$BLFS
BIOLIFE SOLUTIONS INC

2019 Q1 Form 10-Q Financial Statement

#000143774919009331 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $5.770M $3.815M
YoY Change 51.25% 61.23%
Cost Of Revenue $1.647M $1.364M
YoY Change 20.75% 46.92%
Gross Profit $4.123M $2.451M
YoY Change 68.22% 70.47%
Gross Profit Margin 71.46% 64.25%
Selling, General & Admin $2.990M $1.965M
YoY Change 52.16% 21.67%
% of Gross Profit 72.52% 80.17%
Research & Development $359.0K $346.0K
YoY Change 3.76% 20.66%
% of Gross Profit 8.71% 14.12%
Depreciation & Amortization $98.00K $78.00K
YoY Change 25.64% -12.9%
% of Gross Profit 2.38% 3.18%
Operating Expenses $5.204M $3.675M
YoY Change 41.61% 93.23%
Operating Profit $566.0K $140.0K
YoY Change 304.29% -130.17%
Interest Expense $3.000K $1.000K
YoY Change 200.0% -98.8%
% of Operating Profit 0.53% 0.71%
Other Income/Expense, Net -$19.73M $4.733M
YoY Change -516.8% -1265.04%
Pretax Income -$19.16M $0.00
YoY Change -100.0%
Income Tax
% Of Pretax Income
Net Earnings -$19.16M $4.873M
YoY Change -493.21% -659.93%
Net Earnings / Revenue -332.08% 127.73%
Basic Earnings Per Share -$1.03 $0.22
Diluted Earnings Per Share -$1.03 -$0.02
COMMON SHARES
Basic Shares Outstanding 18.65M 14.10M
Diluted Shares Outstanding 18.65M 14.10M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.80M $100.0K
YoY Change 31700.0% -95.65%
Cash & Equivalents $31.82M $7.033M
Short-Term Investments $100.0K
Other Short-Term Assets $300.0K $7.300M
YoY Change -95.89% 1725.0%
Inventory $4.060M $1.837M
Prepaid Expenses
Receivables $2.927M $1.043M
Other Receivables $0.00 $0.00
Total Short-Term Assets $39.16M $10.24M
YoY Change 282.24% 83.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.367M $1.087M
YoY Change 25.76% -4.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.317M $926.0K
YoY Change 582.18% -48.56%
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $8.916M $2.049M
YoY Change 335.14% -32.08%
TOTAL ASSETS
Total Short-Term Assets $39.16M $10.24M
Total Long-Term Assets $8.916M $2.049M
Total Assets $48.07M $12.29M
YoY Change 291.06% 42.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.264M $586.0K
YoY Change 115.7% -8.15%
Accrued Expenses $142.0K $204.0K
YoY Change -30.39% 194.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $2.701M $1.312M
YoY Change 105.87% 20.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $13.00K $52.00K
YoY Change -75.0% -93.5%
Total Long-Term Liabilities $13.00K $52.00K
YoY Change -75.0% -98.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.701M $1.312M
Total Long-Term Liabilities $13.00K $52.00K
Total Liabilities $51.81M $16.55M
YoY Change 213.15% 185.52%
SHAREHOLDERS EQUITY
Retained Earnings -$117.6M -$68.28M
YoY Change 72.16% -5.29%
Common Stock $113.8M $64.03M
YoY Change 77.75% -14.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.740M -$4.253M
YoY Change
Total Liabilities & Shareholders Equity $48.07M $12.29M
YoY Change 291.06% 42.96%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$19.16M $4.873M
YoY Change -493.21% -659.93%
Depreciation, Depletion And Amortization $98.00K $78.00K
YoY Change 25.64% -12.9%
Cash From Operating Activities $1.146M $392.0K
YoY Change 192.35% -331.48%
INVESTING ACTIVITIES
Capital Expenditures $41.00K
YoY Change 10.36%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$156.0K -$41.00K
YoY Change 280.49% 10.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 177.0K 19.00K
YoY Change 831.58% -98.26%
NET CHANGE
Cash From Operating Activities 1.146M 392.0K
Cash From Investing Activities -156.0K -41.00K
Cash From Financing Activities 177.0K 19.00K
Net Change In Cash 1.167M 370.0K
YoY Change 215.41% -58.15%
FREE CASH FLOW
Cash From Operating Activities $1.146M $392.0K
Capital Expenditures $41.00K
Free Cash Flow $1.146M $351.0K
YoY Change 226.5% -269.98%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2019Q1 blfs Amortization Of Deferred Rent
AmortizationOfDeferredRent
0
CY2018Q1 blfs Amortization Of Deferred Rent
AmortizationOfDeferredRent
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CY2019Q1 blfs Amortization Of Operating Lease Liability
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CY2018Q1 blfs Amortization Of Operating Lease Liability
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CY2019Q1 blfs Cash Received For Warrants Exercised But Shares Not Issued
CashReceivedForWarrantsExercisedButSharesNotIssued
CY2018Q1 blfs Cash Received For Warrants Exercised But Shares Not Issued
CashReceivedForWarrantsExercisedButSharesNotIssued
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CY2019Q1 blfs Class Of Warrant Or Right Exercised During Period
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5000
CY2019Q1 blfs Class Of Warrant Or Right Exercised During Period Exercise Price
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CY2019Q1 blfs Increase Decrease In Deferred Rent
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CY2018Q4 blfs Landlordfunded Leasehold Improvements Accumulated Amortization
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CY2018Q4 blfs Landlordfunded Leasehold Improvements Gross
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CY2018Q4 blfs Landlordfunded Leasehold Improvements Net
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368000
CY2019Q1 blfs Payments On Equipment Financing
PaymentsOnEquipmentFinancing
4000
CY2018Q1 blfs Payments On Equipment Financing
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CY2019Q1 blfs Proceeds From Exercise Of Common Stock Options And Warrants
ProceedsFromExerciseOfCommonStockOptionsAndWarrants
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CY2018Q1 blfs Proceeds From Exercise Of Common Stock Options And Warrants
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CY2018Q4 blfs Straightline Rent Adjustment
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CY2018Q4 us-gaap Accrued Liabilities Current
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CY2019Q1 us-gaap Additional Paid In Capital Common Stock
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CY2019Q2 dei Entity Common Stock Shares Outstanding
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CY2019Q1 dei Amendment Flag
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CY2019Q1 dei Document Fiscal Period Focus
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CY2019Q1 dei Document Fiscal Year Focus
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CY2019Q1 dei Document Period End Date
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CY2019Q1 dei Document Type
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CY2019Q1 dei Entity Emerging Growth Company
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CY2019Q1 dei Entity Small Business
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q1 us-gaap Business Combination Acquisition Related Costs
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CY2018Q1 us-gaap Business Combination Acquisition Related Costs
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CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2018Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q1 us-gaap Concentration Risk Credit Risk
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Concentrations of credit risk and business risk</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>we derived approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34%</div> of our product revenue from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> customers. In the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>we derived approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div> of our product revenue from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> customers. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> other customer accounted for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of revenue in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> In the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> we derived approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">86%,</div> of our revenue from CryoStor products, respectively. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> customers accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45%</div> of total gross accounts receivable. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> customers accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71%</div> of total gross accounts receivable.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Revenue from customers located in Canada represented <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23%</div> and in all other foreign countries represented <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17%</div> of total revenue during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019. </div>Revenue from customers located in Canada represented <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> and in all other foreign countries represented <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%</div> of total revenue during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018. </div>All revenue from foreign customers are denominated in United States dollars.&nbsp;</div></div></div></div>
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LiabilitiesCurrent
1939000
CY2018Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2019Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2019Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1803000
CY2018Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1657000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
177000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-156000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-41000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1146000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
392000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
3000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
427000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
427000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-103000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-64000
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-137000
CY2019Q1 us-gaap Notes Issued1
NotesIssued1
CY2018Q1 us-gaap Notes Issued1
NotesIssued1
18000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
3632000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
2311000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
491000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
140000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
142000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1800000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1631000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
651000
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
980000
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
186000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1300000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1196000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.065
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y109D
CY2019Q1 us-gaap Other Income
OtherIncome
171000
CY2018Q1 us-gaap Other Income
OtherIncome
8000
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
13000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
31000
CY2019Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
CY2018Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
106000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
156000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
41000
CY2019Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
106000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
346000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
346000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
353000
CY2019Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
24000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3791000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3647000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1367000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1319000
CY2019Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
4000
CY2018Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
372000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-70604000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71031000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5770000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3815000
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
848000
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
612000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
606000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
373000
CY2019Q1 us-gaap Stock Issued1
StockIssued1
CY2018Q1 us-gaap Stock Issued1
StockIssued1
36000
CY2018Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
36000
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
73000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
185000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
10092000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
10471000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
43148000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
44366000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5710078
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24358475
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14098610
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18648397
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14098610

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