$BLFS
BIOLIFE SOLUTIONS INC

2017 Q3 Form 10-Q Financial Statement

#000114420417057759 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3 2015 Q4
Revenue $2.963M $2.135M $1.820M
YoY Change 38.79% 30.84% 8.98%
Cost Of Revenue $1.096M $920.9K $680.0K
YoY Change 18.98% 39.84% 1.49%
Gross Profit $1.868M $1.214M $1.140M
YoY Change 53.81% 24.75% 14.0%
Gross Profit Margin 63.02% 56.87% 62.64%
Selling, General & Admin $1.607M $1.855M $2.120M
YoY Change -13.38% -4.38% 29.27%
% of Gross Profit 86.04% 152.79% 185.96%
Research & Development $293.1K $496.9K $430.0K
YoY Change -41.01% 50.78% 19.44%
% of Gross Profit 15.69% 40.92% 37.72%
Depreciation & Amortization $80.00K $100.0K $80.00K
YoY Change -20.0% 11.11% 14.29%
% of Gross Profit 4.28% 8.24% 7.02%
Operating Expenses $1.900M $2.352M $2.540M
YoY Change -19.22% 3.63% 27.0%
Operating Profit -$32.35K -$1.138M -$1.400M
YoY Change -97.16% -12.23% 40.0%
Interest Expense $1.077K $33.33K $0.00
YoY Change -96.77%
% of Operating Profit
Other Income/Expense, Net -$286.4K -$128.1K $0.00
YoY Change 123.53% -2809.14% -100.0%
Pretax Income -$318.7K -$1.270M -$1.400M
YoY Change -74.9% -1.55% 40.0%
Income Tax
% Of Pretax Income
Net Earnings -$318.7K -$969.0K -$1.120M
YoY Change -67.11% -9.33% 23.08%
Net Earnings / Revenue -10.76% -45.38% -61.54%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.03 -$76.38K -$90.98K
COMMON SHARES
Basic Shares Outstanding 13.24M 12.88M shares
Diluted Shares Outstanding 13.24M

Balance Sheet

Concept 2017 Q3 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.800M $1.400M $3.800M
YoY Change 100.0% -73.58% -61.62%
Cash & Equivalents $2.831M $1.369M $2.173M
Short-Term Investments $0.00 $1.700M
Other Short-Term Assets $300.0K $400.0K $400.0K
YoY Change -25.0% -20.0% 0.0%
Inventory $1.900M $1.900M $1.835M
Prepaid Expenses
Receivables $1.355M $1.300M $929.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.400M $5.000M $6.973M
YoY Change 28.0% -39.76% -42.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.100M $1.300M $1.446M
YoY Change -15.38% -13.33% -14.92%
Goodwill
YoY Change
Intangibles $2.215M
YoY Change
Long-Term Investments $1.400M
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $2.500M $5.800M $5.397M
YoY Change -56.9% 18.37% 38.38%
TOTAL ASSETS
Total Short-Term Assets $6.400M $5.000M $6.973M
Total Long-Term Assets $2.500M $5.800M $5.397M
Total Assets $8.900M $10.80M $12.37M
YoY Change -17.59% -18.18% -23.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K $1.100M $1.029M
YoY Change -63.64% 10.0% 105.87%
Accrued Expenses $500.0K $500.0K $146.4K
YoY Change 0.0% 0.0% -79.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.800M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.100M $3.500M $1.726M
YoY Change -68.57% 118.75% 32.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $51.24K $700.0K $800.0K
YoY Change -92.68% -12.5% -11.11%
Total Long-Term Liabilities $51.24K $700.0K $800.0K
YoY Change -92.68% -12.5% -11.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.100M $3.500M $1.726M
Total Long-Term Liabilities $51.24K $700.0K $800.0K
Total Liabilities $1.700M $4.600M $2.510M
YoY Change -63.04% 12.2% -41.62%
SHAREHOLDERS EQUITY
Retained Earnings -$64.33M
YoY Change
Common Stock $72.84M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.200M $6.200M $8.508M
YoY Change
Total Liabilities & Shareholders Equity $8.900M $10.80M $12.37M
YoY Change -17.59% -18.18% -23.17%

Cashflow Statement

Concept 2017 Q3 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$318.7K -$969.0K -$1.120M
YoY Change -67.11% -9.33% 23.08%
Depreciation, Depletion And Amortization $80.00K $100.0K $80.00K
YoY Change -20.0% 11.11% 14.29%
Cash From Operating Activities $70.00K -$880.0K -$1.270M
YoY Change -107.95% -24.79% 84.06%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$200.0K -$420.0K
YoY Change -95.0% -53.49% 23.53%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.240M
YoY Change -100.0% 313.33%
Cash From Investing Activities -$10.00K -$200.0K $820.0K
YoY Change -95.0% -48.72% -1740.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 450.0K 1.130M 270.0K
YoY Change -60.18% 5550.0%
NET CHANGE
Cash From Operating Activities 70.00K -880.0K -1.270M
Cash From Investing Activities -10.00K -200.0K 820.0K
Cash From Financing Activities 450.0K 1.130M 270.0K
Net Change In Cash 510.0K 50.00K -180.0K
YoY Change 920.0% -103.25% -75.68%
FREE CASH FLOW
Cash From Operating Activities $70.00K -$880.0K -$1.270M
Capital Expenditures -$10.00K -$200.0K -$420.0K
Free Cash Flow $80.00K -$680.0K -$850.0K
YoY Change -111.76% -8.11% 142.86%

Facts In Submission

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CY2017Q3 us-gaap Preferred Stock Shares Outstanding
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4250 shares
CY2017Q3 blfs Less Accumulated Amortization
LessAccumulatedAmortization
597776 USD
CY2017Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
0 USD
CY2016Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
97857 USD
CY2017Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6575 USD
CY2016Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
155996 USD
CY2017Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.53
CY2016Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
7603141 USD
CY2016Q4 blfs Less Accumulated Amortization
LessAccumulatedAmortization
502527 USD
CY2017Q3 blfs Straight Line Rent Adjustment
StraightLineRentAdjustment
129567 USD
CY2016Q4 blfs Straight Line Rent Adjustment
StraightLineRentAdjustment
193403 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13333864 USD
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
5995214 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.13
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.32
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0133 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0 pure
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0207 pure
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
0.00 pure
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 Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.75 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.75 pure
CY2017Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
274653 USD
CY2016Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
159764 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
843925 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
569176 USD
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.1 pure
blfs Monthly Base Rent Expense
MonthlyBaseRentExpense
58000 USD
CY2017Q3 us-gaap Area Of Land
AreaOfLand
30000 sqft
CY2017Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
7361283 USD
CY2016Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.46
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
313943 USD
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
181084 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
583847 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
957711 USD
blfs Estimated Forfeiture Rate
EstimatedForfeitureRate
0.081 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
99725 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
138921 USD
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
38567 USD
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
22217 USD
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2017Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.001
CY2016Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.001
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12863824 shares
CY2017Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
CY2017Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
13333297 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12863824 shares
CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
13333297 shares
CY2016Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1213 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
9303 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
0 USD
blfs Deferred Stock Issuance Costs
DeferredStockIssuanceCosts
0 USD
blfs Deferred Stock Issuance Costs
DeferredStockIssuanceCosts
106250 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><strong><i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> Concentrations of credit risk and business risk</font></i></strong></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">In the three and nine months ended September 30, 2017, 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"> 22</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"> 10</font></font>% of our product revenue from one customer, respectively. 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. No other customer accounted for more than 10% of revenue in the three and nine months ended September 30, 2017 or 2016. At September 30, 2017, two customers accounted for approximately 25% of total gross accounts receivable. At December 31, 2016, three customers accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 45</font>% of total gross accounts receivable.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">Revenue from customers located in foreign countries represented <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 16</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 17</font>% of total revenue during the three and nine months ended September 30, 2017, respectively, and <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>% during the three and nine months ended September 30, 2016, respectively. All revenue from foreign customers are denominated in United States dollars.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q3 blfs Deferred Rent Amortization
DeferredRentAmortization
31749 USD
CY2016Q3 blfs Deferred Rent Amortization
DeferredRentAmortization
31749 USD
blfs Outstanding Warrants Expiration Dates
OutstandingWarrantsExpirationDates
The outstanding warrants have expiration dates between March 2021 and May 2021.
CY2016Q3 blfs Estimated Forfeiture Rate
EstimatedForfeitureRate
0.0810 pure
CY2017Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
106250 USD
CY2017Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
106250 USD
CY2016Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
106250 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-424968 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-969001 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2063470 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3551912 USD

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