BioLife Solutions Inc. is reporting record revenue for the first quarter of 2012. Total revenue was $835,880, compared to $610,799 in the same period of 2011. The increase was due primarily to higher sales to customers in the drug discovery and regenerative medicine market segments, which were both up significantly over 2011. Sales to direct customers in the first quarter of 2012 increased 84 percent compared to the first quarter of 2011.
Gross margin in the first quarter was a record high of 59 percent, due mainly to improved utilization of the company's manufacturing facility.
Total operating expenses in the first quarter of 2012 were $669,015, compared to $696,476 in the first quarter of 2011. The primary driver for the increase in expenses was due to higher personnel costs in 2012, offset somewhat by a reduction in consulting expenses due to the termination of a consulting agreement in the third quarter of 2011.
In the first quarter of 2012, the Company also recorded $87,215 in other income related to a non-reciprocal, non-monetary receipt of raw materials.
For the first quarter of 2012, the company reported a net loss of $296,877, or zero cents per share, compared with a net loss of $630,122, or 1 cent per share, for the first quarter of 2011. Loss from operations in the first quarter of 2012 was $179,264, which was 61 percent lower when compared to the $454,277 loss from operations in the first quarter of 2011.
Bothell-based BioLife Solutions develops, manufactures and markets patented hypothermic storage and cryopreservation solutions for cells and tissues.