- Earnings call transcript Q3 2022

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Operator

Good afternoon, ladies and gentlemen and thank you for standing by. Welcome to the BioLife Solutions Shareholder and Analyst 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. I will now turn the call over to Troy Wichterman, Chief Financial Officer of BioLife Solutions.

Troy Wichterman

Dennis. you, Thank and everyone, for us. joining Good thank afternoon, you are Chairman de and With President me Executive Rice, call today's Officer. Rod on Chief Mike Officer; Chief Operating and Greef, and announcing today, our for Earlier third first is XXXX, and months quarter a available issued press at the financial and biolifesolutions.com. operational we results highlights of which nine release

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

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

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

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

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

Mike Rice

remarks, will take call. present Thank joining an our to Troy financials Rob operations QX and After months of your afternoon, you Thanks, for be provide questions. Troy, we'll glad After good nine everyone. and will update. that, and XXXX, our for my

science by highlight XX% million, Despite the our in Turning Total with key macro $XX.X team XXXX, delivered revenue of of another cited strong QX, also of growth media performance highlights. headwinds life was revenue peers Biopreservation XX%. QX up tools to QX from space, revenue in QX. several was growth organic A XX%. and our revenue customer

To remain business reduced growth we our our with revenue full was point differentiation respect minutes. few total XX% competitors, catalysts a intact. once visibility assumed QX, recurring was XXXX XX% And revenue. consumables cover which and revenue make fundamentals on again of some COVID-related are services Troy to improved in business and year in revenue, with revenue and high-margin guidance, Our the our will tightening of high-margin

about is So XX% non-hardware related.

three of strong. within revenue year the no vastly the remains consumables the media in portfolio. our competitors greatly different are company, platform our of With Relative share look and lead take Most with from quality we instruments, and I'll comes building our services. to a that alternatives hyper is it's we or solutions platforms. customer critical generic offering of we well XXX high-margin with of mostly sold revenue to of and to recovery to Processing our First, Sexton XXX and to note and times, what that remind deeper to for customer year, improved will sites, underway, finish manufacturing, Cell we existing spend growth some media freezer and this future Biopreservation early-stage ULT which media BioLife our customers, we our the Cell years, the new penetrate about CGT new growth. growth drive easily from services includes nurture provided our annual their the integrated products. products across quarters two Biopreservation first expect entire shipped Processing are, most more services global XX-plus growth one three products storage the of pipeline drive pitch products our revenue as market. of platforms growth. our to we in reflecting suppliers customers, and support and percent you could $XXX of five reach QX, and which to In We unique of highly BioLife phenomenal franchise recurring and In anchor correlated distribution, now as each a sites believe million gained

Thawing Nitrogen Freezers our & Services, finally, Storage Cryogenic platform Chain and Liquid Management our Freezers Thaw Offering. and EVO is and Second, ULT Storage SciSafe Freezers of includes Storage systems Cold which Automated comprised Mechanical Devices Sterling Services our & and

line, product products. ThawSTAR sites Biopreservation XXX XX users, and BioStorage using Cell using Customers, by Freezers Accessory XX new and customers, Sterling end customers Chain media, now now and new Freezer New Cryogenic EVO QX new included customers XX Sexton Cold XX new Accessory ULT more Processing new XX customer XX users, new

in used used in QX, Processes Possessing for or that trials Biopreservation been planned clinical to XX we gained our and in and have therapies. Clinical products will solutions be Applications. gene Cell new used least For be Customer at We customers that XXX received Cell are our cell media XX estimate additional new confirmation in

three these [indiscernible] to our we generate Possessing BMS, that our Biopreservation and from used used are Media our Biopreservation $X is approved, in Note million media, including Therapeutics. remain use if Bios media. also also Biopreservation in each confident customer JW could therapies, revenue in For range of CryoStor Breyanzi all media annually. Cell a Sexton application, clinical approved XX approved and $XXX,XXX To-date, therapies, of

I'll the CAR in platforms proprietary end Our are base in embedded products additional conclude of embedded of by includes by T-cell autologous developers most that the products majority XX development. saying clinical the least Biopreservation media Biopreservation of allogeneic in customer also at media anticipated our with our and XXXX. approvals the currently

to critical in awareness We as media the our CGT expect to of able for companies. take share reducing engineered Biopreservation formulations continue from to grows be role cocktails play risk

Biopreservation CGT cell recent new approvals catalysts products and approvals gene first media therapies, the as treatment and for for additional for geographies the solutions. new line and see or also second of the of other pending to indications four and In approvals we initial addition growth and

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

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

platform. use Rentals QX, Services, or speak first-time environmental quality and orders platform Sterling on customer Freezers In either of greatly shipped our generation XX and the their their revenue to services Cold shipped and sites, with the Chain hyper initial and resulted support for negative consumption, lead will in storage for call. first Customers final temperature reduced and as continue Thaw ULT heat which impact less improved to proposition on evo of our Storage based acquired reduced Rob reiterate, power engaged our Turning storage focus evo. value To systems products operations. SciSafe XX offering goal this reducing platforms, includes see noise services in three customer storage XX XXX we to regulation, new reduced we to tight has new and times, our freezer on pollution the these shipping services, for which sites of

Services SciSafe is growing rapidly. platform Storage Our

the evo quarter Biocare, With evo estimate information gene shipment QX to our biorepository Chain cell of Platform, companies up cloud our now new to risk. at Marken for We Quick evo last year, CGT is XXX% innovation through and to evo amount partners our the meaningful planned class Patheon, in X,XXX locations that data World courier platform IS broad rest XX% multiple approved over actionable open continued huge more includes our were we're revenue very therapies a profit opportunity for reduce partner collecting customers, market least Cold a end same shaping we of considering over now our our and our and become clinical Courier, Management network contributor. for even access courier therapy defining offering and give Thermo International, to to expanded are were specialty Fisher, have that excited to about our were shipments now XXXX. We're these, trials. and drive

to cell related evo platform the adoption evo year, will will platform currently expect This T be the defining that a by by cloud CGT be all increasingly for therapies. of approved the next as CAR container selected We used continue and class mid the shipping validates leading that companies. our belief temperature-controlled app

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

Troy Wichterman

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

in year. and compared warranty period The supplier quarterly customer quality sequential largely For the costs. to first of lower margin by mix, partially the offset in XXXX, last with XX% nine gross impacting adjusted same gross due was XX% margin QX yield issues decline was months

expenses with expect XXXX And QX to operating a ended GAAP Global million. XXXX versus $XX $XX.X which were to in were recorded in XXXX We months of and million million with $XX.X XXXX, margin QX were expenses non-cash million GAAP see months million expenses $XX.X QX GAAP for $XXX.X related nine operating X in includes of Adjusted compared expenses gross acquisition QX million XXXX. QX Cooling QX the of in $XX.X $XX.X compared million intangible in of operating XXXX $XX.X million, first for operating QX. for the in increases impairment XXXX.

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

to costs XXXX operating due compared In third fees. $X.X expenses to higher previous Adjusted quarter headcount by the loss addition, $X.X with third increased quarter, increased of operating Adjusted expenses accounting adjusted and the operating increased growth. operating our million in support $XXX,XXX primarily and due loss over quarter the XXXX. accounting for increased million to was of of

XXXX. for XXXX with quarter first second loss quarter million XXXX XXXX was the million totaled operating XXXX. the months for compared of of Adjusted $X.X million of the and the adjusted of loss compared positive $XX.X for $X.X adjusted of $X.X EBITDA quarter $X.X third with nine million for million in positive operating negative Our third

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

expect first XXXX. of adjusted EBITDA the in second the half compared We and with XXXX half higher of

this compared June loan $XX.X securities marketable million Valley Silicon balance with with advanced September we September XXXX, On a XX, at XX, XX, Bank, million and at million on $XX secured cash closed and million was Our $XX XXXX. agreement $XX.X facility.

rate upon be although, of of $XX or greater not the of interest million and discretion, may loan ceiling the plus June The upon discretion. XXXX the upon than facility is million bps, on of $XX a is X, the X, to of to an milestone occurrence rate June to subject additional June The XX comprised prior additional more draw extended Street an Journal certain the it which interest XXXX, We upon conditions. $XX million X% of to time million overall Prime achieving matures XXXX, advance. SEB's Wall above X.XX% $XX company's revenue have XX, upon

adjusted rate EBITDA pay consideration, ceiling Taking repayment of has Our first $XX operations and to amount million, biorepository into advance million used in by On of repayment interest was build-out advance an of was of expenditures extended. $X.X debt and as related no covenants. our loan of facilities and by X% million, an provided loans, X.XX% million. $X.X the positive full the we which of additional principal aggregate financial $X.X of cash million, the of in to related a our capital $X.X offset XXXX QX cash partially will primarily

Turning to revenue guidance. XXXX

guidance year million have revenue $XXX million million of guidance full of to be tightened versus the We to in prior million. to $XXX $XXX $XXX range

a to is of organic revenue expected XX% updates. the revenue. growth year-over-year platform XX% include X% COVID-XX-related X% to and growth guidance reflects total Our for revenue XX% of following to XXXX Total XX%. account approximately of expectations for to

growth now our that $X.X to for the the million, could reflecting by lowered supply XXXX revenue shipments. our year is of For guidance are XXXX that platform, top XX% delay XX% Full XX% are cell processing of ship in over to challenge chain range organic expected $XX expected be potential a platform and increase to XXXX. $XX XX%. to million an Any XXXX delayed QX of between of million, to orders

freezers This systems our COVID-XX-related to between thaw our and platform now to the the For organic be and revenue to challenges X% XXXX chain platform million, platform, million range guidance by growth of XX%. on systems revenue. year $XX and decreased account for $XX revenue by the estimated product range growth Full XX% is cryogenic X% and reflecting to million supply line. thaw is XX% top of $X of freezer represents freezer over million. XXXX bottom $X.X and decreased expected we

and by organic of we increased and range total storage between bottom expected to platform, primarily now and $XX storage estimated revenue. to XX% over on variability year. the XX% XX% increased $XX to storage million therefore, $X for contracts, and expected the is the based and storage on and services The the $X million by number to this our to top is growth million XXXX. million revenue range with For see COVID-XX-related is services the we do of balance COVID-XX-related account platform XX% of to expect and through an revenue not be

our amended expect COVID Therefore, COVID been of revenue therapies into extended that in XXXX. COVID to addition, In store vaccines. has minimal instead contract we November in XXXX

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

a all BioLife I'd to this thank as him is like true Rod's call, player. team last Lastly, to contributions earnings for his and being

a organization made to for forward and on as look positive retirement, me a wish personal and you You've you on level this working I a impact Board. on well. well-deserved the best with the I in

the turn I'll Now, call to Rod.

Rod de Greef

It's been current role. my year Troy. since moved a into I Thanks,

acute efforts to at company the operational positioned XX reflect continued levels. at just that teams pleased Sterling other The across operations, on to lower customer progress metrics I As has we XXXX. well. product continued operational gross as margin for last months, quarter say not platforms compared through our service warranty had I'm made, quality historical to significant in where very but Sterling, the this some execution positively improve, utilization The issues, throughout been strong and have us of impacting

plans by the are announced of manufacture of of in-house underway, from be of CMO QX our previously Michigan expected ULT move next two year. facility existing the Our three the units built products are to an and well end to to

to service activities keeping a production, relocate all engineering and increasing launch freezer smaller the the made we Albuquerque on QX, production Michigan and customer capacity our of to focus margin logistics overall to XXXXLE operational continue EVO will quality continue In facility and decision large of prepare as facility. activities and freezer. also facility, gross in our on for Athens focus we improvements, the Our to efficiencies next-generation on the

expect QX We to Michigan begin production PVXX in next in of year.

expect facility, In addition products line two component we the shipping to EVO and source freezer a finalizing lines freezer validation to been and into a LNT production end And of year. yields bringing XXXX. in begin gross quarters. ULT negative recent have before used the the on second our have ongoing positively using our LNT consistent mitigates this for products the also impact This in it had margins supplier supplier of savings, supply these which on constraints, cost new an impacts revenue in new which relationship key

we and continued higher-than-expected stock, working media validation meet Moving in make chain products, to media quarters coming in year. continued depleted on us liter existing based demand, XXX are and the our producing safety the the production we we constraints. process volume. CryoStor, that progress in to currently increasing near the supply involved last finished focused allow in to To our continue and has midterm. Biopreservation from on that demand growing on to XXX through should moving replenish been QX, And are lead batches end, capacity Increased product which at our in

but now at suite addition, on to facility larger volume mid-XXXX, expect by to volume and our plan producing executing to In we that which are our small, production in us scalable will our slots enable product media establish dedicate smaller our runs a runs. the begin production to Indianapolis facility bottle Biopreservation

with to to in pilot our the exceed service revenue two program implementation, respect that and other pleased service initiatives to year. $XXX,XXX revenue NetSuite program expected a is key Finally, revenue operational our this high-margin report ERP I'm establishing

larger impact We related service on performance in margin have gross expect and revenue our to a XXXX. financial

by accounting the manufacturing to constraints, are on full the middleware expect implementation the by NetSuite, numerous of and connectivity running end we year encountered now the functions middle the entity-wide While now based next majority of delays and running bandwidth and XXXX. balance other the applications up of has have our of on some applications and accounting to

next progress operations role continue under that worked over closely with very team leadership on the the year. from to I've a seat the the confident will move year, I last I'm my new early operational to board As so company's

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

Mike Rice

Rod. Thanks,

Now, the XXXX. and I'll takeaways summarize of rest QX our from key for

critical, developers Solutions a tools increase their the cell and portfolio mitigating is trusted CGT therapy industry. likelihood gene help solutions provider risk of a BioLife highly built valuable to of We've First, and services success. that

Second, services for bioproduction demand and our classifying of remain strong. tools portfolio

We update fall issued. the revenue we within just year full guidance XXXX expect to

remain really with revenue the Our much in pharma the confident global points QX revenue, of million adjusted lastly, will on very booming, and still that drive XX that differentiated let's is margin sticky, selected. and of aspirational our expect points is run approvals of and we're recurring achieve we in of goals high-margin This rate business often gross consumables segments. $XXX in we we And CGT financial and proprietary hundreds XXXX XX Fast shots have all QX and our looking EBITDA. and to early today, considered say forwarding Number of line our is traditional innings services remember strong Sterling adjusted media demand notably three, to home in we full and brewer product alternatives XXXX high-growth year so becoming is and to overall I'm sharing share that and less CGT results. far product capture pleased demand we're forward to the goal.

help We're And the mean take it. last transitions association of wish to to us overall your to Rod's experience retirement. he Before Q&A With to level financial I the retirement to the deserved at Rod, Board I portion, you of we back this a guidance as and of during is over the time, end with performance. long entire BioLife recognize best much minute earnings his BioLife leverage manage fortunate you, contributions our from to our turn growth Directors. take in to operator to year, call call joining Rod's on this next to the the We the coming solid team. company. his so the Thank his need

call Dennis? turn I'll over Now, to back operator. the the

Operator

Paul [Operator KeyBanc. Instructions] of is go from question Our Knight first ahead. Please line the with

Paul Knight

Yeah. Thanks, Rod. Rod, thanks.

is think well. together almost I approach as our years double-digits

next you retirement. enjoy hope of So this round

Rod de Greef

Thanks, Paul.

Paul Knight

that, ever. you down? Mike, contract, are COVID storage next again has And year? and do on replaced questions do how CGT think expect then number that or And do the by per the other many regarding you stickier COVID revenue being Secondly, lastly, Mike, approved than that approvals Troy, why is it's modalities, come per have, therapy, you to think I the

and You those why -- about three comment finishing less less comments and expressed your is an questions. kind this but for of that? home-brew, alternative, Thanks of,

Mike Rice

Yeah. Hi, Really Paul, thanks. good questions.

a go the predominantly XX take and of that's US approvals our to Europe. to part. US, perhaps we'll your additional to back that And is Troy outside Next in. media baked one, last year, combination middle answer I'm the going and

So $XXX,XXX therapies. looking our at annual hold, an that us range gives million have of a per of data year confidence can anecdotal to therapy from $X who approved revenue approved the what of revenue customers and of estimated lot

going that fully little going to revenue sense Some clear of the as is patently little to trial that early of for of the of looking them we're look, is at end we know remainder but our about call, the candidates approved to that to say Too we're here track media. limit they my going buying that are doing mean go us, bit least this therapies well, clinical range. I'll revenue from And production, approved trials of talking our the also to are using out the clinical supportable. a but they're a be the increasing time, the range that that's lots I it's to with more high rocking. at Paul, that that customers, And most media. today on do they're

to COVID speak replacing with don't about for Troy, storage? our confidence So you non-COVID contract why storage revenue that

Troy Wichterman

Exactly.

Paul. the for question, thanks So

As infrastructure; mentioned that a Stirling of infrastructure using that before, the we was have freezers. built lot out

to that range reminder, negative therapies. XXC, negative the XXC from perfect for goes a which is just other temperature As

to we're now. into contracts a I that Netherlands storing remarks, has in COVID currently current with extended we're contract XXXX that by have we to replaced we in therapies there, with that my big been that that modality and it's modalities. expand the storing modality other mentioned as And expect capacity already really, So different about and replacing the

Paul Knight

Congrats quarter. very much. Thanks the on

Mike Rice

Paul. Thanks

Operator

comes Lake Please Thomas Street. the with line question next go ahead. from Flaten of Your

Thomas Flaten

if with to Hey the quarter. versus was a on that bioprocessing could us? little more just wondering Mike, enumerate guessing they're congrats supply across chain constraints. I'm bit you different those I maybe freezers. guys, the for rather respect the

Mike Rice

we to ahead, turn the to He's Go mean, that. I'll much to but know I they do Rod. details. what it closer. are, closer Rob he's obviously,

Rod de Greef

Hey, Thomas. Yeah.

side, it on side, capacity plant. bags media Anecdotally, processing feels like things working So bottles the they've increased some and are loosening would up go based a been But a where little we cell regard. a opening and about bit, will as it's really loosen that may that new I packaging, particular think still their have constraints on they've through through XXXX supplier, a few really constraints here from be this in up capacity. had QX

slowed cryogenic respect QX. service component our got working couple products generic. that one of One need units customer to On flow issues lack new third you to has things, if freezers, on And completed, relates validated. the up will well. in for smaller to freezers, the to where Then and quarter. replacement some components, be bit, are will, if with second this has ULT constraints. some vendor one just global eased directing to which validate little also specific embarked We're based that I constraint has the products source and be it out and is boards one side very a till to we've that or we us versus we who Those in done we as with more created which can electronic one some addition, get see freezer particular, program volume that and as a in a three back, obviously customer three the I got but in we've in of the are probably quarters have those hard nature shipping is component flow service. on a QX, mentioned, products we're Board for bit more there's as critical second And the the a provides of mentioned, the

Thomas Flaten

due could you're If also, could was then curious, Great. I thinking here I storage if that the And facility over to on to switch as anytime. an services. the was -- do how update of open you're new Shanghai about service, relative versus site of thinking sites, Allogene, just those a for saw new you the if opened location about facility. I about manufacturer example, we think

it -- to into due that does how is So, sites? factor calculus pick the

Mike Rice

Thanks, Thomas.

another for question. this now delayed biorepository reason. been good calendar Another has year really opening good of The plan

to best time have decision, inputs the US. make be both We and production more their sites to several now facility outside point, we're here where transport the the facilities, where anchor looking to reduced. storage US those us customer at the would help and have your they in to correlating locations, And from place our

just make scale contrary, got of lot of great turned pack to in plan bit thinking and decision slow diminishment the with That's the reflective a little a got sure want not to we've sure, lot plenty we've our next down any more of mean to that XXXX. buyer capacity. is calendar for demand thoughtful we're site a at So we in the pick in of to factors of that inputs positive But just that up year a about. I the and get least new be one

Thomas Flaten

you one. for updates then And ago? Any agreement I or four us final the on guys it was one Coriell months that think three struck

Mike Rice

noteworthy. nothing No,

Thomas Flaten

Got it. Appreciate guys. it. Thanks

Mike Rice

Thomas. Thanks

Operator

Stephens. go Your Jacob is Please Johnson question of from ahead. line next with the

Jacob Johnson

Hey. my And Rod, retirement. on congrats the Good everybody. afternoon, I'll echo

long Mike time. As said, as sticks this it

Rod de Greef

Thank you, Jacob.

Jacob Johnson

-- first, Maybe just yes.

more to, some talk expectations internal maybe macro guys freezers the It I you own for supply you near on think is backdrops your impacting chain. the around and demand that the alluded in as moderated supply freezer first, business, seems Just term. the there's -- where

what this about just of And freezer the longer demand? terms you're you side about can on maybe growing asset talk we think how in should from So hearing customers term?

Mike Rice

I from here. Mike guess, fine. perspective Good Jacob, our going things are The Yes. demand side, question. is

No who's be the and a going from the that. that's ranges, we'll would we're I everybody chain ability years, have infrastructure see. eye if It's in selling surprised the used Sterling But more not really form on but talking to we're cryo will all of the affect as high COVID degree, build that not competitor that of erosion sugar detriment last over I But couple huge We our they're because And constraint space. But to resale of real contrary. far to seeing freezers up the on as our been to across about. of of supply that, some that those would book business face temperature keeping to in some new that need be say the our and we COVID freezers. yet, produce. of

Jacob Johnson

Okay. That's helpful, of point, to of do to transitioned one you've Mike. the COVID there's shrink non-COVID business. already of year applications. rolling It think we off. if in just is see concerned, belabor back then next like maybe But for are storage I investors COVID that contracts that kind amount sorry the going services, good a but business sounds And

about particularly term ability for talk dynamic think COVID non-COVID rolling you to how as can that your capacity in the of transition think the off maybe we should purposes, near XXXX? revenues then So maybe we and about those about

Mike Rice

replaced, understand at and as more for contractually we'll And, can granularity can big full great. the issued been give a COVID we already to mentioned, that We support on XXXX, year has and platform when some you have of color. But got that's guidance be least of committed contract that narrative help some we some just course, Yes. there. Troy how

it to less. and and going we be revenue the our reliance COVID portfolio it's out from entire get be next down to across years the reducing year year, as significantly last year on next will even beyond. now, Right we're So

bolus, going chunky to to tell it, that healthy enjoyed when you reduction any So replacement but the that, going it We for it who other next rate not and where growth in COVID services to we're also fine. organic it going that but big on least but for was certainly be its yet, us, with have growth, applied not storage we're to going anticipating was at just of a year. companies there, We're all based contract.

Jacob Johnson

a super Thanks That's lot. helpful.

for they still amended was there is question? is purposes, change I non-COVID contract the Are that in one COVID it same the Like, quick was revenue? paying amended, clarification still guess, the same? the is there. Just amount, The contract any that like the

Mike Rice

you too wouldn't that to detail. asking, Yes. much appreciate We I detail. but speak Yes.

Jacob Johnson

congrats Okay. Mike, Fair Thank enough. Rod. to again, I you, had and try.

Rod de Greef

Thank you.

Operator

of question Cowen. ahead. Max is Masucci the from go next Please, with line Your

Stephanie Iannetta

is on on Thanks Max. Stephanie and for retirement. questions taking the my for This congrats, Rod,

by So, seeing end a quick markets of you biopharma evidence any slowdown biotech demand call Are within fears? there any on given the customer customers trends one self-processing. out among you or platform Are segment? earlier-stage recessionary that can specific

Mike Rice

the To remarks therapies, in see demand treatment contrary, ago, we regimen. the about four recall Stephanie. geographies. approvals, in getting approved really minutes of And might existing Super these benefit catalysts for the new for few driving importantly, therapies my self-processing the additional you would indications patients I new most a cancer question, all that are think for moved be, up

a or of therapies. CAR-T. times you three if couple to be systemic going the clearly first-line that I the to to have chemo second see having kind within clinical And get spend. two we're And years, work line. don't support of are results So not It's to the believe, next stellar, in lifetime, a pharmacoeconomics your on breadth, our failed really last

So, yes, whatsoever. no slowdown

Stephanie Iannetta

chain That's on great storage another And to one services. and hear. cold

support partnership evo should and How coming quarters? release over we that So starting XX,XXX shipments over SciSafe mind? And for XX keep that next we think the in manufacturing shipments materials CGCT that for seasonality of in your XX,XXX, any there the about should with the in we pacing months. doses press that indicated expect increase is factors to

Mike Rice

no really and about how can thing own the It's team with fast up do they their SciSafe seasonality, trained we their get onboard and fast to can Stephanie. sales marketing say and how would I engine.

period the As far of evo shipments of the run rate, the quarter been as the pretty it's doubled right much number year from or the are last every quarter, year. now, previous same

minute will mean, ago, get of terms we and that fast in modulators those be the I mentioned there. how a all I growth of approved the So, with the therapies out time just currently catalysts

Stephanie Iannetta

helpful. And from one me. That's one Great. last

peers behavior in your Have if of And seen that orders. so, similar manufacturing to versus customer and and your products? excess any trends you ordering base? customers a some bulk indicated seeing top are -- the are inventories you specific annual So on could through ordering have normalization with working normalization specify

Mike Rice

Yes.

contrary. to one Just the

QX, one healthy most the bit previous have recent reported than our a quarter. largest a quite of discount. our ordered in So they more And distributors

and the or customer many embedded going a that who anything like global not thing So mean, here. media or de mix through while either have margin business companies or obviously giving. particularly impact. quite on anything to going not, the bit has keep on We're of operations, orders this acquired these reduced so anything, burning gross a contrary, that's I a CGT to that. pharma customers If side, to is novo safety and But for is rock large no, in about this stocks the

me business, million might a rate. can remarks say have using in media. part over kind preservation annual we in of five to revenue growth loan, just total You heard that as think, the of just XX% not that the just prepared $XXX low Media modest revenue, but years, one get

Stephanie Iannetta

That's taking helpful. congrats. for it. Thanks again my and questions Got

Mike Rice

You’re you. Thank welcome.

Operator

Your of next Zhi go the Securities. Riley question from ahead. line Please is with Yuan B.

Yuan Zhi

And for tough our strong macro a Rod, on thank congratulations taking this in quarter surely, Mike, there. you will and environment. miss we questions

couple of So here, I have questions. a

and the of there. glad how therapy offering CSafe, to with in companies? see logistics, you now? partnerships fit within gene together context other your CSafe -- right CSafe courier partnership can cryogenic to with First, you does In offer new maybe have follow the And a now remind sell already place. you follow-up us that Can what in

Mike Rice

Yuan. good place Thanks. start, a to Yes,

its the well-managed partner relationships really a They've at some CGT. is CSafe EVO of the really company. network. This great just in base, got is extension So

optionality. platform Safe has the supplier So a network CGT really glad through obviously for to and customers space, aspirations major can EVO more sure. lot services a much They obviously we're CSafe these the a be dominant access the of to the C critical to strong have of all couriers, of number couriers. a have them in

carriers, we're trained for them once for have broad certainly and opportunities some good to see but good competing they'll really from and I team productivity particular other good against ultimately customers So really think obviously access up and the to they're be against for shipment going BioLife. that

with a multiplier just our CSafe force form partnership the So in we've of got

Yuan Zhi

And it. there. maybe Got a follow-up

So to your what to kind in of table bring to of can offerings CSF customers? strengthen your position terms current

Mike Rice

to We're they're with as to shipment space game be in autologous have shipper both container offer therapies. containers pallet the containers. regime able the watch temperature-regulated and storage I allogenetic Clearly, [ph] think, going to they're passively single tight and size and really flexibility Yuan. controlled how they the of current of see well, lots because of big and active of going to do

to end So and know, well, with out are them stellar they do, which other customers or our my sense them already going of many of great how give our many support ultimately we're whom is start using we as and media of see already and solution. their parts

really, can through highly exposure this so even provider. This highly ago, have service my of CGT regarded, force minute a expanded here, So one we to term to more space use multiplier other is trusted is the another

Yuan Zhi

question on one That's CCF last to Yes. And partnership. the good hear. maybe

regulatory to together. you So, inspections X integrated have filings these or it platforms requires as know,

does will available how long So have customers maybe will process on comment options them? this can And these you to take? when

Mike Rice

as a sure it IND I'm an or goes, so Yes, BLA. in customer as in far their that's own sure. a courier Well, naming really Juan. regulatory how updates, not

be final liquid naming of degree shall that with it's think the their or vapor in or phase final generic more the of World of nitrogen parties that Courier destination. is any the that to third not My I like manufactured Carport dose that transported sense a naming they're description that specificity.

to of particular that's to speak need necessity able I your to something be need going documentation they glad Well, and unless CCF So how get last but go. and couple a know they kick them I that quarters our training them. next sense how we're And not we might in, you with a that when But relationship of be to of don't question my about, the regard don't, support need would really is. think so, in to the productive the we that's going, to we'll the with to to to over party them us sense start have lot boat. do see is with finish in or obviously the

Yuan Zhi

coming Can Yes. domestic? Got one you your what's for from revenue And last one maybe the versus ex-US clarify quick of it. Troy. the percentage

Troy Wichterman

is XX-Q, ex-US. US Johan, yes, XX% that's it's and XX% in and I believe

Yuan Zhi

you helpful. our That's for it. Got taking Thank questions.

Mike Rice

You’re welcome.

Operator

with of go the Kalia question line ahead. next is Oppenheimer. from Suraj Your Please

Suraj Kalia

me has dealing echo Thank with afternoon. pleasure XX last, sentiment. taking you Rod, And questions. years. the over let It a Good for my you almost been the what,

there XX% and comments safe additional how if are layer us from lot time that new customers a point I'll just been And XXXX, So, That my Mike, Mike, respective retirement. XXX when million your stick of healthy point questions these help us the being implicit of maybe added, on a and the just having are my and questions. the wish rocking the Gentlemen, also are one understand, everything items. in customers a to just added you -- Rod would impact it so one asked, to again. have start could line material to of much Mike, question is provide and be my your CAGR. thank baked in? any Maybe you they it about is somewhat Hey is could i.e., that for organic, by congrats you other rolling taking two. you or all acquisitions if

Rod de Greef

Thanks Suraj.

Mike Rice

of us that ending Hey anticipated M&A total one revenue. second Yes, Suraj, I'll additional or Mike take to run get no required other to XXXX questions. good No, QX here. the rate first.

to the state various know, And revenue to phases the customer you longest preservation media a from based approval. with their three ramp as regulatory five trials a journey, respect timeline get say on from I through anywhere on the the preclinical own can clinical something be just years that so. or would to Now, can of to take, just

and results time going probably stuff. of data, become as these regulators get with to kind over that's Now, right? compressed stellar clinical hopefully, the these more and that all constructs, the And is familiar sustained

will in is and of of and these stack regimen. approved and that going of catalysts up sticky, revenue. over the growing comment and year-over-year close quarter then media other annually, revenue have and all see is I therapies. a tools or line existing There to by relative cascade. the we at service over of the finally, treatment but getting it probably just time, that geographies which each in my estimate. easily the say that then on on every preservation up product very by other for three This of several new vary modestly the modestly therapies, of super the approved the sort modestly, you here, the the to earlier a of call, kind be could really therapies stuff point that moved like services, to believe customers for that going goal additional alone just therapies I wrap it as existing make written in into other lot described ago And does high-margin platform, a it existing $XXX recurring, I'd indications is guess that's just revenue reasonable most I of XX%-plus to minute catalysts So, is million new but from comes it getting to that BLA media just to -- support

encouraging that's one really just but So, business, part the of

Suraj Kalia

you. Thank

Operator

are for any no turn Rice now questions. closing to the there time, this call over Mr. will At further I remarks.

Mike Rice

seeing the a everyone, Conference again, up in a here, and your forward wish for at coming JPMorgan night. season of Good you We'd BioLife. and families the January. of many and week. great rest holiday Have evening in the your to interest safe look joyful to Thanks we that's Dennis. Thanks, like you and

Operator

participation. BioLife call. your We and you conference thank Solutions shareholder Thank joining you for all the analyst for

may now disconnect. You

BioLife Solutions (BLFS) 10 Nov 222022 Q3 Earnings call transcript