BioLife Solutions (NASDAQ:BLFS) recently announced preliminary results for FY2017. The company expects full-year 2017 revenue in the range of $11 million, which would be a gain of 34% from 2016. The solid growth in its revenue was driven by strong results from its worldwide distributors and higher sales to customers in the regenerative medicine.
Last year, more than 275 customers used its proprietary CryoStor and HypoThermosol biopreservation in clinical applications, representing a growth of 45 clinical applications from FY2016.
Mike Rice, BioLife President & CEO, commented, “We successfully executed in key performance areas throughout 2017. We closed the year with record revenue, increased product adoption, positive cash flow from operations for the second half of the year, and a stronger balance sheet.”
The company expects its fiscal 2018 revenue to be in the range of $13.6 million to $14.7 million, up 25% to 35% compared to 2017.
Above all, the company appears in a strong cash position to support its investments in growth opportunities. In 2017, it has successfully eliminated $4.2 million in senior debt without increasing its outstanding share count.
Moreover, BioLife Solutions added $5.3 million in its cash. At the end of fiscal 2017, its cash balances were around $6.7 million, higher from the earlier year cash balance of $1.4 million, thanks to proceeds of $3.7 million in cash from its 771,434 previously outstanding common stock warrants.
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BioLife Solutions share price is trading around $5.58 a share, up 222% in the last twelve months. The stock hit the highest level of $7.53 per share on December 24. Its market capitalization is close to $78 million, while the average daily volume is 135,536 shares.
After a strong performance and a rosy outlook for 2018, several analysts have raised their price targets for BioLife stock. Recently, Maxim Group has increased its target price to $8.00 a share. On the whole, strong cash position and robust revenue growth are likely to offer the support to BioLife’s share price.
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