Q1 2022 BioLife Solutions Inc Earnings Call
In light of our M&A activity, we believe that the use of non-GAAP or adjusted metrics provides investors with a clearer view of our current financial results when compared to prior periods.
Now I'd like to turn the call over to Mike Rice, Chairman and CEO of Biolife solutions.
Thank you Troy and good afternoon, everyone. Thank you for joining our call. After my remarks total present, our financials for Q1, and Ron will provide an update on key operational initiatives. He's managing targeting gross margin improvements specifically for our Sterling <unk> freezer platform and after that we'll be glad to take your questions.
Turning to Q1 revenue and customer highlights our team delivered another strong quarterly revenue performance, even more so considering the macro headwinds and specific supplier issues with regard to sterling that we continue to experience an address.
Total revenue was $36 2 million up 115% from Q1 2021, representing organic growth of 45% and continued strong bio preservation media revenue growth of 53%.
While we had more than a dozen cryogenic freezer orders totaling over $1 million in revenue that didnt ship in Q1 due to a mix of supply constraint issues and customer acceptance timing. These orders have either shipped or are expected to ship in Q2.
These delayed orders and overall demand created a significant backlog entering Q2, and we're aggressively working through the backlog and at this point are tracking to our internal plan for Q2.
I'd also like to Echo the strong growth sentiments in the cell and gene therapy space that other life science tools companies have expressed on their recent earnings calls from our view. Despite the depression of valuations across the sector CGT is poised for explosive growth over the next few years and the Biolife solutions portfolio plays a vital role in improving quality and <unk>.
<unk> risk.
Our focus on optimizing and scaling our operations to meet anticipated demand for our tools and services.
Our growth catalyst in business fundamentals are strong and we are affirming our full year 2022 guidance, including unplanned expectations to return to positive adjusted EBITDA by the end of the year, which Troy will cover in a few minutes.
Importantly in turning to operations I want to express my confidence in appreciation and the strong execution from our operations quality and engineering teams, who leaned in got a handle on integration demands of the Sterling acquisition and continue a sustained commitment to optimize our production processes supply chains, and QC and QA functions.
Critical to continuing to deliver the highest standard of quality and service in our industry and feeding the customer demand. We're experiencing we realized important sequential improvements in gross margin and adjusted EBITDA and remain confident that we will continue to see the sequential improvement throughout the rest of the year.
Turning back to the customer and revenue side of business. In Q1, we gained at least 189, new customers across our three product and services platforms and to remind you know those are first cell processing, which includes bio preservation media and Sexton cell processing products second our freezes and thaws systems platform.
Comprised of liquid nitrogen freezers, and Sterling <unk>, mechanical freezers and automated thawing devices, and finally stores in cold chain services, which includes our <unk> storage services in our Evo cold chain management offering.
<unk> Q1 customers by product line included 23, now using bio preservation media seven new fast our users seven new Evo cold chain end users 25, new cryogenic freezer customers 98, new Sterling <unk> freezer customers 25, new bio storage customers and for new cell processing cut.
<unk> not using <unk> products.
As a reminder for the full year 2021, we gained at least 700, new direct customers and we also benefit from very productive distributors with our two largest having sold and shipped our bio preservation media products to more than 4200 unique and customers last year.
Now I will make some qualitative comments about our three revenue platforms and let Troy speak to revenue for each.
For self processes in Q1, we gained 27, new customers and received confirmation that our cell processing media products will be used in at least 12 additional clinical trials for new cell and gene therapies.
We estimate our bio preservation media products have been incorporated into more than 540 customer clinical applications up from 450 at the end of 2020.
For bio preservation media, we also remain confident that each customer clinical application if approved could generate annual revenue in a range of 500000 to $2 million to date, our bio preservation media is used in 10 approved therapies in our sector and cell processing media in vials are used in three approved therapies.
Our bio preservation media products are also embedded in at least 10 additional CGT applications for which BLA or other regulatory approval filings are expected to be submitted this year and next year.
I'll conclude by saying that our bio preservation media clinical customer base includes most of the car T cell developers with our products embedded in a majority of the autologous and allogeneic platforms currently in development.
We expect to be able to continue to take share from home brew preservation cocktails as awareness grows and the critical role our engineered media formulations can play in reducing risk for CGT companies.
We also see the recent and pending approvals of CDT products for first and second line treatments and approvals for new indications as to growth catalyst for our bio preservation media and other solutions.
Turning to our freezes and thaws systems platform again, we gained 130, new customers, including several notable cell and gene therapy and biotech companies, we remain hyper focused on improving quality and reducing cost of our sterling <unk> freezer products there.
The residual supplier and quality issues. We are addressing are a result of customer demand that SAR <unk> team more than double unit production in 2021 compared to 2020, we shipped nearly 8000 freezers last year and this demand surge strained our supply chain and exposed some late and quality issues of an under scaled sterling that we inherited.
Rob will speak in more detail in a recovery and mitigation activities.
Importantly demand remains strong and we're working very hard to reduce to reduce lead times with the goal of two to three week lead times for new orders by the end of June .
As an update to a topic from our last call we executed a new agreement with our largest <unk> distributor to add our CBS liquid nitrogen freezers portfolio to their biolife offering we're excited about the potential of this agreement and related sales and marketing activities to capture growth opportunities for <unk> Freezers, and we'll have more to say about this throughout.
The rest of the year.
Yes.
And our final three revenue platform stores in cold chain services, which includes Evo cold chain rentals and <unk> storage services. We gained 32 new customers in Q1, that's 25 for storage services in seven for Evo R. <unk> storage services platform is growing rapidly and we remain very optimistic about our ability to profitably.
<unk> this platform to meet demand.
Our opportunities list of potential new storage services customers is robust and we continue to assess locations for a new U S bio repository.
This morning, we issued a press release about a new co marketing agreement and revenue sharing agreement, we executed with the Corio Institute for medical research, where in both parties will cross market, our respective storage services and bio processing and cell analytic services. We believe this combination of complementary services will benefit biotech researchers and companies.
And we look forward to reporting on this initiative later in the year once the program is in full swing.
With our Evo cold chain management platform selling gene therapy companies now have full optionality to to access our class defining offering through our expanded specialty Courier partner network that now includes World Courier quick International Patheon.
Martin and <unk> Q1, Evo shipments were up 60% over the same period last year.
We have several evaluations and validation is underway and expect continued growth in the platform.
Levo shippers are now being used to transport <unk> collection car T cell therapies, umbilical cord blood and other blood components, including plasma and other biologic materials.
A list of end users of Evo is really a market group a leading CGT companies as I've mentioned before we believe most CGT companies will move to validate and approve more than one shipping container and logistics partner over the next few years and that our Evo platform will emerge as a leading selection.
Before I turn the call over to Troy to present, our financials for Q1 I'd like to provide comments on some other current activities first in a couple of weeks, we'll be holding our inaugural global innovation summit, where all of our hardware and software engineering teams and our marketing team will come together to review the CGT manufacturing storage and distribution workflows.
And the various innovations are smoke or smart folks are working on to better address unmet needs to further reduce risk for our customers.
Through our acquisitions, we've assembled a world class team of experts and I fully expect us to identify additional areas, where we can further innovate to optimize current practices and add value to our customer operations. This is a mid to long term strategy session to augment the near term products. We're developing will have much more to say on this one appropriate about result in new.
<unk> and development projects that emanate from the innovation summit.
One specific product line I can speak to is our liquid nitrogen high capacity control, Greg freezer offering.
Last week, we exhibited presented at the ICT conference in San Francisco, and our flagship high capacity rate freezer was the star of the show. We wrote 75 total leads at the conference and nine specifically for high capacity rate freezers.
We also have three additional models of various payload capacities and our new product development plan.
Now I'll pass the call over to Troy.
Thank you Mike.
Revenue for the first quarter totaled $36 2 million, representing a 115% increase over 2021 first quarter revenue.
Organic revenue increased 45% in Q1 2022 compared to Q1 2021, driven.
Driven by bio preservation media revenue of $13 7 million, which was up 53% in Q1 2022.
Compared to Q1 2021.
COVID-19 related revenue accounted for approximately 10% of total revenue in the first quarter.
Cell processing platform revenue was $14 9 million up 67% over the same period in 2021 organic growth was 53%.
Freezers and <unk> system platform revenue was $15 3 million up 216% over the same period in 2021.
COVID-19 related revenue accounted for approximately 4% of the freezer and <unk> systems platform revenue.
Organic revenue was down 3% due to supply chain constraints and COVID-19 related customer acceptance delays in our cryogenic freezer platform.
Adjusting for this delayed revenue, which we expect to recognize in Q2 organic revenue for this platform would have been up 23% compared to the same period in 2021.
Storage and storage services platform revenue was $6 million up 95% over the same period in 2021.
COVID-19 related revenue accounted for approximately 52% of the storage and storage services platform revenue organic growth was 95%.
Adjusted gross margin for the first quarter of 2022 was 33% compared with 55% for the first quarter of 'twenty, one and 18% for the fourth quarter of 2021.
The positive impact sequentially was largely due to lower warranty expense at our <unk> platform as well as favorable product mix and we expect to see a positive impact on margin throughout 2022 due to a leveraged operational overhead and the benefits of our supply chain efforts with Sterling did not have in place previously.
<unk>.
Adjusted operating expenses for Q1, 2022 totaled $19 8 million compared with $8 8 million in Q1 2021.
The increase in operating expenses was primarily driven by the absorption of operating costs related to our Sterling and <unk> acquisitions.
In addition, operating expenses increased due to increased accounting costs associated with large accelerated filer status as well as increased head count and stock based compensation expense necessary to support our overall growth objectives.
Our adjusted operating loss for the first quarter of 2022 was $8 million compared with adjusted operating income of 494000 in Q1 2021.
Adjusted EBITDA for the first quarter of 2022 was negative 814000, compared with positive $2 8 million for the first quarter of 2021 and negative $5 5 million for the fourth quarter of 2021.
We expect this number to steadily improve throughout the year, resulting in full year 2020 to positive adjusted EBITDA.
Our cash balance at March 31, 2022 was $59 5 million compared to $69 9 million at December 31, 2021.
Taking into consideration our adjusted EBITDA of negative 800000.
Cash used in Q1 2022 was related to unfavorable working capital adjustments of $7 3 million, which was primarily due to timing and capital expenditures of $2 $3 million, including build outs of our bio repository facilities.
Turning to 2022 revenue guidance.
The management of firms full year guidance to be in the range of $159 5 million to $171 million, reflecting year over year growth of 34% to 44% and organic growth of 28% to 39%.
COVID-19 related revenue is expected to account for approximately 8% to 9% of total revenue.
Total revenue expectations for 2022 include the following platform contributions.
Cell processing platform is expected to be between 64 million to $67 5 million, an increase of 42% to 50% over 2021 and organic growth of 30% to 35%.
Freezers and thought systems platform is expected to be between 74 million to $77 5 million, an increase of 31% to 37% over 2021 and organic growth of 28% to 39%.
COVID-19 related revenue is estimated to account for less than 5% of the freezer and <unk> systems platform revenue.
Storage and storage services platform total and organic revenue is expected to be between $21 5 million to $26 million, an increase of 22% to 48% over 2021.
COVID-19 related revenue is expected to account for an estimated 40% to 50% of the storage and storage services platform revenue.
The COVID-19 related revenue is based on contracts and therefore, we do not expect to see variability on this number through the balance of the year.
Finally in terms of our new share count as of today, We have 42 4 million shares issued and outstanding and $44 4 million shares on a fully diluted basis.
Now I'll turn the call to Rod.
Thanks, Troy as.
As we discussed in our last earnings call My main focus and stepping back from the CFO role and turning the reins over to Troy, who by the way is doing an excellent job has been addressing and correcting the near term supplier quality and production issues at Sterling facility in Athens, Ohio.
What we inherited in the transaction and recognized quickly once inside.
Was that Sterling had experienced tremendous growth, which as a reminder, was a 100% increase in unit production between 2000, 22021, and they had not scale to accommodate that growth on multiple levels.
With the commitment and effort of a lot of people at that facility as well as the experienced the biolife team brings to bear.
Made good progress on all fronts, which has resulted in a modest but positive like for like sequential increase in gross margin for that product line.
While we still have a lot of work to do we're on the right track and regular and consistent progress is being made which I believe will have a further positive gross margin impact as we move throughout the year.
Acquisitions, and integrations present, new and different issues and I am confident that we have our arms around this and are on the right path going forward.
Over the last several weeks I've been able to shift some of my focus to spend some time at our three manufacturing sites as well as our newly opened by our storage facility in Amsterdam.
While there are always opportunities for operational improvement in general. These operations are running smoothly with no material issues outside of a number of external supply chain constraints similar to what many companies in our industry and others are facing.
A prime example of this kind of situation is a key vendor for our LNG freezer line, who had both labor and supplier issues during this quarter.
Which negatively impacted their ability to deliver a key component to us and the quantities. We have had on order since last year. This.
This in turn impacted freezer production and revenue by approximately $650000 in the quarter.
Several months ago, we entered into a supply agreement with the secondary vendor, but based on the lead times for this unique custom item, we don't expect product from them to slow until late this quarter or early Q3.
But we have now secured dual source supply of this critical component, which would make <unk>.
Mitigate any supply chain risk in this area going forward.
The top priority for our VP of supply chain management is to implement dual sourcing on as many components and raw materials as possible across our product platforms, and we are well into that initiatives.
This is always a smart move but in these unprecedented times is becoming even more critical.
Fortunately alternatives exist for most things and we plan to have maximum redundancy in place by the end of the year.
We've also discussed another key objective on previous calls of establishing a revenue generating service offering and that we have a pilot program up and running although minimally staffed at this point.
In Q1. This program generated approximately 79000 in revenue with one dedicated FTE and we're confident that there is a strong high margin revenue opportunity as we finalize the offering initially for the freezer mine and build out our field service organization throughout this year and into next.
Finally, I'll take a moment to address the near term delay experienced with our ERP implementation, which resulted from our delayed 10-K filing.
While frustrating for sure. We're now at a point, where the accounting side of net suite is expected to go live for a number of our subsidiaries later this week poster 10-Q filing.
The balance of the implementation plan is coming together and we continue to expect to have the full accounting and manufacturing applications up and running by the end of the year.
And middleware connectivity to numerous other applications entity wide by Q1 of next year.
In closing I'd like to reiterate that we have made good progress on working through the sterling issues and with the other opportunities for improvement we have in front of us I expect to be able to report continued progress on a quarterly basis now I'll turn the call back over to Mike.
Thanks Rod.
So the key takeaways I'd like to leave you with are number one to me.
<unk> for our portfolio of class defining bio production tools services remains strong and we fully expect to meet or beat our full year revenue guidance number two we expect to demonstrate continued sequential improvements with the operations and margins in our <unk> platform and realized positive adjusted EBITDA for the entire business by the end of the year.
And number three we're focused on innovative new product launches for this year and next and are seeing the tangible and real signals of lift off in cell and gene therapy.
The last comment I want to make before taking questions is that we believe in the growth ahead for the business the value of Biolife and our alignment with you our shareholders with that several members of our leadership team, including myself have agreed to accept Biolife stock in lieu of part of our salaries are board members have also agreed to accept biolife shares in lieu of their cash.
Board fees.
We're all fully confident that we will continue to grow the business in this environment, where our catalyst business fundamentals are strong and intact and we look forward to being rewarded in line and accordingly.
Related to this apart from some occasional sell the cover stock sales transactions to cover taxes for upcoming vesting events My long standing portfolio diversification plan sales are now complete.
This is a great moment for Biolife and the <unk> industry in a difficult macro and public market environment, but I'm pleased to say that overall product demand. So far in Q2 was strong and we're looking forward to sharing our results on our Q2 earnings call.
Now I will turn the call back over to the operator to take your questions Rocco.
Thank you we will now begin the question and answer session.
To ask a question you may start with one on your telephone keypad.
We're using a speaker phone we ask you please pick up your handset before pressing the keys.
Your question. Please press Star then zero.
At this time, we will pause momentarily to assemble our roster.
Today's first question comes from Max Masucci with Cowen and company. Please go ahead.
Hi, Thanks for taking the questions Mike first one.
You called out the dislocation between the high growth that we continue to see.
In the cell and gene therapy end markets. The weakness we've seen in the public arena say, if we take a step back here.
You look at the company's revenue growth trajectory here in 2022, the gross margin recovery that's underway.
What gave you the confidence to swaps.
Stock for cash compensation and that it would be curious to hear if there's any limit to the percentage of.
Stock that Youre leadership team could swap yes.
Thanks, Max and really good question Im glad to offer some other color comments I fully believe in the business the team here, our ability to execute and at these.
Silly depressed share prices.
I'm looking to accumulate as many shares of our livestock as I can and it's going to range by individual Max from 50% to 100% will come in the form of stock as opposed to cash.
Got it moving to the co promote.
Is there any detail you can provide around the makeup and the profile of Coryell youre accustomed partners' customer base.
Whether the co promote gives you increased exposure to any specific customer types or geographic regions, where you were previously under exposed and then any detail around the structure of the agreement and the split.
Revenue sharing would be great.
Sure I'll start with the last one.
It goes like this whoever originates.
Obviously, it gets a little finders fee and if that originator does the work, meaning the service. They can provide they get again most of it but if not it's just it's sub single or mild single digits for the referral fee and all the rest goes to the other party depending on who does the work.
Nomex with respect to <unk> customer base and highly aligned with.
Some of the broader biopharma companies wed like to crack into.
I can say candidly there have been some storage opportunities over the last few years with <unk> that we've bid on but didn't win because we couldnt offer comprehensive sell analytic services and now we can.
Through a world class partner, so that's going to be great I don't see us no bidding on any opportunities now now that we've got this agreement in place. So really excited about it but it's going to be focused on customers, who need storage and they need some tumor.
Tumor analysis DNA extraction.
Alex this on cell types, whether it's to characterize master cell banks working cells or things like that.
Okay final one here for Troy and Rod and nice to see the gross margin recovery.
Just fine tune into gross margin expectations and our models.
Is there any additional detail you can give us.
In terms of the pacing, we should expect on the gross margin front in the coming call. It three quarters.
Whether there are any other gross margin swing factors that we should be taking into consideration.
Okay. Thanks for the question Max Yes, so as I addressed in my commentary, we do expect sequential modest improvement in gross margin.
And to address your question on the margin swings, we do not anticipate any big swings one way or the other on the gross margin side at this point in time.
Got it thanks for taking the questions. Thanks Max.
Ladies and gentlemen, our next question today comes from Jason John Stephens, Inc. Please go ahead.
Hey, good afternoon, everybody, Hey, Jacob Hey, Mike.
Maybe starting on Sterling.
It seems like the business development trends are really strong there can you talk about any impact from these operational issues.
Selling these sterling freezers it doesn't sound like you've seen any and then then your ability to deliver on that the demand youre seeing there.
Yes, sure Jacob I will say that while we're in this.
Relative precarious position.
We're I would say appropriately nervous about every order, but we're confident that we'll be able to retain.
Nearly all of the orders some customers just as in Q4 and in some cases in Q1, some customers couldnt wait so they had to buy something from somebody else, but we have not seen we have not seen any massive erosion of order cancellations.
To the contrary due to the I think the efforts of our sales team and just the incredible degree of integrity that they have being transparent with our customers about.
What's wrong and what we're doing to fix it they're preserving our backlog and they're continuing to generate new orders. So so far so good we just can't get through it fast enough. Let me just say it that way.
Got it understood and then Eva of 60% growth in shipments year over year. So it seems like you and your Courier partners are seeing traction there I'm just curious.
Think about the the volumes there how much of that is kind of you're getting into the early stage clinical trials how much of it is these kind of second sourcing wins.
Commercial therapies, maybe just kind of talk about where you're seeing traction with new customers on the bus side.
Yes, Jacob Super Insightful question.
Most of the Evo shipments are.
Transporting an approved car T cell therapy.
Or are those <unk> approved gene therapy, and then the bulk of the rest are all early stage early clinical trial phase customers in that list of the number of customers and the names of those customers is long and very well known so I think it's all going the right way here the other evo validation underway by a company with.
Two approved car Ts continues to rock and we look forward to reporting on that hopefully later in the year.
You answered my next question, so I'll leave it there thanks, Mike sure.
Ladies and gentlemen, our next question comes from Carlos.
<unk> capital markets. Please go up.
Great. Thanks for taking the questions Hi, guys.
Two quick questions.
Mike in your prepared comments, you mentioned I don't want to.
Paraphrase, you're taking share from the homebrew market with media do you have a sense of the growth that you're seeing how much is just the the tide lifting all boats versus you taking share do you have any I don't know if you can quantify it but any qualitative comments you have around that.
Sure I think Thomas that we are taking share I think that our our seeding the use of cryo store hypothermia. So in the research use only markets some of which will translate into clinical also the pure clinical markets and then the later stage clinical trial phase projects, which hopefully we'll get over the goal line here in the next couple of years or so.
<unk>.
I think we're definitely seeing more and more uptake more traction and I think that as new groups get formed.
Or spun out of academic centers are clinical centers that they are defaulting to using cryo store versus defaulting to use a homebrew now I can't quantify that with any sort of precision, but thats, just my sense and when I connect with.
Thank you Matthew.
CSO and EVP and I think back to just an hour or so ago. When he came in and gave me an update on the ISC Cte conference and all the people that lineup to talk to him in the other parts of our team I mean, just tremendous amount of exposure and awareness of what we've got here and frankly, because a lot of people haven't traveled for the last couple of years much more awareness.
And the discovering that Biolife is a much different company with a much broader portfolio. So I think the.
The way we run the playbook to get media adopted in CGT is clearly going to pay off and again the thesis.
Acquisition strategy to leverage those sticky media customers to sell them more things in the portfolio I fully expect us to realize that and execute on that as well throughout the year. So good to be back could be out in front of people and feeling really good about what's going on across the platforms.
Great and then one related to the new facilities that you open have opened Amsterdam, Massachusetts, and New Jersey.
Any sense of what the or I'm sure you know that.
The customers new customers or customers relocating just trying to get a sense of how those new facilities are being utilized by your customer base sure. Its a mix Thomas its a mix of existing customers that are giving us much more business.
And many more projects the store.
Whether they are existing are brand new or whatever we're just getting much deeper for sure and then obviously new customers de Novo who are coming to us for the first time who've made that decision to outsource storage versus trying to take it on an in house and everything that goes along with that.
Excellent I appreciate the questions. Thanks.
Okay.
And again, if you have a question. Please press Star then one.
Next question comes from Suraj Kalia with Oppenheimer. Please go ahead.
Yes.
Hello, Suraj <unk> line is open.
Mike and Rod can you hear me, Alright, Hi, Suraj, yes, we can hi, sorry, apologies I'm, having some phone issues Hey, Michael.
Hopping in between calls I believe I heard you say 75 or so leads.
For high capacity Freezers that you all picked up did I get that right.
Somewhat I said 75 total leads that ICT last week in San Fran and eight or nine for high capacity freezers.
Mike how much of your guidance is predicated on meeting any or.
Some of them.
These needs. Thanks.
Thanks for asking zero.
All upside as Raj.
So this would be all upside fair enough yes.
Mike one of the things that has been lost in the discussion about freezers and <unk>.
The.
Sterile.
<unk>.
How is the performance of the thoughts system been.
And also specifically on the freezers.
Can you give us a relative framework on year over year unit growth customer growth.
I'm more interested on the unit growth on the freezer side, specifically sure let's start with that.
You may have heard Rob's comments, a few minutes ago Im not sure but suraj.
In 2021.
Versus 2020, we doubled <unk> freezer production. So we shipped about 3500 or so in 2020 and nearly 8000 in 2021.
A fair amount of that was covered lift transporting vaccines in that but nevertheless, just phenomenal freezer unit capacity and production there on the CBS side, the <unk> side, not nearly to that scale, but nice decent growth for sure.
Got it.
And.
Mike in terms of the.
Management and board comp.
Till August in terms of stock.
It's an interesting move and I'd love to get your perspective was this.
What was the primary driver was it some inbound concern.
Obviously, youll not telegraphing confidence based on the guidance and I am curious when you layer on <unk> com.
The stock comp.
Kind of give us some perspective on the shift because I haven't heard anyone else go down desktop gentlemen, thank you for taking my questions. Yeah. Thanks Suraj.
Good question typically as you know when we see this hits because companies are distressed or theyre going to run out of money or something thats not the case at all here to the contrary our business fundamentals are intact and at these.
You used the word silly I'll just call it stupid at these stupid prices for Biolife.
We wanted to do everything we can do convey confidence in our ability to execute and to be rewarded commensurately with all shareholders. If we do execute so.
The prospect of taking share is it 10, or 11 or 12 or $13 is really meaningful and glad to do that for at least three months and we've got a number of senior leaders here, who are signing up for the program. In addition to all the board members. So.
It's nothing more than that it's about sending a signal that we're fully fully confident in our ability to grow the business to meet or beat this year's guidance and to turn biolife into something that is much more valuable than it is today, we can't fix everything the macro trends are so strong but all we can do is winter, losing our own lane and this is one way that we intend to do that.
Great. Thank you.
And ladies and gentlemen, this concludes the question and answer session.
Like to turn the conference back over to Mike Rollins, Chairman and CEO for closing remarks.
Thank you Rocco and thanks again, everyone for your interest in Biolife.
We remain confident in meeting or exceeding our 22 revenue guidance and in reaching our stated mid term financial goals. Thank you for your support of Biolife Good evening everyone.
Thank you Sir today's conference has now concluded we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful evening.