Biolife Solutions (BLFS)

Troy Wichterman Chief Financial officer
Mike Rice Chairman and Chief Executive Officer
Rod De Greef President and Chief Operating Officer
Max Masucci Cowen and Company
Jacob Johnson Stephens Inc.
Thomas Flaten Lake Street Capital Markets
Suraj Kalia Oppenheimer
Call transcript
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Welcome to the BioLife Solutions First Quarter 2022 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Troy Wichterman, Chief Financial Officer. sir. ahead, go Please

Troy Wichterman

Good and Rocco. joining you this call. afternoon, you, thank everyone, for Thank

today's Mike for and call Chief on results a me Joining are our announcing quarter and Earlier we financial De of press Officer. release Executive operational Rice, Rod Greef, first Operating President highlights Chief and today, issued the Officer; and Chairman XXXX.

the statements future reminder, make These subject certain to other cause of forward-looking expectations. may financial acquisitions. this the projections actual from or we regarding or call, during events statements As to a uncertainties future its risks results company performance that materially and are differ and may

The detailed as filings to statements speak forward-looking are required date they statements company's to that SEC. refer these a that you are based on of by that except filed uncertainties Company factors given. periodic projections statements statements, assumes and affect subject business other and with to I therefore, or of For law. our the forward-looking the any the and projections public the qualify company change, discussion no only risks and as are as are update obligation forward-looking

GAAP. will should GAAP not call, press be viewed financial metrics speak or this an Reconciliations issued non-GAAP this to of we release we During are included results. or non-GAAP to financial adjusted adjusted adjusted or the non-GAAP to metrics in afternoon. alternative These as

prior M&A activity, financial view metrics current of periods. believe of our adjusted clearer to provides of when in However, a or compared results the with light we that use investors non-GAAP our

CEO over turn of to Now BioLife Mike Rice, the to Chairman call I'd and Solutions. like

Mike Rice

key to your Troy our platform. QX. Thank afternoon, good you be an gross glad for my that, call. joining And update operational will questions. provide financials Then Stirling take for initiatives and he's on ULT targeting our specifically after margin After present managing we'll for Troy, improvements, you, will our Rod everyone. Thank remarks, freezer

Turning customer highlights. to and QX revenue

team specific growth another was strong revenue performance, to continued XXXX, Stirling quarterly XX% headwinds so XXX% $XX.X and issues of even biopreservation revenue supplier revenue regard address. strong growth continue up media delivered organic XX%. of million, to more QX macro from Total and we representing Our and with experience considering the that

a While and These ship QX million also other cell the are These cryogenic we I'd due a poised science revenue had more to From point, created on we're view, have in dozen expected entering optimizing backlog a plan and sentiments depression internal quality orders role growth and tools space focused scaling operations is of anticipated reducing the freezer therapy the issues orders growth over and BioLife than and shipped mix either to backlog, explosive strong CGT next demand despite years, for supply portfolio and like a the ship over have vital demand didn't QX. risk. and earnings to few meet or that aggressively calls. in on services. our expressed acceptance companies echo totaling evaluations QX, constraint Solutions our to timing. life in working improving our gene and are tools the and plays in We're to QX. customer overall significant the sector, across through for their for the $X that recent this delayed orders our tracking at in

a will including expectations positive full minutes. and catalysts and on which cover growth few XXXX year, affirming we're of the by to guidance, return strong, year adjusted Our EBITDA to are planned the fundamentals Troy business in our end

on to and QA and integration who supply sequential and customer in optimize continuing express operations, remain we continue operations, teams quality continue QC rest the into we're sequential leaned strong the a our the of functions. adjusted the in realized our Critical processes, of and demand margin to industry improvements to acquisition from execution to to turning the Importantly, highest and experiencing, and chains EBITDA demands gross that want improvement service handle throughout confidence deliver production important quality and see Stirling of appreciation confident feeding commitment we'll engineering my to a the our and the I in, and year. in sustained got

of you We products side now processing XXX three QX. gained Turning least and And which the the cell to services are, first, includes business at remind media those across our biopreservation processing, customer back to and cell new products. revenue customers and in platforms. Sexton

mechanical our storage storage systems offering. freezers finally, nitrogen freezers which and and cold services And our includes and SciSafe comprised thaw freezers ULT Stirling devices. thawing and liquid evo our chain platform Second, cold services, management of chain and

cold customers customers end chain included by XX using using customers, and processing products. freezer new line X customers New now ULT cell customers, new users, product ThawSTAR freezer media, new XX QX users, XX XX BioStorage X now Sexton biopreservation Sterling X evo new cryogenic new new

our at unique more X,XXX reminder, customers, media year. two we direct products having a with benefit full and XXX biopreservation customers than the year As also end for largest from distributors very our last least XXXX, we to gained sold and productive new shipped

platforms each. and make for some revenue revenue three speak let our to Troy I'll comments Now qualitative about

For more incorporated and media new trials up have least cell customer clinical in at the clinical our we used processing and cell additional of at gene XXX be cell received in and our products media XXX XX therapies. from estimate applications, end processing will in than for XXXX. products XX gained been confirmation QX, customers We that biopreservation new

if range therapies. we X approved, remain our biopreservation that Sexton confident therapies media, our are annual cell XX in approved application, vials to used in approved three could date, used each and For clinical media customer also To million. biopreservation media XXX,XXX the is processing generate in revenue of and

CAR XX filings conclude of platforms are by submitted customer embedded or in saying year. I'll developers biopreservation approval the regulatory next of our be currently embedded most media to year development. which allogeneic products and expected are majority additional least T-cell the biopreservation with BLA applications media includes and this Our products in autologous the that other our at clinical in base for also CGT

able companies. can We to take role continue expect to to critical in for from risk preservation CGT in share engineered be home brew formulations reducing grows awareness as media the cocktails our play

for see two the first solutions. growth and of pending media CGT and We second our indications for also for and other as and new biopreservation products approvals treatments line recent approvals catalysts

doubled compared systems notable exposed residual cell nearly biotech customers, ULT to shipped Stirling XXXX. several unit and We our we to activities. are Again, year, thaw improving team freezers mitigation freezers than under an Turning some that ULT trained therapy issues remain speak production we're and and quality We gene our new of latent platform. will reducing our surge inherited. more in and recovery and last gained chain and focused detail issues and a freezer on companies. on of X,XXX The more supplier that addressing we our demand supply of quality hyper and scaled result this XXXX saw our in Rod custom products. Stirling cost XXX including demand quality

end week lead working very orders goal and lead by Importantly, for the June. a demand with of new reduce hard to strong, times of to remains we're three times two

and for executed nitrogen and call, excited our largest agreement a As LNX freezer for add chain an liquid storage we'll to BioLife potential rentals platforms, our evo XX freezers, agreement with cold update from gained about marketing and customers we opportunities say growth more our of to this this evo. new services, and We're last which chain topic QX. In to and three SciSafe related revenue to the storage cold services portfolio new XX we in of distributor the about throughout ULT their our the to That's have rest a CBS freezer and activities for year. sales includes offering. final capture X services, storage

platform to ability profitably optimistic services rapidly, and about demand. this is very storage remain growing SciSafe platform meet we our to scale Our

period press the services storage robust, we opportunities This agreement is and customers a issued biorepository. continue co-marketing a and U.S. about new our once platform, forward sharing optionality QX Our evo look to now is potential new with class storage services last network morning, companies parties release believe to to includes will reporting the bioprocessing we full analytics offering biotech we management benefit cross-market cold on now and and and were services. With swing. access and locations partner up our assess Biocare. program respective companies, full complementary of initiative chain list cell evo courier our the for gene Patheon, in both Research revenue World researchers in expanded have therapy wherein later our new a Marken for We executed will and specialty Institute we agreement Medical services XX% over this through cell this same Coriell the that Courier, year Quick combination shipments of year. International, defining and

and in umbilical several including apheresis group materials. collection, shippers have are other transport CGT is biologic marquee list really We platform. and growth used of plasma and The the expect continued therapies, being components, evo underway companies. end to other T-cell leading evaluations evo the of now and blood validations cord CAR of users blood a

few to validate container than most partner and will selection. leading more before, As the move next our a believe logistics shipping will platform years and evo that emerge mentioned I over we CGT companies and one approve as

for call the on present some to Troy provide activities. over other financials turn QX, to current to our comments like I Before I'd

Summit, and I at team star areas offering. and a Francisco, is better week, session wrote freezer fully One rate We from operations. control on leads to workflows is review the mid customers. of marketing to of long-term the us various our to come are we're of couple to Last customer high-capacity risk address rate new needs San for Innovation further emanate conference together distribution working Innovation line software say value can high-capacity we experts, will augment at current First, CGT our and high-capacity that for this freezer was nine Summit. products nitrogen the This developing. speak and freezers. appropriate, to and presented our we and near-term much flagship projects development strategy ISCT exhibited XX the innovate conference product unmet storage rate add and acquisitions, optimize total liquid expect have more our be manufacturing the reduce our show. further and in products inaugural result world-class can a specific where to about We'll all teams specifically identify holding in when the a in Global the to to additional hardware the where and Through of we've team to innovations our weeks, practices our and to on we'll assembled folks our smart engineering our I

We models also have payload new various product three additional of in development plan. our capacities

I'll Now pass over call Troy. the to

Troy Wichterman

did for would $XX.X $XX.X in of million, Thaw $XX.X system system X% same and the XXXX million, the Revenue up first supply in 'XX gross lower due Adjusting XX% of XXXX. revenue XX% revenue services Organic related was organic up platform services period storage million, the our XX% quarter Thaw expense Organic up COVID-XX over revenue margin XXXX, up for to XXXX's XX% the platform the positive been of XXXX chain over ULT operational quarter. platform, Stirling of for fourth down XXXX. in as sequentially well $X QX due totaled in was XXXX. primarily biopreservation as XXXX. chain XXXX. up XXX% for Mike. $XX.X Sexton revenue Freezers absorption quarter have in COVID-related XXXX. a was for with and on a expenses compared to favorable QX approximately our to revenue. due to XX% expect in storage in of platform we same over approximately you, platform. XX% expect COVID-XX-related was our of the representing to supply the accounted to XX%. first driven related for we QX, million, and which increase QX by was related XX% quarter in impact revenue revenue customer mix, X% acceptance revenue for XXX% positive period expenses revenue, for revenue quarter XX% the and revenue margins was platform acquisitions. storage operating impact and over place in of which overhead operating period XX% QX of in Thank Stirling was XXXX totaled see same Cell the media product XX% benefits was throughout The by compared not have XX%. recognize QX XXXX million, cryogenic quarter warranty increase this at for in million driven and in previously. $XX.X Adjusted processing same organic XXXX. $X.X increased XXXX efforts, Freezer first Organic Storage the freezer and revenue for constraints accounted compared first revenue. platform and total of leveraged costs delays growth COVID-XX the largely Adjusted revenue, to with was QX accounted which period revenue million growth approximately delayed the was operating compared this The our first platform and the to to compared

as costs stock-based status, well necessary support to increased to due addition, our associated overall filer expense with compensation increased expenses In large accelerated growth and objectives. as increased headcount operating accounting

the operating of negative QX of a quarter adjusted XXXX. Adjusted was $X.X for million adjusted was XXXX, million EBITDA for quarter negative operating XXXX fourth compared $X.X first first the for in first the for quarter the $XXX,XXX compared quarter million with $X of of loss positive with of $XXX,XXX Our XXXX. income XXXX

We full number resulting to expect the in improve steadily throughout EBITDA. XXXX adjusted positive this year, year

balance our of to December consideration $XX.X capital related million primarily capital XX, cash $XX.X due which was negative was timing including XX, was $X.X million EBITDA million, unfavorable to XXXX, and Our cash compared XXXX. at QX of million, biorepository expenditures into in to XXXX of used our Taking build-outs adjustments of at working $X.X $XXX,XXX, facilities. adjusted March

revenue through based we expected of to on revenue. and thaw reflecting $XX.X Turning increase estimated include revenue. XX% XX%. the services the of number XX%. XX% is account to of of million growth for of between Freezers for to for do XX%. of between over increase XX% $XX.X the to year growth is account platform, X% total XX% storage XX% organic XX% to therefore, to be than over systems expectations Cell to to XX% COVID-XX-related over revenue. be $XX services growth to an growth affirms Thaw to COVID-XX-related full expect contracts, The expected to platform million to increase XX% XX% revenue processing organic Management XXXX. revenue on variability platform million, contributions. Storage storage year-over-year to of $XX the XXXX for of million, this revenue revenue platform to and to COVID-XX-related is $XXX.X following less to XXXX XXXX in of revenue and to the revenue X% an is of and and XX% guidance. Total X% to an million, guidance to to total XX% XX% and XX% platform COVID-XX-related to freezer approximately is to see million organic the organic range $XX.X an and of $XX storage million expected expected expected balance account year. not is estimated and and is XXXX million, platform be between be systems of $XXX

Finally, in shares and terms have diluted shares fully and of count, basis. new our as today, XX.X a share XX.X on of outstanding million million we issued

to Now Rod. I'll call the turn

Rod De Greef

Thanks, Troy.

quality main near-term an from has who over my in addressing reins issues levels. which was job, they transaction the the as CFO the focus last quickly and unit and the a production in Ohio. turning supplier not by inside doing had once increase role the call, As Athens, discussed Stirling to at been and in is reminder, growth Troy, tremendous inherited our and excellent we earnings stepping a correcting way, XXXX Stirling back XXX% in we that XXXX, was experienced multiple recognized accommodate production facility that and the and in between growth, What to scaled had on

that which the sequential bear, increase like-for-like in facility, lot as a but fronts, progress team people to modest a for line. and in experience of has good well brings resulted on we've that the made gross the positive of effort product commitment at BioLife With as margin all

new we throughout issues, around and as present different I'm are we work impact Acquisitions is on right positive and a move integrations that confident consistent still have While to lot we're arms forward. margin believe further the regular our right of being we path will a track and the the going year. and this progress which made, and do, gross have I and have on

Over the weeks, opened in my been as Amsterdam. of newly as well biostorage last some spend time at several manufacturing to able focus our three to I've our sites, some facility shift

supply While both negatively there in Several component many during smoothly - the is area we chain vendor. prime have line these this quarter ability this for until now component, we This, agreement a the months would mitigate product we flow as QX. components and revenue and a raw on on which operations supply for possible material companies we have impacted even that this key this which any no of into critical production opportunities improvement, since But to well in based our others our - in this entered what similar expect platforms, LNX smart But a external general, item, product and priority us $XXX,XXX lead ago, quarter. risk labor approximately initiative. to implement to secured kind year. of quarter, number is becoming are a supply of who a are times vendor of and always operational deliver constraints them by going with issues in don't for freezer outside their as unprecedented our top always of across order supplier and secondary A situation dual forward. more chain industry of on Supply key a a critical. last with had into are materials late this is make supply custom these from in in VP running move, dual-source unique our freezer in issues sourcing A but early Chain This the Management is for facing. impacted turn, quantities times we had are to to example many or

we at in objective and program previous generated key as another plan and we most redundancy of of FTE, dedicated this opportunity and field our service year. build line running, out up one the throughout for the program with this establishing offering staffed we revenue minimally exist end there's and on that point. also In initially alternatives that strong $XX,XXX and things, next. the we're for to confident by discussed a finalize a approximately revenue into We've maximum service year have this freezer the QX, pilot and in high-margin Fortunately, calls have place a revenue-generating although organization offering

Finally, which implementation, our delayed a the with I'll ERP filing. experienced moment XX-K delay resulted take our to near-term address from

reiterate I'd at for frustrating running to now continued plan to issues subsidiaries coming progress this entity-wide connectivity like applications XX-Q the with point to a of front on and opportunities to year the other by we've our other through I together, we're applications end of number NetSuite of accounting week report have to on filing. later the to in be that we continue made of is expect balance working quarterly the a basis. QX middleware year. we The and go expect Stirling the full good accounting progress side have a the live sure, where In our us, up able improvement and manufacturing While next for of for and implementation of the by and to expected post closing, numerous is

back Now over call I'll Mike. turn the to

Mike Rice

Thanks, Rod.

I real and new members have the remains the the guidance. gene revenue and one, innovative business myself, of team, shareholders. and and growth class-defining key value two, are, to of to alignment margins before like to we last by of portfolio expect signals want taking our we our strong, year. to And takeaways with this and product the you, of part fully meet tools number So several make we're ahead business, the EBITDA sequential our the year tangible next operations end you we improvements accept for is BioLife believe to I'd and bioproduction lift-off seeing with the for full on in and our are leave or the leadership realize expect ULT-freezer positive to for questions our salaries. Number three, therapy. the launches adjusted of number cell beat in for that BioLife year The entire services with of demand our platform and continued focused little in With demonstrate in stock agreed our that, including comment and

cash and Board catalysts in product a call. line industry BioLife to taxes the We're members our some rewarded continue and upcoming sell-to-cover cover our QX sales to on agreed far business have to pleased and I'm board is results all fully in we fees. also strong, to looking diversification accept from shares look public market this so strong moment sharing the lieu that say gene my a environment BioLife in demand intact, in being but difficult in to cell This and are is Our grow we're where portfolio this, to to complete. their sales will QX we long-standing Related stock of forward environment, transactions apart occasional fundamentals for overall and vesting business accordingly. are plan forward and great macro earnings and confident our now for and events,

operator Rocco? to your the the over Now take back I'll turn call to questions.


you. Thank

begin Please go first Cowen question-and-answer We from will with Masucci [Operator question Company. Instructions] Today's Max comes ahead. session. the now and

Max Masucci

gene we you questions. taking for high in growth the the the therapy the out we've to see between public seen cell dislocation arena. the Thanks and that weakness Mike, end one, called first the Hi. continue in markets,

company's if back here here, curious the step could limit you the compensation? would growth underway. recovery your I then of hear stock What there's margin to And any cash trajectory you gave the look XXXX, to a gross take in we stock that's the at swap? team to percentage swap leadership confidence revenue that for if So be

Mike Rice

and looking XXX% business, here, believe glad in to Yeah. shares good our team to BioLife Max at the as prices. it's to range opposed color Thanks, can. by depressed will really cash. accumulate the Max, I'm to ability execute. going offer fully some I'm question. in the I other from many stock I these silly share comments. come XX% as to of individual And to form of stock as And

Max Masucci

it. Got

the to detail you you you where your gives the Moving around of there the any were great. And previously any customer the base, Is the sharing be any of detail around profile partner's Coriell co-promote. whether to or co-promote would increased makeup customer types regions provide underexposed? specific the revenue geographic of can the and structure exposure then split and agreement

Mike Rice

for if But it's depending the mild or and on - if originator originates last the Whoever It like a to of the obviously provide, goes who little the they work, that fee. the sub-single with fee service start And they just can most get, does it's all referral again, other goes gets I'll party, the rest it. single does work. Sure. finder's not, this. one. meaning the digits

Rod De Greef

that and can over SciSafe win Max, comprehensive few with highly last with been we say, candidly, respect there we'd years broader some of partner. and now analytics into. base through aligned Coriell's I we've the the bid we storage world-class like with can, opportunities crack a cell services some have offer couldn't because biopharma to on didn't but customer to companies

we've great. any So see be place. agreement I bidding now, this us on now opportunities that no to in don't that's going got

So on about types, who need tumor other master on like customers excited cells it's DNA it's to that. it. extraction, things But banks, and [ph] whether characterize going working cell analysis, or they to cell need focused analysis be really some storage

Max Masucci

recovery. and margin to Final one here gross Okay. see And for Rod. the Troy nice

we margin consideration? any on our gross are just expectations margin in the that there quarters we we you the in it, any three other models, whether the gross can there As call the taking factors in is expect should gross terms pacing give be detail fine-tune front coming, into of additional swing margin and us should

Troy Wichterman

Thanks Yeah. for the question, Max.

addressed in in we not my way the your So improvement gross the margin swings question at as one to any I on commentary, do we or margin. big time. gross in the expect anticipate on margin modest do this And other address side sequential swings, point

Max Masucci

Got it. questions. taking for the Thanks

Mike Rice

Thanks, Max.


and today next question gentlemen, at go Inc. Johnson Stephens Ladies our Please from Jacob ahead. comes

Jacob Johnson

afternoon, Good everybody. Hey.

Mike Rice

Hey, Jacob.

Jacob Johnson

you're any Mike. there. It you ability Hey, are from seen sound trends business development Stirling. like of starting demand seeing selling any on the It seems the like about on Maybe issues strong Can kind operational really freezers? talk then there? you've impact and these the deliver doesn't Stirling your to on that

Mike Rice

in this to about would we're I Jacob. order, while relative orders. confident we'll that say, we're, appropriately the say nearly Yeah. nervous precarious retain that position, all every we're will I able but Sure, be

couldn't to erosion due think, just contrary I customers the and not our order it. our cases, to, seen had fix we in degree continuing the of the doing they're as sales integrity and being a efforts with some we seen in preserving just we're what not wrong customers have They're to orders. and QX about customers transparent new backlog what's team incredible from have else. and that generate of have they any or to mass to something buy wait Some in so some But they somebody - cancellations QX,

far, can't so enough. it We fast good. just so get So, through

it Let say way. me just that

Jacob Johnson

Got it. Understood. And then evo, XX% growth in shipments year-over-year.

kind much are I'm just how curious, on traction where it traction volumes trials? there, as clinical these therapies. seeing side? of courier your seems into there. about kind seeing the Maybe you're you and we getting the you So of early-stage partners like that it of think with just the of commercial kind evo customers talk sourcing wins much about new of second is of How is

Mike Rice

the insightful rest names Jacob, ZOLGENSMA or therapy list stage, well CAR face gene an transporting customers. T-cell therapy. customers the are those trial And number long approved the of of are bulk is and early known. customers super Yeah. the evo Most of of the very then shipments And that and question. approved early clinical all the of

it's right way all here. going So I think the

The other and evo validation year. in that forward continues later underway the approved we with reporting look by rock a hopefully company CAR-Ts to on to two

Jacob Johnson

my I'll question, Thanks, there. answered You next leave Mike. it so

Mike Rice



Thomas and ahead. our gentlemen, next question go Markets. Capital Please from comes Ladies Lake Street with today Flaten

Thomas Flaten

for the guys. Thanks Great. Hi, taking question.

Mike Rice

Thomas. Hi,

Thomas Flaten

is media. a your you have share Two don't much lifting you I that? share? quick versus you're if any sense have around paraphrase comments from of tide to mean it, taking you want that but can Mike, all you mentioned, questions. have growth just in qualitative the Do - you the market quantify know prepared boats taking you How brew I don't with I comments, Do seeing? any home the

Mike Rice


are think, we taking share. I Thomas, that

also think get the in projects, and the I or HypoThermosol market, hopefully over some translate CryoStor, that years of researches which in clinical phase goal seeding our the of trial will use clinical the pure line clinical, the couple only which here into of will the markets later-stage next then so.

a they're centers groups new out traction. more defaulting or definitely as more brew. formed, versus to get clinical seeing think that I defaulting use of using think And that we're CryoStor centers to I or academic spun uptick home

frankly, CSO Now here. in an hour just more the update and quantify the and on of of all talk we've portfolio. lot discovering what that Mathew, couple because people of the an me to precision, tremendous back I ISCT to amount our to gave any when a I for awareness And came mean team, I when and much broader up and a our traveled that connect he BioLife haven't sort just of can't line different got parts sense. and him so And that's the and last or with EVP, my is much people with of ago, think other conference, Aby company just exposure years, of and I awareness the that with a but much

to those sticky strategy year. media in portfolio, well of the acquisition is think the execute I going CGT that to in as to expect So the on leverage get to things more we our adopted pay that playbook I the us fully customers them off. again, sell the run realize media and clearly thesis And way to throughout

in So going across good the and people good feeling what's be good front back, platforms. be of out on to about to really

Thomas Flaten

the And to customers, Any one are have customers, then Massachusetts the how those opened new by sense what and Just you Jersey. trying new facilities or I'm customer being Amsterdam, to of new the get customers relocating? utilized that a opened know New your sure related you facilities Great. base? of old sense -

Mike Rice

a mix it's sure. are us have It's whether mix, customers, de obviously, who many to then or it existing trying customers Sure. projects first and made the goes decision that. that for that take everything to but to brand time of more are along new novo the house outsource for who to versus us coming deeper on business whatever, much storage giving store, in Thomas, that existing just and And getting much more new a or they're with

Thomas Flaten

Excellent. Appreciate the question. Thanks.

Mike Rice

welcome. You're


question next with Instructions] Suraj Please Suraj. ahead. comes Oppenheimer. Hello, go Our Kalia [Operator from

Your line open. is

Suraj Kalia

Mike, Rob, me can right? hear all you

Mike Rice

Suraj. Yes, can. we Hi,

Suraj Kalia

phone just get I leads in that have believe picked having I I XX calls, hopping for so Did issues. Sorry, Mike, between or apologies. up. you'll heard that you freezers right? high-capacity I'm some say

Mike Rice

week I said Fran at leads high-capacity and or freezers. for XX X total ISCT San in X Somewhat. last

Suraj Kalia

predicated your leads? these or on meeting Mike, how some guidance of much is any of

Mike Rice

It's Suraj... asking, for Thanks upside, zero. all

Suraj Kalia

thaw us specifically unit on framework growth? growth, the on freezer been? [indiscernible] this the lost So give the customer year-over-year can how also the upside. I'm side is Mike, on specifically? the the And one growth about more of is be of interested freezers, thaw a the been the and freezers would unit all things system that you discussion Fair. in system, on has ULT performance relative

Mike Rice


Let's start with that.

may have XXXX, we You doubled heard few I'm from Rod's not a freezer ago, comments XXXX production. versus sure. ULT in Suraj, minutes

phenomenal a nearly shipped we in about production nevertheless, in freezer or X,XXX so of XXXX. So was there. unit just in and amount capacity vaccines and X,XXX lift transporting XXXX that. And that fair But COVID

for the not sure. to but decent LNX On growth newly side, nice the that CBS side, scale,

Suraj Kalia

love Got - the driver? until Board August primary your move, and of perspective, and I'd this terms it. Was It's management what telegraphing of the it an And in you're inbound Obviously, was stock. in was to Mike, interesting get some comp concern? stock shift guidance. us thank this heard the haven't of And on route? I'm Gentlemen, my just questions. down based terms perspective layer on the anyone kind you confidence give when some the go curious, because comp, comp on or taking this I for else you

Mike Rice

stupid good of at are all are these not silly, to or to stupid to and we Suraj. To with this, do we these see companies convey run That's you something. contrary, as I'll just prices want because fundamentals our intact. commensurately distressed word do if out And the at going the here. shareholders rewarded it to they're - or business in know, all money case And at confidence everything our we I Thanks, Yeah. BioLife, to can for be ability when question. execute we it's Typically, the execute. use call

or $XX prospect months, is three the taking members. for are $XX senior at program for Board up of the who or to to signing the here number and least of we've So in and do at or glad shares $XX leaders meaningful all $XX got that addition really a

our nothing to and fully that than signal we do year's confident trends turn is a more own ability sending it's but about are all can't our we BioLife so to this more something fix one are guidance valuable that way everything. than can intend this strong, today. we beat is macro that. that to winner it do So and lane, We losing [ph] meet is to the The It's into in business grow much or is that.

Suraj Kalia

you. Thank Great.


Mike closing this to and concludes question-and-answer to I'd the ladies gentlemen, remarks. for and over the conference like Chairman turn Rice, session. back CEO, And

Mike Rice

in in BioLife. and everyone, meeting goals. and Rocco, our evening, confident your again, We for you, your remain Good Thank for guidance midterm our you Thank support stated thanks BioLife. interest revenue 'XX of everyone. financial in reaching exceeding or


for Thank today's concluded. all We conference thank presentation. has you, attending you now Today's sir.

disconnect a now have lines, may and your You wonderful evening.