC to cover I are for XXXX their QA

guidance in points in goals, and for smart does aspirational we're but our both right $XXX XX innovation which on upswing in based in EBITDA reduce engine our not accounting the you adjusted for meeting new on our confidence we of color both and clearly three margin. what it, disruptive roadmap a recovery. current in million I'll on financial strong confident To and additional that include down XXXX of put product technology, on XXX remind belief and now acquisition. noncash to products convey revenue, and our margin the and Stirling And those potential tangible this will important noncash provide Stirling across new products it a our Now, this It's sites was we'll go we the the this, nor that asset In we're our Troy adjustment, freezers. acquired write bow of platforms. XXXX products and our points sold of exiting now unique services QX, gross to buckets customer ship XX adjusted are. Stirling

First Biopreservation products. Sexton and includes self-processing, which self-processing media

cold Thaw and nitrogen liquid of Second ULT automated cold is finally, freezers thawing evo storage systems cryogenic which our Freezers our devices. and our includes SciSafe mechanical chain and offering. storage Stirling and and comprised chain freezers services, And services platform management

XX new line cryogenic media, new new included new using ThawSTAR XX accessory freezer XX now New and customers chain now new product customers products. end customers, QX XX Stirling XX self-processing cold freezer customers, using new and ULT sites Sexton users, Biopreservation evo biostorage customer by XX users, XXX

for in new gained media total Biopreservation cell therapies. will our received processing gene self QX, For new trials products clinical customers and we additional used in that XX confirmation in at XX and least be

been Bio, or [Kimmunity], Bonus Alaunos in Turnstone clinical applications. customer XXX to Biologics, We than from and in planned Cellenkos, Biopreservation our more were Instil products used confirmations Synthekine, are media notable Some have used Rexygen, that Therapeutics, Kyverna. Cellevolve Therapeutics, estimate be

and a For three of approved application, and X million. vials therapies in used our Biopreservation date, processing that our Biopreservation media, used we clinical each revenue is also Sexton media confident if XXX,XXX approved, generate remain in To could range self approved therapies. are annual XX customer media to in

approval the products for base in in autologous BLA and least to our of expected majority additional Our development. the includes media with a next Biopreservation which embedded in allogeneic this CGT also and conclude embedded year platforms submitted at Biopreservation be currently I'll products CAR other XX by media saying that most of regulatory or are filings are applications customer our developers T-cell year. clinical

to role reducing grows to brew home formulations [engineered] critical companies. be We a CGT cocktails as preservation risk expect media awareness to play from able share with take our continue in for

products the geographies indications three as first CGT approvals for and catalysts media solutions. also growth and other and of second our approvals new and pending treatments for We new see and biopreservation line recent for the

customer the vials other our Media, film For include of in using and using processing three adoption CellSeal applications clinical XX products, self using HPL part machines. automated our platform, XX Sexton

you and our Sexton of to X million for both So vials media used see therapies that estimate media. CellSeal consumables reagents HPL adoption biopreservation annual XXX,XXX drive products. revenue playbook Sexton in to can we're running from We approved ranges customer for and

XXX Turning To thaw sites. freezers to first we reiterate, platform. and to our customer orders time shipped new systems

hyper some the in the complete there they to Our finished This later our to year. our of couple we're field off freezers. ULT notes thaw we speak resulted for Sterling in has and specific field times, sales We're degree to. Rod sales value install team updates improved platform. while service headwind partners selected until the of hanging acquired this which been and Hats a with quality platform will Sterling systems all very on differentiated greatly our appreciative freezers lead and reduced who updates freezers customers be shipping to acquired the provide. has focus loyal for for of will base in our distribution A our indirect

Services, are Chain services for U and one seeing agreement. government who three S Cold adding the either I liquid also for nitrogen initial engaged This cryobag Technologies, mentioned First, cryogenic We're XX we of we that this XX our and customers STEMCELL revenue sales already is to distribution treasured CB accounts. Rentals storage know, Storage expanded our use in Storage added some final for as through VWR our [thaw] and In our in indirect first XX platform, automated Eagle distribution on new pull sites key process most a is Chain ThawSTAR includes freezers last products services and Services, with with agreement specifically you we our Cold sales with customer of SciSafe shipped from partners. Avantor with and our to call, QX, or which evo. relationship,

platform, Storage Services state-of-the-art With nearly demand now cold Markin World broad Quick to specialty the International, chain gene could expanded our XX,XXX and up to BioCare. drive out cell foot Fisher, We're is excited to and now shipments SciSafe evo rapidly become very Thermo and are quarter huge double from innovation of for build Patheon in more cloud evo collecting year to shaping evo a the over companies customers class Full for reduce our our therapy year. start even XXXX. includes information through plan square end XXX% is management profit repository Our our support growing and Courier, buyer services. courier market a storage courier were meaningful to revenue on that that platform same X,XXX, our give a shipments for last and network defining offering actionable we opportunity our risk. access have platform amount US of our to partners our We're data evo.is continued exceed shipment about QX XXXX evo the partner contributor.

Our be evo platform a CAR approved used for evo leading will four related to next anticipate is controlled the platform storage two container of will store shipment the we app and approved the CAR class belief our global expect be T-cell temperature by of and the selected cold we pharma use year, currently by for CAR companies. defining therapies. adoption all therapies as of that additional validates transport will used chain increasingly T-cell remaining platform T-cell mid the two and means commence companies currently and therapies. evo CGT approved EVO This shipping This cloud

Troy call the to present QX. turn for financials to I'll Troy? over Now our

Troy Wichterman

XXXX freezer of XXXX revenue. over for related for approximately Adjusted XX, XX% was XX% June with XX%. second was XXXX. storage months for growth period thaw the X% organic Total over systems million, in the with Revenue the an accounted was quarter same and Revenue organic and systems revenue Freezers in first second over accounted platform quarter XX% of record revenue up XX% X% was for XX% ended and in the and same growth of XXXX platform driven organic Organic XXXX in revenue of $XX.X million, XX%. revenue up increase Mike. for processing X% was and a same was increased revenue QX over platform for COVID-XX related by the Cell XX% XXXX. versus you, growth over period and XXXX. million, COVID-XX the increase million. gross related XX% XXXX services of the margin revenue million, Storage which $XX.X was storage platform a million, totaled XXXX period the for $XX.X totaled XXXX. organic the of $XX.X approximately XXXX, quarter quarter the six services growth storage compared total revenue XX%. accounted platform $X.X for COVID-XX thaw approximately media revenue. of representing of Biopreservation and up was revenue quarter. the and Thank XX% revenue XX% second $XX.X XX%, of

was first in platform, mix. sequential was six XXXX gross favorable same the of year. period XX% quarterly due our sequential in adjusted with months QX the at gross improvement margin For largely XXXX, margin ULT XX% The as compared to improvement well as product last

the intangible Cooling expectations due $XX.X product launch. $XXX.X Global compared noncash impairment XXXX to the non-cash expect with QX $XX.X XXXX forecasted is to in in of net there to expenses awards. to QX XXXX. accounting impairment uniqueness margin of primarily Despite for assumptions the GAAP and million QX XXXX. value $XX.X cash GAAP resulted The expenses in year granted expenses $XX.X materials, increases million QX for in QX was newly QX pressures million to inflationary stock significant development acquisition. Cooling million in million QX million expenses was date flow million continue year $XX.X include of and delays $XX gross on freezer QX million XXXX with for in Adjusted versus operating from And believe including compared the Sterling revenue assets projects, We and in a in in lower adjustment, date Global $XXX.X operating operating we the operating to see of in technology. totaled intangible and XXXX. changes our XXXX related reduced ULT

of XXXX, $XX.X adjusted $XX.X operating and months expenses Global the in million the increased Cooling six last year. the to months first expenses due six operating Sexton. For with of Adjusted acquisitions million compared XXXX of totaled first

operating operating XXXX due addition, growth. of accounting XXXX. previous cost due support quarter expenses to the $XXX,XXX Adjusted operating Adjusted was second offset operating the loss by accounting In headcount, partially increased of by increased $XX,XXX $X.X increased our to higher headcount increased of compared in second over for and lower fees. the adjusted with million expenses quarter income to quarter

compared first million million million EBITDA the negative XXXX totaled $X.X of for months loss in the operating first $X.X second adjusted the of second of XXXX. for Adjusted was quarter for of operating positive quarter quarter income with compared to the XXXX. XXXX $XX.X $XXX,XXX Our and positive six $XXX,XXX of XXXX, for

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

We the first second expect the EBITDA of half of compared half XXXX. adjusted in improvement in an to XXXX

marketable $XX.X in was Taking in to cash receivable at million million million consideration related includes Our positive and cash which into of XXXX. June $XX.X our to balance XXXX timing, securities XX, $XX inventories. due to capital working March compared primarily million XXXX million adjusted used in and increase QX accounts XX, adjustments of was increase at $X.X million, EBITDA $X.X $X

going buildouts the the used capital of biorepository In quarter, million We same were related not level expect our facilities. to the cash addition, $X expenditures forward. of do in primarily

revenue to XXXX Turning guidance.

for revenue, is ULT profile, our believe EBITDA. financial to total expected, XX% the ULT organic number XXXX the the thaw over and line. range revenue to on XX% balance pace growth for to and related updates. based processing in is we to of lower continuing increase platform XX% of is the in be estimated million high platform COVID-XX platform; thaw is and to million $XXX to freezer expected be revenue. portfolio In for performance. $X show million. decrease tightened in systems gross run by primarily low platform is is XX% than This expected an estimated adjusted XX%. year-over-year is platform COVID-XX than XXXX of services have $XX.X Cell to low QX and media, goals, freezer Freezers the of variability and revenue XX% of to expected high XX% between million, $X $X COVID-XX full $XX XX%. services XX% We and an and less X% low an by by of for expect XX% by we reduced XXXX XX% of million to account the following throughout range of by increase high line. million XX% our XX% of media, range and increase year. of year therefore, million is X% aspirational XXXX million, confident Storage biopreservation the partially to our between $XX our account related offset and reflecting to to XX% lower $X.X COVID-XX is organic growth million range contracts rate, of range reflecting and be the revenue. product for revenue are to to growing between in growth related on be the and by revenue adjusted and $XX million, regard expectations the The growth revenue and to and systems we the margin $X range reflecting range to approximately decrease Biopreservation storage to increase and account of strong $XX.X XXXX related $XXX by revenue expected million this storage high than increased increase to million, for XX%. of margin million, XXXX. the to $X $XXX is at the expected highest total our million, don't has XX% demand for over storage This million Total will expectations XX% include $XX is and and for currently organic platform; financial and we XX% revenue revenue to a platform faster Demand for over which a expected guidance see improvements organic revenue. targets

fully Finally, shares on in shares count, XX.X of million issued new as basis. today, share terms XX.X have and of a our we outstanding and million diluted

call turn I'll the to Now, Rod.

Rod de Greef

Thanks, Troy.

on and operations lines, continued allowed product team begin continued call, improvement additional quarter. progress mentioned quarterly activities for to other these at opportunities last I the Sterling last focus As throughout has the for our on to

the product that, Before Based operation. were board. basis, on to across one competitiveness. year, some which higher And majority track operational in I to made lead and get in at impacts capacity lead to this regular comments we the weeks. freezer In year. operational revenue months to in pick make and a of contributed only team has our we continue If to bring I'll which metrics this the decrease with for improvements summarizes the overall QX first start first but to to metric gross the been however, just at this positively not time the Sterling yields Athens has time the which week, of in one overall six the also production of on XXXX. lead speaks with Sterling would been be in this compared time this freezers, on progress the quality, of ULT progress margin I with large And able XX XXXXLE then, stood a associated since it our achieved down substantial improvement pass February

currently Athens. in in part and bring take we XXXX that produced outsourced freezer us recently space are labor were announced in constraints to recovery an Sterling, products for to and of internally due two These two for overall by going them products, As outside plan we house. ULT which the back are CMO originally

in at LNX freezer two manufacturing will We these consolidate the facility of production our Michigan. products

and and QX, in the the generating have capacity facility the move planned it gross higher focus be members generation these and to levels happen space the increases of in to and continue for team make there next prepare XXXXLE XXXX completed quality of of freezer. We on modest to the the the will for Athens launch margin production products. two The large expect

two into quarter, the has we percentage an last September facility, The these it validation LNX cost products line. should freezer ULT expect supplier revenue will a In recent addition for which mitigate margin we new yields Not supply Michigan a in constraints, does LNX points component new on only and translate into key of have this began our quarters, bringing savings, second gross well X to begin source the in to the which in this used gone products of a X shipping also using on validation to October. or relationship products. pickup impact

of we're results the So pleased overall with this effort.

to Moving on increasing strength We're near the focused and our media in Biopreservation continued products. midterm demand. capacity based on and the

several phase of increasing batch We facility, which depleted our the replenish capacity us are effectively which meet final quarters. allowing demand comfortably our to and of in double the XXX size to XXX past the from liters, has safety the media will over been stock, Bothell

addition, HPL in mid media also media phase XXXX. Biopreservation off of that begin In volume runs and products, at scalable our our our kicked production we've planning expect Indianapolis, but small currently establishing by which producing facility suite smaller makes the a to facility

with pilot generated pleased a ensure things report QX, to implement that and moving one only initiatives, All respect the are in the that into QX margin system, continues in revenue while member. our service coming Finally, in to remains revenue quarters. growth operationally, right NetSuite I'm to up establish revenue full and push largely track. two program ERP ERP hard versus other are NetSuite all, trend still implementation program to team key service on time The utilizing we'll solid operational which high the

turn to call I'll Mike. the back Now over

Mike Rice

Rod. Thanks

XXXX. our leave of from you key takeaways and with I'll rest the QX Now for

XX XXXX expect time, and one three, and to to revenue, full confident very run we and $XXX of First, remain progress we And defining rate or of two, demand and in QX our of quality our Fast addressing issues bio will adjusted Sterling tools goals of supplier expect XXXX we we that it continued to to forward our improvements more million we're with QX demand results revenue adjusted looking points real demonstrate November. of to our portfolio in remain sequential beat I'm in and product to meet say our services made year far gross XX EBITDA. achieve pleased Number the today, product financial overall, strong beyond. fully forwarding margin points line for rest sharing class throughout guidance. say service strong so is production and and that aspirational and

Now I'll to turn call take Chantel? back to the over operator the your questions.

Operator

from Markets. comes question Lake Thomas first Our Street Instructions] with Flaten [Operator Capital

Thomas Flaten

with respect guidance. Couple questions to

on improvements into that expectations yet So positive color some the freezer news is there? down the there Have and some more evolution the was in in Can to natural reduced just was it revenue add launch. business away, the from Rod the write get customers Just you of kind around walked Sterling, maybe at some market? thoughts layered in really particular? you shared delays

Mike Rice

I'll give a little color. more

get everything remaining strong on think say tightening sales it what the mentioned, flow. I And else. update we I the really really to the we're the through a relates back headwinds no it the Once that. really, headwind, customers not can to guidance the have that that of on prudent I fact with As and doubt sales we're field somebody based just little be that's that kind from on some bit But based buy done just will to had normal tightening yet. we've is that,

Thomas Flaten

improvement then know margins. continue And in can something things see talk there a we QX below a from really was we moderate the gross and move but of will nice more it revenue through about or we level Is I as don't QX? line perspective, usually that guidance to improvement

Troy Wichterman

do in commentary gross remind stock comp. you mentioned issued again, we when number, was moderate QX I'd Thomas, adjusted that stock newly the into that net QX. of my too do I I to of Which grants. think from see it again, we'll we more a back going margin level And not like out

flow does and the adjusted our through comp gross stock margin. COGs So hence

Thomas Flaten

for cash compensation expired. the give could you if wondering I'm program, some stock commentary then, which on And

was Xst. it think August I

just your color or not curious been no. extended. on some great. be to whether And that's assuming would get I'm there Just thoughts

Mike Rice

we're commented runs commented to bit little longer, We publicly on haven't it but it and whether going or it actually a not. on extend we haven't

Operator

Our next Johnson comes from with Jacob question Stephens.

Hannah Hefley

It's Stirling XX% below the timeline last questions. Jacob. to couple year. we longer Good expand should historic get margins and to for on afternoon. to is margins, there levels back about additional Hannah were How A term? think opportunity that

Rod de Greef

going going back we up for just it's might guidance gross So stock product particular time do gross we that is to of the But in that of that We But option mentioned, facility provide grants. Troy will expect improvement XX, ourselves in expect, say net specific line that margins. continued into improvement. as don't put Stirling when product new to take some we not get what say We're do to gross just margin, a line. and happen. particularly in of mid-XX the confident box sort level to we're continued margin of

Hannah Hefley

years. are think we cross about capabilities portfolio of quick cross-selling you've built where over particular from there opportunities? How as any selling initiatives? and assets products you've the traction seen that up, one the the up follow And Are

Mike Rice

was or one preservation it's cell Breyanzi point one I both to this which And the a that, example CellSeal and to with I BMS Sexton bags in And gene to lot as were and manufacturing same similar the for a used cell for wins those is can we a which that looking alternate capture result. that really go is is actual thesis and are but vial, really would would've media we're self-processing And in those also for Abecma of and Biopreservation vials, know CryoStor And of that underway, but would And leveraging replacement public, of example a and wins cool. the whole talk of anecdotal media, that to decision about which independent serum our the we sales resulted foreseeable media, between final but story. CellSeal option for spree. another but replacement key tell point obviously we're of a factor, just crossover as relationships. of also the makers liquid we HPL cross can form team, expect The big our is case media, conversations but an you same final lot an result that products, to wins seeing our easy early cool in the sort the acquisition novel, really ultimately they use -- media uses and continue a that small therapies. to future, the also selling packaging a expanding the good

Operator

Our from Cowen Max Masucci Company. comes and with next question

Max Masucci

continues storage emerge growth. contributor to as and nice really chain cold to So a

I think the the beat past quarters. five I segment has our and model, think straight from

looking seem you towards cold spurring and XX call us a logistics for months factors give more to some in can transportation bit So to, non your there's just growth storage XX compared COVID around what's forward chain. been in solving customers and of Obviously, detail the a slew be it, ago. new launches, but

Mike Rice

right Yes, on. them out. Well, split let's Max,

Are to factors. So on they These let's booming. And roof going gear and have put the dilemma. it, side, companies, demand and repository it go just and or sort build they build all their a that it services the precious in staff is that's the store of just materials biologic revisit buy all the buyer biopharma maintain and very into and risky. one

a BioLife. that appeal to a such as partner And outsourcing so there's to real

going of all validation about earlier chain of And custody, are take just key with that chain be we just of off buzz of us. kicking really that going Now management that stuff, toss SciSafe very facility build critical are I chain care a around, really ID, but their for it's condition, they and fairly who XX,XXX good excited samples stuff And the those when and evo this value and really we side, through really got on be looking soon, sure. phrases couple so about, we're good we T-cell it precious we platform. to of have and that's evo of I'm traction? that all of can't next foot up, they're differentiator expand can ago want the that continue enough, fill to big we and you to years to fast square how are this here approved in mentioned important, extensive great. T-cell to so get CAR going just will we the year, talking mid approved listeners they're the company us CAR that here going forward taking and first started some and are And I fast remind hey, have but we it's that are be shipping a at Now with evo therapy evaluation therapy. We'll putting to we long, ever

are the And I'll just definitely companies. is sort gig, for the a logistics risk logistics key our that two but secondary all sophisticated kudos, really the for for shot reduce or those, our So competitor on path and we derisk not providers the we technology now market, the a to out of would call, least shipping there customers to I primary choice in these who who entire we're logistics, that's are are chain educated providing enable clearly and to not regard worth at to wait. in room their best just

the every that soon and they that. get with and of look go just with is those the got for that, approved therapy glad I'm list a And radios, I sensors platform, But all the feeling But marquee the containers, about we've to going this obviously, are permission. shipment companies and really race product about of evo we'll it to we to going we're Too in do, and good fun I'll CAR at new make exciting But it some going roadmap down. companies. be line, those say in. for when stuff lane. if mean, I about and win talk of and we're competitive yes, talk it's to over list and the mentioned and I really additionally evo proud really own a T-cell customer be not our So we're quarter slowing sure coming to it reasons. some

really that. about So excited

Max Masucci

see. a seems to XXXX exciting It key area like innovation, of

chain, cold competitors acquisitions UPS maybe I assuming Group, make a just announced the So a seen made push of shas an M&A acquisition one themselves. another Bomi Azenta we in few have out some mean, bit.

you business at taking of you and we're So segment, say, wins to sort organic coming that your point look in three across versus them from seeing growth any lot higher penetration? share of as just competitive distinct a would level segments, a or of one

Mike Rice

preservation more have mean, I more media buyer it's trials. capturing to in customers confirmation look of more, just not at clinical And planned quarter, getting adoption strong. we customers existing so media, every buying it's it's

least at strong. kind CAR-Ts outside that support same would that. the XX the I of adoption really, going US, with level systems drive us mean agree for really many, not in not need and the to indication, of still that the is all that CGT to game and that us if really space healthcare just of We aren't US are we engine just There early. while And that all let's of cranking. a remember folks, now. early I probably So that that handfuls. agree right approval could we for it's don't really think keeps couple And

really on just that. we're So bullish

So done, we're back media with roadmap the And and then Sterling we be think, opposed be first about doom unique get talk to in we'll the to and update bullish at cases. I can all but really we really and field not that. services defensive our be gloom, then innovative some time, storage get to Sterling. once foot about ultimately. being as the glad And right front leading for about to product particularly it'd what's But is

Max Masucci

looking up remain just we're stock. volatile that a cap market I'll a SIMD just in likely my for here, here, And at to environment then wrap reminder monitor

quarter see adjusted in So on cash. $XX exited around margins progress positive with and the to EBITDA million the you great

than cash a based obviously it's The question. just is -- lower dwindling quarters, been it's you're broad recent also on profitability. it's turning the corner So in but

you all mean, access to strategy initiatives comfortable how of are that internal guess, time. the you how want a I feel level don't So would cash balance? have you growth return to the is there eventually in with more fund to, funding do certain over go you imagine, but below, feel you that place about I I like an thinking to M&A

Troy Wichterman

We in And tied commentary, positive As AR. a EBITDA I did of a adjusted a of particular, cash had capital, up that we mentioned, as in have working my then to you as lot quarter, in built was quarter. mentioned or our AR far current the balance. due cash that cash, need AR late cash as raise foresee not really needing orders so And raising with we in the lot to do operations.

Operator

[Operator Instructions] Our Oppenheimer. next question comes from Suraj Kalia with

Suraj Kalia

misunderstood reason being ULT And how have that is ask part XXXX million outlook the outlook? charge, please if was revenue term how of is, free there Troy, I all in, is the impairment into forgive that And feel Mike, long The jump maintained I in being that incorporated? to incorporated $XXX me you still? any comments. your the change

Mike Rice

our and first Suraj, the bot last super about is with on that noncash to question you the Yes, in the aspirational mentioned positive adjustment, and exiting confidence the least. do call, financial insightful I'll first first as to part? can take confidence I XXXX hit answer talk the and the good it Troy, doesn't ability goals, take those affect Troy part. our part want

Troy Wichterman

the was the cost cash commentary, Suraj, as cost, slightly And discounted higher expectations mentioned assumptions, changes higher I the in completion. valuation flow were revenue to as my a lower and in such and result out. worked really there how few

three are really those contributed the to So that impairment. factors the main

Suraj Kalia

the there term revenue Right ULT. But Troy? change in was for no long outlook

Troy Wichterman

our that's And was in I too, have product again, as is lowered, expectations. also highest exceeding margin as It we media the we slightly our mentioned yes, in commentary. mentioned portfolio. my Biopreservation But the

term our again, goals. long us giving So confidence in

Suraj Kalia

look what million, just year, slight Gilead. X% to all there be next what or moving around of to $XX for is So at look estimated I especially, is contribution years, Mike, trying COVID from the going million, so you at and be, has ‘XX through when and Novartis all to parts, right? compression FY right, roughly example, thinking what evo understand are or couple $XXX have been If a you ULT, a in of

and the as cylinders least or walk valves firing, different at -- how years? two the are Just next kind the us of through the we look over out

Mike Rice

versus us our of think XXXX call I Troy instruments. revenue analysis, asking remind in start from, to reagents split all I'll consumables exiting sort Well, the it, let's by that

that make just a first, I'll Let's then part cover comment…

Troy Wichterman

million. $XXX equipment, would under which XX% capital be So the systems, $XXX and consumables, thaw of freezers the million XX% of and over the

Mike Rice

internal perspective, that to what we not imagine can as that the I the we're we as by else say strong But things strong, going as and amount [SAMs] bullish having our going Biopreservation obviously quantify or storage instrument traditionally profile. would key and media, got against of services Yet, the complimentary where not and kind evo obviously into. well. on. anything can we're like the So margin companies, that nearly of modeling the we've and TAM super like revenue crossover customer what some that And are pull are certain levers you a are Those like Suraj, that, portfolio side and that other as anticipating that. a we're would offer And customers, then about portfolio. super go the and parts from grow broader can through of very but about

Suraj Kalia

and I'll queue. hop quickly Mike, back in

different all different capital and a Biopreservation the lot is average buckets. position this being because every whichever cross bucket segments. of of that, in fertilization can or start consumables as, there Mike, right? revenues of How think ton storage, bucket, sort quarter. want You is so we progress should initiatives, triangulating, the Whether between customers are guys a there where have made okay, to about added and in it number effort and different and we going customers it's of you a each on customer, per this and new obviously that

some thinking where you headed. I'd are -- to Just help where guidepost headed. us we help just us I'm understand love get start about

Mike Rice

single now, in hundreds a approved in year, we that But who range the key more we'll rough to Biopreservation then ranges right? about a a distributors of of the more clinical platforms heavily that, bottle out. detail media move the think product. a stage by could and on to a a to going and side customers this range generally I okay. amongst really the ranging So I was maybe level media probably then formal disclose approved in other just I’d of from customers, of of that's lab if freezer the want speaking, couple call. late In weighted less way of think customers lot concentrated can that's platform, we of put the the give and are media one than have in But right augmented And and/or X,XXX companies some X,XXX to in research a definitely buy you

Operator

with Zhi Our next B. Yuan question from Riley. comes

Unidentified Analyst

$XX you related the is million impairment This ULT a on [Brennan] goodwill the much for on how freezer? of the is After Yuan. balance charge, on remaining to

Troy Wichterman

a That's analysis. different

units, one affected. are is We not reporting so goodwill

Unidentified Analyst

much So price price much some quarter your of down for check how on products is channel? Can by by is of listing increase party increase? that X% great Biopreservation break in of driven a in growth channel year-to-date volume shows third media. media driven the you how of and Our

Mike Rice

do cranking coming based was price it. But some have effective I some in volume. and know definitely quarter. to one, on a increase it's a certain current last PPBs by be not we I somewhat could by some quarter. did the and one appreciation price constrained just that we weighted game flexibility in We're in Yes, just it. agreements, customers, mind the volume it's mean definitely that customers, approved we here but supply first were that to killing there

not weren't about from those approved demand products size, three that You products doubling game comments I but These can our an also XX early media right. approved in, here, we heard everybody are that again, it's Rod's years mean, just replenish existence for batch stocks. standpoint we're still in the would only I And so meet safety ago. remind

Biopreservation rock sole really a it's early. And you can consumables, upside just The in on supplier, in and We've there attrition from locked was got to tremendous is as goal. related tremendous. so look, is the this trial it many current applications, we're even So And this going media years voice. clinical come. my for if hear once bucket thing shots to of on

Unidentified Analyst

the us. more the for platform. from Last We evo hear growth to question potential about want

drive the total volume CAR-T shipment? that adoption platform? higher of the evo what's portion the you shipment are if can on what planned can share of comment if products using And customers' So in wondering can you

Mike Rice

with patients you and and dosed won, final of grand a you you which I I were little here. can the great. market reported share product they've out by between dose are XXX first figure is an can a a right divided how XX% and their cite plus don't of do we getting customer that, in tell using us as lion share many And we it's XX% X, getting a to their you apheresis want figure because are revenues, that to a estimate can shipment that shipments. can intimated that path we

very ugly board. And not things the other these what's containers that been these there's like pace right? for wins in have yet much guys the and on trained The LNX to get work up the new which thing. on has years. ones a receiving clinical of the that but at early And to I those receiving the are as and coming looks the anything couriers actual company state-of-the-art. therapy centers that's package, So pharma clinicians an on the might with in doesn't traditional old limiter -- new it like shipped know do speed look little to It get up mean, you this evo, bit really

hissing So And a out just from doesn't this room because it heck design or scare potent grayer and pediatric the it an it's gas from and is out goofy as of that. thing when as cancer this love as wheeled innovative side, equally clinicians old their it base technology is there's into the aesthetic. all these patients

to and really some put that shipment feel that offering in that. over going off. be and confidence we though. time, about to then And if proud it yes, a now, data, little course we're But CAR-T take market always to early have evo got differentiated out, that going we're we for shipment going So track or we bit it's of share

Operator

We the call question I’ll remark. now CEO for have turn reached over the Rice, to and back answer the end Mike of closing session.

Mike Rice

the of Thank for in again, great thanks And interest Chantel. and a evening BioLife. the your everyone rest you, night. Have Good week.

Operator

today call. conference concludes This

may disconnect. You now

BioLife Solutions (BLFS) 10 Aug 222022 Q2 Earnings call transcript