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BioLife Solutions rings up beats in 3Q earnings and revenue

Product revenue grew due to higher sales in cell and gene therapy
BioLife Solutions is the leading developer, manufacturer and supplier of proprietary clinical grade cell and tissue hypothermic storage.

BioLife Solutions Inc (NASDAQ:BLFS) reported beats on Thursday in third quarter earnings and revenue as stronger sales from the gene therapy market boosted the company.

The company said EPS reached $0.05, a reversal of last year's loss of $0.03 and the consensus of a gain of $0.04. Revenue reached $5.3 million, compared to $2.96 million a year ago and the consensus of $5.23 million.

Revenue for the nine months ended September 30, 2018 was $14.3 million, an increase of 81% compared with the prior year period.

Product revenue growth for both periods was driven by sales of clinical-grade biopreservation media to the high-growth cell and gene therapy segment, and to BioLife's worldwide distributor network, the company said.

Shares of BioLife were trading unchanged in afterhours business at $12.28. 

READ: BioLife Solutions Inc nudges higher after 2016 revenue growth

Revenue from regenerative medicine such as cell therapy, gene therapy, tissue engineering and stem cell transplant reached $2.9 million, accounting for 54% of total revenue in the third quarter.

"Q3 was another record revenue quarter and our second consecutive profitable quarter with more than $1 million in net income," said Mike Rice, CEO of BioLife.

"We continued to realize the benefits of scaling our business. Product demand from the cell and gene therapy market and our distributors drove this record performance. BioLife is well positioned for a strong close to 2018," he added.

BioLife Solutions is the leading developer, manufacturer and supplier of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media for cells and tissues.

The company is based in Bothell, Washington.

Reporting by Rene Pastor, contactable on [email protected]

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