BLFS: Q2 Revenue Pre-Announcement
Brian Marckx, CFA
This morning (7/9/12)
BioLife Solutions Inc. (
pre-announced that Q2 revenue is expected to come in at $1.09
million, representing y-o-y and sequential growth of 76% and 31%,
respectively. This is an all-time record for quarterly
revenue and will also be the eighth consecutive quarter of
sequential revenue growth. The pre-announcement does not
break out revenue by business line (i.e. - biopreservation media
vs. contract manufacturing) but we think it's safe to assume that
sales to the new contract manufacturing customer were a significant
We had modeled revenue of $850k in Q2, with the assumption that
sales to the new contract manufacturing customer commence in Q2 but
provide a larger contribution in the second half of the year.
Management has not provided quarterly financial guidance so our
weighting of our modeled $1.2 million (management's guidance is $1
million - $2 million in 2012) in contract manufacturing revenue
mostly in the back half of 2012 was a best-guess at the time.
While it's very possible that contract manufacturing revenue in
2012 will beat our $1.2 million forecast (and 2012 total revenue
will beat our $3.8 million forecast), we think it's too early to
assume that that will be the case based solely on the beat in
Q2. As such, we continue to model $3.8 million of revenue in
2012 but now with 1H and 2H revenue similar at approximately $1.9
million each. We will again update our model following the
release of the full financials/10-Q.
We have made no other material changes to our model and are
maintaining our Outperform rating and $0.25 price target.
BIOLIFE SOL INC (BLFS): Free Stock Analysis
To read this article on Zacks.com click here.
to access a free copy of the BLFS research report