BioLife Solutions, Inc. (BLFS) saw its loss narrow to $0.87 million, or $0.07 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.23 million, or $0.10 a share.
Revenue during the quarter grew 27.75 percent to $2.37 million from $1.85 million in the previous year period. Gross margin for the quarter expanded 241 basis points over the previous year period to 60.78 percent. Operating margin for the quarter stood at negative 19.61 percent as compared to a negative 80.62 percent for the previous year period.
Operating loss for the quarter was $0.46 million, compared with an operating loss of $1.49 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $0.04 million compared to negative $0.99 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 1.90 percent for the quarter compared to negative 53.46 percent in the last year period.
Mike Rice, BioLife president and chief executive officer, commented, "We continued to execute our growth plan in the first quarter and believe that 2017 will be a transformative year for BioLife, our customers, and shareholders. Order volume and total revenue from our strategic market segments were strong. We had significant revenue growth from the leading cell therapy contract manufacturers, and expect continued leverage from these customers in the regenerative medicine market. Coupled with our demonstrated reduction in operating expenses, we're on track to meet the guidance we issued for 2017."
For the financial year 2017, BioLife Solutions, Inc. expects revenue to grow in the range of 20 percent to 25 percent.
Operating cash flow remains negative
BioLife Solutions, Inc. has spent $0.17 million cash to meet operating activities during the quarter as against cash outgo of $1.59 million in the last year period.
The company has spent $0.04 million cash to meet investing activities during the quarter as against cash inflow of $1.07 million in the last year period.
Cash flow from financing activities was $1.09 million for the quarter, up 8,983.33 percent or $1.08 million, when compared with the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
