Fourth quarter Cell Processing revenue up 11%
sequentially to $14.8 million, and
positive adjusted EBITDA of $700,000
Expects 2024 revenue of $95.5 - $100.0
million excluding freezer business and positive adjusted
EBITDA
Conference call begins at 4:30 p.m. Eastern time today
BOTHELL,
Wash., Feb. 29, 2024 /PRNewswire/
-- BioLife Solutions, Inc. (Nasdaq:
BLFS) ("BioLife" or the "Company"), a leading supplier of
biopreservation media and other cell processing tools and
biostorage services for the cell and gene therapy (CGT) and broader
biopharma markets, today announced financial results for the fourth
quarter and year ended December 31,
2023, and introduces 2024 revenue guidance.
"In 2023, as the pharmaceutical industry was rationalizing spend
and capex, our low margin slow-growth freezer franchise was
obfuscating the value of BioLife's high-margin, class-defining
consumable bioproduction media, tools, and services. Recognizing
this reality and committed to increasing shareholder value, the
BioLife Team commenced a business reprioritization. The effort led
to a hyper focus on the high margin consumable offering and an
effort to divest the freezer franchise.
In the fourth quarter we saw a double-digit sequential increase
in our core cell processing revenues and the commencement of the
divestiture, with the goal of finalizing a sale by the end of the
first quarter" said Roderick de
Greef, Chairman and CEO.
"The divestiture matched with a doubling down on our higher
margin recurring revenue streams will have an immediate and
positive impact on our financial profile. Add to this, early signs
from our business leaders and customers of industry clouds
clearing, we expect similar momentum into 2024 and the potential
for accelerating growth in the back of the year" added de
Greef.
Fourth Quarter 2023 Business
Highlights
- Processed 22 new U.S. FDA Master File cross references for our
biopreservation media, bringing the total processed in 2023 to 82,
and the cumulative total to 694.
- Based on two additional approvals in the fourth quarter, the
Company's biopreservation media was embedded in 13 unique approved
cell and gene therapies as of December 31,
2023, with an expectation that 10 additional unique
approvals, geographic expansions or new indications will occur in
the next 12 months.
- Executive management changes including the appointment of
Roderick de Greef as Chairman and
Chief Executive Officer and Garrie
Richardson as Chief Revenue Officer.
de Greef continued, "Cell and gene therapies are gaining
traction in the clinic and as approvals continue to gain momentum,
our business will grow proportionally. With the FDA approval of the
first tumor infiltrating lymphocyte (TIL) therapy two weeks ago,
our biopreservation media products are now embedded in 14 unique
approved commercial cell and gene therapies. Over the next 12
months, we believe our media could be embedded in 10 additional
unique approvals, geographic expansions, or new indications. Add to
this a position in roughly 70% of commercially sponsored CGT trials
in the US, we believe BioLife is set up to have a long runway and
substantial growth and market dominance for years to come. We have
a unique and proprietary technology that has taken a long time to
embed in the CGT field, and moving forward we are excited to
harvest the fruits of that labor."
Fourth Quarter and Full Year 2023 Financial
Results
BioLife Solutions is presenting various financial metrics under
U.S. Generally Accepted Accounting Principles (GAAP) and as
adjusted (non-GAAP). A reconciliation of GAAP to non-GAAP metrics
appears at the end of this news release.
REVENUE
- Total revenue for the fourth quarter of 2023 was $32.7 million, a decrease of $11.5 million, or 26%, from $44.3 million for the fourth quarter of 2022.
There was no COVID-related revenue in the fourth quarter of 2023.
Excluding prior-year COVID-related revenue, total revenue decreased
by 23%.
- Cell Processing platform revenue was $14.8 million, a decrease of $5.4 million, or 27%, compared with the same
period in 2022 and up 11% sequentially from the third quarter of
2023.
- Biostorage and Services platform revenue was $6.6 million, a decrease of $0.1 million, or 1%, compared with the same
period in 2022, or an increase of $1.4
million, or 26%, excluding prior-year COVID-related
revenue.
- Freezers and Thaw Systems platform revenue was $11.4 million, a decrease of $6.1 million, or 35%, compared with the same
period in 2022, or a decrease of $5.5
million, or 32%, excluding COVID-related revenue.
- Total revenue for 2023 was $143.3
million, a decrease of $18.5
million, or 11%, from $161.8
million for 2022. There was no COVID-related revenue in
2023. Excluding prior-year COVID-related revenue, total revenue
decreased by 4%.
- Cell Processing platform revenue was $65.8 million, a decrease of $2.7 million, or 4%, compared with 2022.
- Biostorage and Services platform revenue was $25.9 million, a decrease of $0.6 million, or 2%, compared with 2022, or an
increase of $9.7 million, or 61%,
excluding prior-year COVID-related revenue.
- Freezers and Thaw Systems platform revenue was $51.6 million, down $15.1
million, or 23%, or down $12.6
million, or 20%, excluding prior-year COVID-related
revenue.
GROSS MARGIN
- Gross margin (GAAP) for the fourth quarter of 2023 was 26%
compared with 30% for the fourth quarter of 2022. Adjusted gross
margin (non-GAAP) for the fourth quarter of 2023 was 35% compared
with 32% for the fourth quarter of 2022.
- Gross margin (GAAP) for 2023 was 31% compared with 30% for
2022. Adjusted gross margin (non-GAAP) for 2023 was 34% compared
with 33% for 2022.
OPERATING LOSS
- Operating loss (GAAP) for the fourth quarter of 2023 was
$13.2 million, compared with
$49.3 million for the fourth quarter
of 2022. Adjusted operating loss (non-GAAP) for the fourth quarter
of 2023 was $9.3 million compared
with $8.2 million for the fourth
quarter of 2022.
- Operating loss (GAAP) for 2023 was $70.8
million, including a $15.5
million non-cash long-lived asset impairment charge related
to our freezer assets, compared with $145.5
million for 2022. Adjusted operating loss (non-GAAP) for
2023 was $44.7 million compared with
$29.3 million for 2022.
NET LOSS
- Net loss (GAAP) for the fourth quarter of 2023 was $13.4 million, compared with $49.2 million for the fourth quarter of 2022.
Adjusted net loss (non-GAAP) for the fourth quarter of 2023 was
$9.6 million compared with
$8.2 million for the fourth quarter
of 2022.
- Net loss (GAAP) for 2023 was $66.4
million, including a $15.5
million non-cash long-lived asset impairment charge related
to our freezer assets, compared with $139.8
million for 2022. Adjusted net loss (non-GAAP) for 2023 was
$45.3 million compared with
$29.3 million for 2022.
LOSS PER SHARE
- Loss per share (GAAP) for the fourth quarter of 2023 was
$0.30 compared with loss per share of
$1.15 for the fourth quarter of
2022.
- Loss per share (GAAP) for 2023 was $1.52 compared with loss per share of
$3.29 for 2022.
ADJUSTED EBITDA
- Adjusted EBITDA, a non-GAAP measure, for the fourth quarter of
2023 was $0.7 million compared with
$1.7 million for the fourth quarter
of 2022.
- Adjusted EBITDA, a non-GAAP measure, for 2023 was negative
$4.7 million compared with positive
$3.6 million for 2022.
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
- Cash, cash equivalents, and marketable securities as of
December 31, 2023, were $52.3 million. On October
19, 2023, the Company reported the sale of $10.4 million of common shares to an existing
shareholder.
2024 Revenue Guidance
BioLife Solutions is introducing 2024 revenue guidance of
$95.5 million to $100.0 million. This is based on expectations for
our Cell Processing platform and our Biostorage and Services
platform, which now includes results from our ThawStar product
line, and does not include revenue from our freezer product lines,
which are in the process of being divested, as follows:
- Cell Processing platform: $66.0
million to $68.5 million, a
growth rate of 0% to 4% compared with 2023. Compared with
annualizing the second half of 2023 revenue run rate, the 2024
revenue guidance for this platform represents growth of 17% to
22%.
- Biostorage and Services platform: $29.5
million to $31.5 million, an
increase of 5% to 12% compared with 2023. This platform now
includes the ThawStar automated thawing product line, so on a like
for like basis, the growth would be 10% to 16%.
Management expects full year positive adjusted EBITDA and
adjusted EBITDA growth in 2024.
Conference Call & Webcast
Management will discuss the Company's financial results, provide
a general business update and answer questions during a conference
call and live webcast today at 4:30 p.m.
ET (1:30 p.m. PT).
To access the webcast, log onto the Investor Relations page of
the BioLife Solutions website
at https://www.biolifesolutions.com/earnings. In addition, the
conference call will be accessible by dialing toll-free
1-833-630-0431 or 1-412-317-1808 for international callers. The
conference ID number is 29175. A webcast replay will be
available approximately two hours after the call ends and will be
archived on https://investors.biolifesolutions.com for 90
days.
About BioLife Solutions
BioLife Solutions is a leading supplier of cell processing tools
and services for the cell and gene therapy (CGT) and broader
biopharma markets. Our expertise facilitates the commercialization
of new therapies by supplying solutions that maintain the health
and function of biologic materials during the collection,
development, storage and distribution. For more information, please
visit www.biolifesolutions.com, and follow BioLife on LinkedIn
and X.
Cautions Regarding Forward Looking Statements
Certain statements contained in this press release are not
historical facts and may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "plans," "expects," "believes," "anticipates,"
"designed," and similar words are intended to identify
forward-looking statements. Forward-looking statements are based on
our current expectations and beliefs, and involve a number of risks
and uncertainties that are difficult to predict and that could
cause actual results to differ materially from those stated or
implied by the forward-looking statements. A description of certain
of these risks, uncertainties and other matters can be found in
filings we make with the U.S. Securities and Exchange Commission,
all of which are available at www.sec.gov. Because forward-looking
statements involve risks and uncertainties, actual results and
events may differ materially from results and events currently
expected by us. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. We undertake no obligation to publicly update these
forward-looking statements to reflect events or circumstances that
occur after the date hereof or to reflect any change in its
expectations with regard to these forward-looking statements or the
occurrence of unanticipated events.
Non-GAAP Measures of Financial Performance:
To supplement our financial statements, which are presented
on the basis of U.S. generally accepted accounting principles
(GAAP), the following non-GAAP measures of financial performance
are included in this release: adjusted gross profit and gross
margin, adjusted operating expenses, adjusted operating
income/(loss), adjusted net income/(loss), earnings before
interest, taxes, depreciation and amortization (EBITDA), and
adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP
financial measures is included as an attachment to this press
release.
We believe these non-GAAP financial measures are useful to
investors in assessing our operating performance. We use these
financial measures internally to evaluate our operating performance
and for planning and forecasting of future periods. We also
believe it is in the best interests of investors to provide this
non-GAAP information.
While we believe these non-GAAP financial measures provide
useful supplemental information to investors, there are limitations
associated with the use of these non-GAAP financial measures. These
non-GAAP financial measures may not be reported by competitors, and
they may not be directly comparable to similarly titled measures of
other companies due to differences in calculation methodologies.
The non-GAAP financial measures are not an alternative to GAAP
information and are not meant to be considered in isolation or as a
substitute for comparable GAAP financial measures. They should be
used only as a supplement to GAAP information and should be
considered only in conjunction with our consolidated financial
statements prepared in accordance with GAAP.
Media &
Investor Relations
|
Troy
Wichterman
|
Chief Financial
Officer
|
(425)
402-1400
|
twichterman@biolifesolutions.com
|
BIOLIFE SOLUTIONS,
INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited, amounts in thousands, except share
and per share amounts)
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
(In thousands,
except per share and share data)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Product
revenue
|
$
26,175
|
|
$
37,796
|
|
$
117,695
|
|
$
136,000
|
Service
revenue
|
4,507
|
|
4,168
|
|
17,551
|
|
15,308
|
Rental
revenue
|
2,050
|
|
2,295
|
|
8,025
|
|
10,451
|
Total product,
rental, and service revenue
|
32,732
|
|
44,259
|
|
143,271
|
|
161,759
|
Costs and operating
expenses:
|
|
|
|
|
|
|
|
Cost of product,
rental, and service revenue
(exclusive of Intangible asset amortization)
|
$
23,481
|
|
$
30,287
|
|
$
96,519
|
|
$
107,937
|
General and
administrative
|
12,969
|
|
12,575
|
|
55,725
|
|
47,670
|
Sales and
marketing
|
4,538
|
|
5,987
|
|
24,583
|
|
21,570
|
Research and
development
|
4,399
|
|
4,164
|
|
18,796
|
|
14,798
|
Asset impairment
charges
|
—
|
|
40,464
|
|
15,485
|
|
110,364
|
Intangible asset
amortization
|
915
|
|
1,457
|
|
5,181
|
|
9,697
|
Acquisition
costs
|
—
|
|
—
|
|
—
|
|
18
|
Change in fair value of
contingent consideration
|
(415)
|
|
(1,405)
|
|
(2,193)
|
|
(4,754)
|
Total operating
expenses
|
45,887
|
|
93,529
|
|
214,096
|
|
307,300
|
Operating
loss
|
(13,155)
|
|
(49,270)
|
|
(70,825)
|
|
(145,541)
|
|
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
|
|
Change in fair value of
investments
|
—
|
|
—
|
|
—
|
|
697
|
Interest expense,
net
|
(507)
|
|
(438)
|
|
(1,812)
|
|
(687)
|
Other income
|
236
|
|
432
|
|
1,264
|
|
704
|
Gain on settlement of
Global Cooling escrow
|
—
|
|
—
|
|
5,115
|
|
—
|
Total other (expense)
income, net
|
(271)
|
|
(6)
|
|
4,567
|
|
714
|
|
|
|
|
|
|
|
|
Loss before income tax
benefit (expense)
|
(13,426)
|
|
(49,276)
|
|
(66,258)
|
|
(144,827)
|
Income tax benefit
(expense)
|
43
|
|
86
|
|
(169)
|
|
5,022
|
Net loss
|
$
(13,383)
|
|
$
(49,190)
|
|
$
(66,427)
|
|
$
(139,805)
|
|
|
|
|
|
|
|
|
Net loss attributable
to common shareholders:
|
|
|
|
|
|
|
|
Basic and
Diluted
|
$
(13,383)
|
|
$
(49,190)
|
|
$
(66,427)
|
|
$
(139,805)
|
Net loss per share
attributable to common
shareholders:
|
|
|
|
|
|
|
|
Basic and
Diluted
|
$
(0.30)
|
|
$
(1.15)
|
|
$
(1.52)
|
|
$
(3.29)
|
Weighted average shares
used to compute loss per
share attributable to common shareholders:
|
|
|
|
|
|
|
|
Basic and
Diluted
|
44,822,592
|
|
42,791,040
|
|
43,719,185
|
|
42,481,027
|
BIOLIFE SOLUTIONS,
INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS (Unaudited, amounts in thousands)
|
|
|
Three Months
Ended December
31,
|
|
Year
Ended December
31,
|
(In
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Net loss
|
$
(13,383)
|
|
$
(49,190)
|
|
$
(66,427)
|
|
$ (139,805)
|
Other comprehensive
income (loss)
|
315
|
|
579
|
|
334
|
|
(397)
|
Comprehensive
loss
|
$
(13,068)
|
|
$
(48,611)
|
|
$
(66,093)
|
|
$ (140,202)
|
BIOLIFE SOLUTIONS,
INC. CONDENSED CONSOLIDATED BALANCE SHEET
INFORMATION (Unaudited, amounts in
thousands)
|
|
|
December
31,
|
|
December
31,
|
(In
thousands)
|
2023
|
|
2022
|
Cash, cash equivalents,
and marketable securities
|
$
52,274
|
|
$
64,065
|
Working
capital
|
78,426
|
|
93,870
|
Current
assets
|
120,604
|
|
138,452
|
Current
liabilities
|
42,178
|
|
44,582
|
Total assets
|
412,714
|
|
450,229
|
|
|
|
|
Long-term
obligations
|
32,873
|
|
41,459
|
Accumulated
deficit
|
(313,342)
|
|
(246,915)
|
Total shareholders'
equity
|
337,663
|
|
364,188
|
BIOLIFE SOLUTIONS,
INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
INFORMATION (Unaudited, amounts in
thousands)
|
|
|
Year Ended
December 31,
|
(In
thousands)
|
2023
|
|
2022
|
Net cash used in
operating activities
|
$
(12,498)
|
|
$
(8,488)
|
Net cash provided by
(used in) investing activities
|
17,837
|
|
(58,117)
|
Net cash provided by
financing activities
|
10,591
|
|
16,316
|
Effects of currency
translation
|
35
|
|
(108)
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash
|
$
15,965
|
|
$
(50,397)
|
BIOLIFE SOLUTIONS,
INC. RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP
ADJUSTED GROSS PROFIT (Unaudited, amounts in
thousands)
|
|
|
Three Months
Ended December 31,
|
|
Year Ended
December 31,
|
(In
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP total
revenues
|
$ 32,732
|
|
$ 44,259
|
|
$
143,271
|
|
$
161,759
|
GAAP cost of
revenues
|
(23,481)
|
|
(30,287)
|
|
(96,519)
|
|
(107,937)
|
COGS intangible asset
amortization
|
(582)
|
|
(733)
|
|
(2,781)
|
|
(5,007)
|
GAAP GROSS
PROFIT
|
$
8,669
|
|
$ 13,239
|
|
$ 43,971
|
|
$ 48,815
|
GAAP GROSS
MARGIN
|
26 %
|
|
30 %
|
|
31 %
|
|
30 %
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO GROSS
PROFIT:
|
|
|
|
|
|
|
|
Inventory
step-up
|
—
|
|
—
|
|
—
|
|
251
|
Inventory reserve
costs
|
1,772
|
|
—
|
|
2,334
|
|
—
|
Loss on disposal of
assets
|
286
|
|
—
|
|
286
|
|
—
|
Intangible asset
amortization
|
582
|
|
733
|
|
2,781
|
|
5,007
|
ADJUSTED GROSS
PROFIT
|
$ 11,309
|
|
$ 13,972
|
|
$ 49,372
|
|
$ 54,073
|
ADJUSTED GROSS
MARGIN
|
35 %
|
|
32 %
|
|
34 %
|
|
33 %
|
BIOLIFE SOLUTIONS,
INC. RECONCILIATION OF GAAP OPERATING EXPENSES TO
NON-GAAP ADJUSTED OPERATING
EXPENSES (Unaudited, amounts in thousands)
|
|
|
Three Months
Ended December 31,
|
|
Year Ended
December 31,
|
(In
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP OPERATING
EXPENSES
|
$
45,887
|
|
$
93,529
|
|
$ 214,096
|
|
$ 307,299
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
Cost of product,
rental, and service
revenue
|
(23,481)
|
|
(30,287)
|
|
(96,519)
|
|
(107,937)
|
Acquisition and
divestiture costs
|
—
|
|
—
|
|
(3,226)
|
|
(18)
|
Severance
costs
|
(1,098)
|
|
—
|
|
(1,591)
|
|
—
|
Intangible asset
amortization
|
(915)
|
|
(1,457)
|
|
(5,181)
|
|
(9,696)
|
Gain on disposal of
assets
|
(439)
|
|
(595)
|
|
(477)
|
|
(683)
|
Change in fair value of
contingent
consideration
|
415
|
|
1,405
|
|
2,193
|
|
4,754
|
Asset impairment
charges
|
—
|
|
(40,464)
|
|
(15,485)
|
|
(110,364)
|
ADJUSTED OPERATING
EXPENSES
|
$
20,369
|
|
$
22,131
|
|
$
93,810
|
|
$
83,355
|
BIOLIFE SOLUTIONS,
INC. RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP
ADJUSTED OPERATING LOSS (Unaudited, amounts in
thousands)
|
|
|
Three Months
Ended December 31,
|
|
Year Ended
December 31,
|
(In
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP OPERATING
LOSS
|
$
(13,155)
|
|
$
(49,270)
|
|
$
(70,825)
|
|
$ (145,540)
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO GAAP
OPERATING
LOSS
|
|
|
|
|
|
|
|
Inventory
step-up
|
—
|
|
—
|
|
—
|
|
251
|
Acquisition and
divestiture costs
|
—
|
|
—
|
|
3,226
|
|
18
|
Severance
costs
|
1,098
|
|
—
|
|
1,591
|
|
—
|
Intangible asset
amortization
|
915
|
|
1,457
|
|
5,181
|
|
9,696
|
Loss on disposal of
assets
|
439
|
|
595
|
|
477
|
|
683
|
Change in fair value of
contingent
consideration
|
(415)
|
|
(1,405)
|
|
(2,193)
|
|
(4,754)
|
Asset impairment
charges
|
—
|
|
40,464
|
|
15,485
|
|
110,364
|
Inventory reserve
costs
|
1,772
|
|
—
|
|
2,334
|
|
—
|
ADJUSTED OPERATING
LOSS
|
$
(9,346)
|
|
$
(8,159)
|
|
$
(44,724)
|
|
$
(29,282)
|
BIOLIFE SOLUTIONS,
INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED
NET LOSS (Unaudited, amounts in thousands)
|
|
|
Three Months
Ended December 31,
|
|
Year
Ended December 31,
|
(In
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP NET
LOSS
|
$
(13,383)
|
|
$
(49,190)
|
|
$
(66,427)
|
|
$ (139,805)
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO GAAP NET
LOSS
|
|
|
|
|
|
|
|
Inventory
step-up
|
—
|
|
—
|
|
—
|
|
251
|
Acquisition and
divestiture costs
|
—
|
|
—
|
|
3,226
|
|
18
|
Severance
costs
|
1,098
|
|
—
|
|
1,591
|
|
—
|
Intangible asset
amortization
|
915
|
|
1,457
|
|
5,181
|
|
9,696
|
Loss on disposal of
assets
|
439
|
|
595
|
|
477
|
|
683
|
Change in fair value of
investments
|
—
|
|
—
|
|
—
|
|
(697)
|
Change in fair value of
contingent
consideration
|
(415)
|
|
(1,405)
|
|
(2,193)
|
|
(4,754)
|
Income tax (benefit)
expense
|
(43)
|
|
(86)
|
|
169
|
|
(5,022)
|
Gain on settlement of
Global Cooling
escrow
|
—
|
|
—
|
|
(5,115)
|
|
—
|
Asset impairment
charges
|
—
|
|
40,464
|
|
15,485
|
|
110,364
|
Inventory reserve
costs
|
1,772
|
|
—
|
|
2,334
|
|
—
|
ADJUSTED NET
LOSS
|
$
(9,617)
|
|
$
(8,165)
|
|
$
(45,272)
|
|
$
(29,266)
|
BIOLIFE SOLUTIONS,
INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED
EBITDA (Unaudited, amounts in thousands)
|
|
|
Three Months
Ended December 31,
|
|
Year Ended
December 31,
|
(In
thousands)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP NET
LOSS
|
$
(13,383)
|
|
$
(49,190)
|
|
$
(66,427)
|
|
$ (139,805)
|
|
|
|
|
|
|
|
|
ADJUSTMENTS:
|
|
|
|
|
|
|
|
Interest expense,
net
|
507
|
|
438
|
|
1,812
|
|
687
|
Income tax (benefit)
expense
|
(43)
|
|
(86)
|
|
169
|
|
(5,022)
|
Depreciation
|
1,468
|
|
1,790
|
|
7,126
|
|
6,834
|
Intangible asset
amortization
|
915
|
|
1,457
|
|
5,181
|
|
9,696
|
EBITDA
|
$
(10,536)
|
|
$
(45,591)
|
|
$
(52,139)
|
|
$ (127,610)
|
|
|
|
|
|
|
|
|
OTHER
ADJUSTMENTS:
|
|
|
|
|
|
|
|
Share-based
compensation (non-cash)
|
8,333
|
|
7,663
|
|
31,670
|
|
25,334
|
Inventory
step-up
|
—
|
|
—
|
|
—
|
|
251
|
Acquisition and
divestiture costs
|
—
|
|
—
|
|
3,226
|
|
18
|
Severance
costs
|
1,098
|
|
—
|
|
1,591
|
|
—
|
Loss on disposal of
assets
|
439
|
|
595
|
|
477
|
|
683
|
Change in fair value of
investments
|
—
|
|
—
|
|
—
|
|
(697)
|
Change in fair value of
contingent
consideration
|
(415)
|
|
(1,405)
|
|
(2,193)
|
|
(4,754)
|
Gain on settlement of
Global Cooling
escrow
|
—
|
|
—
|
|
(5,115)
|
|
—
|
Asset impairment
charges
|
—
|
|
40,464
|
|
15,485
|
|
110,364
|
Inventory reserve
costs
|
1,772
|
|
—
|
|
2,334
|
|
—
|
ADJUSTED
EBITDA
|
$
691
|
|
$
1,726
|
|
$
(4,664)
|
|
$
3,589
|
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SOURCE BioLife Solutions, Inc.