$BLFS
BIOLIFE SOLUTIONS INC

2016 Q4 Form 10-Q Financial Statement

#000114420416133416 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $2.250M $2.135M $1.632M
YoY Change 23.63% 30.84% 31.61%
Cost Of Revenue $880.0K $920.9K $658.5K
YoY Change 29.41% 39.84% 1.31%
Gross Profit $1.370M $1.214M $973.4K
YoY Change 20.18% 24.75% 64.98%
Gross Profit Margin 60.89% 56.87% 59.65%
Selling, General & Admin $1.570M $1.855M $1.940M
YoY Change -25.94% -4.38% 48.11%
% of Gross Profit 114.6% 152.79% 199.34%
Research & Development $430.0K $496.9K $329.5K
YoY Change 0.0% 50.78% 119.68%
% of Gross Profit 31.39% 40.92% 33.85%
Depreciation & Amortization $90.00K $100.0K $90.00K
YoY Change 12.5% 11.11% 28.57%
% of Gross Profit 6.57% 8.24% 9.25%
Operating Expenses $2.000M $2.352M $2.270M
YoY Change -21.26% 3.63% 54.41%
Operating Profit -$630.0K -$1.138M -$1.296M
YoY Change -55.0% -12.23% 47.32%
Interest Expense -$60.00K $33.33K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$2.880M -$128.1K $4.729K
YoY Change -2809.14%
Pretax Income -$3.570M -$1.270M -$1.290M
YoY Change 155.0% -1.55% 50.0%
Income Tax
% Of Pretax Income
Net Earnings -$3.320M -$969.0K -$1.069M
YoY Change 196.43% -9.33% 24.27%
Net Earnings / Revenue -147.56% -45.38% -65.49%
Basic Earnings Per Share
Diluted Earnings Per Share -$258.4K -$76.38K -$87.99K
COMMON SHARES
Basic Shares Outstanding 12.88M shares 12.88M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $1.400M $5.300M
YoY Change -63.16% -73.58% -51.82%
Cash & Equivalents $1.406M $1.369M $2.352M
Short-Term Investments $0.00 $0.00 $2.900M
Other Short-Term Assets $300.0K $400.0K $500.0K
YoY Change -25.0% -20.0% 66.67%
Inventory $1.758M $1.900M $1.800M
Prepaid Expenses
Receivables $1.194M $1.300M $800.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.628M $5.000M $8.300M
YoY Change -33.63% -39.76% -35.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.187M $1.300M $1.500M
YoY Change -17.91% -13.33% 7.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.100M
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $3.299M $5.800M $4.900M
YoY Change -38.88% 18.37% 226.67%
TOTAL ASSETS
Total Short-Term Assets $4.628M $5.000M $8.300M
Total Long-Term Assets $3.299M $5.800M $4.900M
Total Assets $7.927M $10.80M $13.20M
YoY Change -35.92% -18.18% -7.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $710.7K $1.100M $1.000M
YoY Change -30.96% 10.0% 400.0%
Accrued Expenses $116.4K $500.0K $500.0K
YoY Change -20.51% 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.800M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.133M $3.500M $1.600M
YoY Change -34.34% 118.75% 100.0%
LONG-TERM LIABILITIES
Long-Term Debt $2.800M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $700.0K $800.0K
YoY Change -100.0% -12.5% 0.0%
Total Long-Term Liabilities $0.00 $700.0K $800.0K
YoY Change -100.0% -12.5% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.133M $3.500M $1.600M
Total Long-Term Liabilities $0.00 $700.0K $800.0K
Total Liabilities $4.760M $4.600M $4.100M
YoY Change 89.64% 12.2% 156.25%
SHAREHOLDERS EQUITY
Retained Earnings -$71.20M
YoY Change 10.69%
Common Stock $74.37M
YoY Change 2.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.167M $6.200M $9.200M
YoY Change
Total Liabilities & Shareholders Equity $7.927M $10.80M $13.20M
YoY Change -35.92% -18.18% -7.69%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$3.320M -$969.0K -$1.069M
YoY Change 196.43% -9.33% 24.27%
Depreciation, Depletion And Amortization $90.00K $100.0K $90.00K
YoY Change 12.5% 11.11% 28.57%
Cash From Operating Activities -$670.0K -$880.0K -$1.170M
YoY Change -47.24% -24.79% 67.14%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K -$200.0K -$430.0K
YoY Change -35.71% -53.49% 186.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $40.00K
YoY Change -100.0% -100.0% -102.25%
Cash From Investing Activities -$270.0K -$200.0K -$390.0K
YoY Change -132.93% -48.72% -79.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 980.0K 1.130M 20.00K
YoY Change 262.96% 5550.0%
NET CHANGE
Cash From Operating Activities -670.0K -880.0K -1.170M
Cash From Investing Activities -270.0K -200.0K -390.0K
Cash From Financing Activities 980.0K 1.130M 20.00K
Net Change In Cash 40.00K 50.00K -1.540M
YoY Change -122.22% -103.25% -41.44%
FREE CASH FLOW
Cash From Operating Activities -$670.0K -$880.0K -$1.170M
Capital Expenditures -$270.0K -$200.0K -$430.0K
Free Cash Flow -$400.0K -$680.0K -$740.0K
YoY Change -52.94% -8.11% 34.55%

Facts In Submission

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dei Document Fiscal Period Focus
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dei Entity Registrant Name
EntityRegistrantName
BIOLIFE SOLUTIONS INC
dei Entity Central Index Key
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
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CY2015Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
868559 USD
CY2016Q3 blfs Leasehold Improvements Gross1
LeaseholdImprovementsGross1
1124790 USD
CY2015Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
1732449 USD
CY2015Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
2173258 USD
CY2015Q4 blfs Leasehold Improvements Gross1
LeaseholdImprovementsGross1
1124790 USD
CY2016Q3 blfs Leasehold Improvements
LeaseholdImprovements
654012 USD
CY2015Q4 blfs Leasehold Improvements
LeaseholdImprovements
749260 USD
CY2016Q3 us-gaap Deferred Rent Credit
DeferredRentCredit
843967 USD
CY2015Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
914674 USD
CY2016Q3 blfs Less Accumulated Amortization
LessAccumulatedAmortization
470778 USD
CY2015Q4 blfs Less Accumulated Amortization
LessAccumulatedAmortization
375530 USD
CY2016Q3 blfs Straight Line Rent Adjustment
StraightLineRentAdjustment
189955 USD
CY2015Q4 blfs Straight Line Rent Adjustment
StraightLineRentAdjustment
165414 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
600548 USD
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
559855 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5635 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
51302 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.26
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.90
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0133 pure
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0151 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.75 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0177 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0177 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.05 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.05 pure
blfs Estimated Forfeiture Rate
EstimatedForfeitureRate
0.081 pure
blfs Estimated Forfeiture Rate
EstimatedForfeitureRate
0.070 pure
CY2016Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
21320 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
144671 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
181084 USD
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
178259 USD
CY2016Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
7603141 USD
CY2016Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.46
CY2015Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
7195997 USD
CY2015Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.60
us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
59700 USD
CY2016Q3 us-gaap Area Of Land
AreaOfLand
30000 sqft
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2021-07-31
CY2014Q3 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
2400000 USD
CY2016Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
1900000 USD
dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
dei Trading Symbol
TradingSymbol
BLFS
CY2016Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2016Q3 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
249593 USD
CY2016Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2016Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2016Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12768513 shares
CY2016Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12768513 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12448391 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12448391 shares
us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P5Y
CY2016Q3 blfs Estimated Forfeiture Rate
EstimatedForfeitureRate
0.081 pure
blfs Outstanding Warrants Expiration Dates
OutstandingWarrantsExpirationDates
The outstanding warrants have expiration dates between May 2017 and May 2021.
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1213 USD
CY2015Q3 blfs Estimated Forfeiture Rate
EstimatedForfeitureRate
0.070 pure
CY2016Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1213 USD
CY2015Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Concentrations of credit risk and business risk</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In the three and nine months ended September 30, 2016, we derived approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25</font></font>% of our product revenue from two customers and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 12</font></font>% of our product revenue from one customer, respectively. In each of the three and nine months ended September 30, 2015, we derived approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font></font>% of our product revenue from one customer. No other customer accounted for more than <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font></font></font></font>% of revenue in the three or nine months ended September 30, 2016 or 2015. At September 30, 2016, two customers accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 35</font>% of total gross accounts receivable. At December 31, 2015, three customers accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 53</font>% of total gross accounts receivable.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Revenue from customers located in foreign countries represented <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 18</font>% of total revenue in the three and nine months ended September 30, 2016, respectively, and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 21</font></font>% of total revenue during each of the three and nine months ended September 30, 2015.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.75

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