BioLife Solutions (NASDAQ:BLFS) shares are trading higher after the company reported better-than-expected Q4 EPS and sales results. The company announced it will acquire Stirling Ultracold in an all-stock merger.
Total revenue for the fourth quarter of 2020 increased 78% to $14.7 million compared with $8.3 million for the fourth quarter of 2019. Biopreservation media revenue was $8.2 million , up 58% over the fourth quarter of 2019. Automated thawing product revenue was $662,000
Net loss (GAAP) for the fourth quarter of 2020 was $2.1 million compared with net income of $3.0 million for the fourth quarter of 2019.
Net loss (GAAP) for the fourth quarter of 2020 included operating expense of $3.1 million related to the change in fair value of contingent consideration, other expense of $866,000 related to the change in fair value of warrants, other income of $209,000 related to change in fair value of investments and income tax benefit of $3.3 million
Said CEO Mike Rice, “Despite the COVID-19 pandemic, the BioLife team delivered another quarter and year of stellar operational and financial results. We gained more than 200 new direct customers across our bioproduction tools and services portfolio and more than 3,500 new indirect media customers that sourced our products from distributors.
“With our acquisition of Stirling Ultracold announced earlier today, we expect to surpass our goal of $100 million in total revenue this year and expect to reach $250 million in total revenue in the next three to four years.”
BLFS shares gained $1.58, or 4.1%, to $40.15.