BioLife Solutions Inc (BLFS) 2022 Q2 法說會逐字稿

Good day. My name is Chantel, and I'll be your conference operator today. At this time, I would like to welcome everyone to the BioLife Solutions Inc. Q2 2022 Earnings Conference Call. As a reminder, today's conference call is being recorded. (Operator Instructions). Troy Wichterman, Chief Financial Officer, you may begin your conference.

再會。我的名字是 Chantel，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 BioLife Solutions Inc. 2022 年第二季度收益電話會議。提醒一下，今天的電話會議正在錄音中。 （操作員說明）。 Troy Wichterman，首席財務官，您可以開始您的會議了。

Thank you, Chantel. Good afternoon, everyone and thank you for joining this call. Joining me on today's call are Mike Rice, Chairman and Chief Executive Officer; and Rod de Greef, President and Chief Operating Officer. Earlier today, we issued a press release announcing our financial results and operational highlights for the second quarter of 2022.

謝謝你，尚特爾。大家下午好，感謝您加入本次電話會議。與我一起參加今天電話會議的還有董事長兼首席執行官邁克·賴斯（Mike Rice）； Rod de Greef，總裁兼首席運營官。今天早些時候，我們發布了一份新聞稿，宣布了我們 2022 年第二季度的財務業績和運營亮點。

As a reminder, during this call, we may make certain projections and other forward-looking statements regarding future events or the future financial performance of the company or its acquisitions. These statements are subject to risks and uncertainties that may cause actual results to different materially from expectations. For a detailed discussion of the risks and uncertainties that affect the company's business and that qualify as forward looking statements, I refer you to our periodic and other public filings filed with the SEC. Company projections and forward-looking statements are based on factors that are subject to change and therefore, these statements speak only as of the date they are given. The company assumes no obligation to update any projections or forward-looking statements except as required by law.

提醒一下，在本次電話會議期間，我們可能會就未來事件或公司或其收購的未來財務業績做出某些預測和其他前瞻性陳述。這些陳述受風險和不確定性的影響，可能導致實際結果與預期大相徑庭。有關影響公司業務以及符合前瞻性陳述的風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的定期和其他公開文件。公司預測和前瞻性陳述基於可能發生變化的因素，因此，這些陳述僅在給出之日起生效。除法律要求外，公司不承擔更新任何預測或前瞻性陳述的義務。

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

在這次電話會議中，我們將討論非公認會計原則或調整後的結果。我們今天下午發布的新聞稿中包含 GAAP 與非 GAAP 或調整後財務指標的對賬。這些非公認會計原則或調整後的財務指標不應被視為公認會計原則的替代品。然而，鑑於我們最近的併購活動，我們認為與以往相比，使用非公認會計原則或調整後的指標可以讓投資者更清楚地了解我們當前的財務業績。

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

現在，我想將電話轉給 BioLife Solutions 董事長兼首席執行官 Mike Rice。

Thanks, Troy, and good afternoon, everyone. Thank you for joining our call. After my remarks, Troy will present our financials for Q2, then Rod will provide an update on key operational initiatives his team is focused on. After that, we'll be glad to take your questions.

謝謝，特洛伊，大家下午好。感謝您加入我們的電話。在我的發言之後，Troy 將介紹我們第二季度的財務狀況，然後 Rod 將提供他的團隊關注的關鍵運營計劃的最新情況。之後，我們很樂意回答您的問題。

Turning to Q2 revenue and customer highlights. I'm very pleased with our team's performance in delivering another quarter of record revenue and in completing key operational initiatives that are driving meaningful improvements in our financial results. Total revenue was $40.5 million, up 30% from Q2 2021 with organic revenue growth of 44% and Biopreservation media revenue growth of 46%. Our growth catalyst and business fundamentals remain intact. And with improved business visibility, we are tightening our full year 2022 revenue guidance, which Troy will cover in a few minutes.

轉向第二季度收入和客戶亮點。我對我們的團隊在實現另一個季度創紀錄的收入以及完成推動我們財務業績顯著改善的關鍵運營計劃方面的表現感到非常滿意。總收入為 4050 萬美元，比 2021 年第二季度增長 30%，有機收入增長 44%，Biopreservation 媒體收入增長 46%。我們的增長催化劑和業務基本面保持不變。隨著業務可見性的提高，我們正在收緊我們的 2022 年全年收入指導，Troy 將在幾分鐘內介紹這些指導。

I also want to express my confidence in our operations, quality and engineering teams for their sustained commitment to optimizing our production processes, supply chains and QC and QA functions, specifically for our Stirling ULT freezer products. We again realized important sequential improvements in gross margin and adjusted EBITDA and remain confident that we will continue to do so for the rest of the year. 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.

我還想表達我對我們的運營、質量和工程團隊的信心，因為他們持續致力於優化我們的生產流程、供應鏈以及 QC 和 QA 功能，特別是我們的 Stirling ULT 冷凍產品。我們再次實現了毛利率和調整後 EBITDA 的重要連續改善，並且仍然相信我們將在今年餘下時間繼續這樣做。我還想回應其他生命科學工具公司在最近的財報電話會議上表達的細胞和基因治療領域的強勁增長情緒。

Now, we'll go right to the non-cash and tangible asset write down on the Stirling acquisition. Troy will provide additional color on this, but we're confident that we're now clearly on the upswing of recovery. It's important that we convey our strong belief in the innovation and disruptive potential of this acquired technology, in both our current Stirling products and in our product roadmap for new Stirling engine based smart freezers. To put a bow on it, this was a non-cash accounting adjustment, and it does not reduce our confidence in meeting both our guidance for 2022 nor our 2024 exiting aspirational financial goals, which include $250 million in revenue, 50 points of adjusted gross margin and 30 points of adjusted EBITDA margin.

現在，我們將直接討論斯特林收購的非現金和有形資產減記。特洛伊將為此提供額外的色彩，但我們相信我們現在顯然處於復甦的上升階段。在我們目前的斯特林產品和基於斯特林發動機的新型智能冰櫃的產品路線圖中，我們必須傳達我們對這項收購技術的創新和顛覆性潛力的堅定信念。對此表示敬意，這是一項非現金會計調整，它不會降低我們實現 2022 年指導方針和 2024 年現有理想財務目標的信心，其中包括 2.5 億美元的收入、50 個調整後的毛利率利潤率和 30 個調整後的 EBITDA 利潤率。

In Q2, we sold and ship products to 202 new unique customer sites across our 3 products and services platforms. And I'll remind you now what those buckets are. First, self-processing, which includes Biopreservation media and Sexton self-processing products. Second is our Freezers and Thaw systems platform comprised of cryogenic liquid nitrogen freezers and Stirling ULT mechanical freezers and automated thawing devices. And finally, storage and cold chain services, which includes our SciSafe storage services and our evo cold chain management offering.

在第二季度，我們通過 3 個產品和服務平台向 202 個新的獨特客戶站點銷售和運送產品。現在我會提醒你這些桶是什麼。一是自加工，包括Biopreservation培養基和Sexton自加工產品。其次是我們的冷凍機和解凍系統平台，包括低溫液氮冷凍機和斯特林超低溫冷凍機以及自動解凍設備。最後是存儲和冷鏈服務，其中包括我們的 SciSafe 存儲服務和我們的 evo 冷鏈管理產品。

New Q2 customer sites by product line included 17 now using Biopreservation media, 10 new ThawSTAR users, 11 new evo cold chain end users, 10 new cryogenic freezer and accessory customers, 110 new Stirling ULT freezer customers, 30 new biostorage customers and 14 new self-processing customers now using Sexton products. For self processing in Q2, we gained 31 new customers in total and received confirmation that our Biopreservation media products will be used in at least 23 additional clinical trials for new cell and gene therapies.

按產品線劃分的第二季度新客戶站點包括 17 個正在使用 Biopreservation 培養基的新客戶、10 個新的 ThawSTAR 用戶、11 個新的 evo 冷鏈終端用戶、10 個新的低溫冰箱和配件客戶、110 個新的斯特林超低溫冰箱客戶、30 個新的生物儲存客戶和 14 個新的自我- 處理現在使用 Sexton 產品的客戶。對於第二季度的自我處理，我們總共獲得了 31 名新客戶，並確認我們的 Biopreservation 培養基產品將用於至少 23 項新細胞和基因療法的額外臨床試驗。

Some notable confirmations were from Instil Bio, Tmunity, Synthekine, Bonus Therapeutics, Alaunos Therapeutics, Turnstone Biologics, Rexygen, Cellenkos, Cellevolve and Kyverna. We estimate that our Biopreservation media products have been used in or are planned to be used in more than 550 customer clinical applications. For Biopreservation media, we also remain confident that each customer clinical application, if approved, could generate annual revenue in a range of $500,000 to $2 million. To-date, our Biopreservation media is used in 10 approved therapies and our Sexton self processing media and vials are used in 3 approved therapies. Our Biopreservation 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.

一些值得注意的確認來自 Instil Bio、Tmunity、Synthekine、Bonus Therapeutics、Alaunos Therapeutics、Turnstone Biologics、Rexygen、Cellenkos、Cellevolve 和 Kyverna。我們估計我們的 Biopreservation 培養基產品已用於或計劃用於 550 多個客戶臨床應用。對於 Biopreservation 培養基，我們仍然相信，如果獲得批准，每個客戶的臨床應用都可以產生 500,000 至 200 萬美元的年收入。迄今為止，我們的 Biopreservation 培養基用於 10 種批准的療法，我們的 Sexton 自我處理培養基和小瓶用於 3 種批准的療法。我們的 Biopreservation 媒體產品還嵌入了至少 10 個額外的 CGT 申請，預計今年和明年將提交 BLA 或其他監管批准文件。

I'll conclude by saying that our Biopreservation 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 with a critical role our engineered media formulations play in reducing risk for CGT companies. We also see the recent and pending approvals of CGT products for first and second line treatments and approvals for new indications and the new geographies as 3 growth catalysts for our biopreservation media and other solutions.

最後我要說的是，我們的 Biopreservation 媒體臨床客戶群包括大多數 CAR T 細胞開發商，我們的產品嵌入到目前正在開發的大多數自體和同種異體平台中。隨著人們對我們的工程培養基配方在降低 CGT 公司風險方面發揮關鍵作用的認識不斷提高，我們希望能夠繼續從家庭釀造保存雞尾酒中分一杯羹。我們還看到 CGT 產品最近和待批准的一線和二線治療以及新適應症和新地區的批准是我們生物保存介質和其他解決方案的 3 個增長催化劑。

For the other part of our self processing platform, our Sexton products, adoption in clinical customer applications include 67 using HPL Media, 61 using CellSeal vials and 3 using automated film machines. So you can see we're running our biopreservation media playbook to drive adoption of Sexton products. We estimate that annual revenue for Sexton reagents and consumables used in approved customer therapies ranges from $500,000 to $1 million for both CellSeal vials and HPL media.

對於我們自我處理平台的另一部分，我們的 Sexton 產品，在臨床客戶應用中的採用包括 67 個使用 HPL Media、61 個使用 CellSeal 小瓶和 3 個使用自動薄膜機。因此，您可以看到我們正在運行我們的生物保護媒體手冊以推動 Sexton 產品的採用。我們估計，用於經批准的客戶療法的 Sexton 試劑和耗材的年收入在 CellSeal 小瓶和 HPL 培養基中的年收入在 500,000 美元到 100 萬美元之間。

Turning to our freezers and thaw systems platform. To reiterate, we shipped first time orders to 130 new customer sites. Our hyper focus on the acquired Stirling platform has resulted in greatly improved quality and reduced shipping lead times, which Rod will speak to. Hats off to our sales team for hanging in there while we complete our field service updates to the acquired install base of ULT freezers. This has been a sales headwind and will be to some degree until we're finished with the field updates later this year. We're all very appreciative of our loyal customers who selected Stirling freezers for the specific differentiated value they provide.

轉向我們的冷凍和解凍系統平台。重申一下，我們首次向 130 個新客戶站點發貨。我們對收購的 Stirling 平台的高度關注極大地提高了質量並縮短了運輸交貨時間，Rod 將對此進行說明。向我們的銷售團隊致敬，感謝他們在我們完成對收購的 ULT 冰櫃安裝基礎的現場服務更新時堅持不懈。這一直是銷售逆風，並且在一定程度上會一直存在，直到我們在今年晚些時候完成現場更新。我們都非常感謝我們的忠實客戶，他們選擇了斯特林冰櫃，因為它們提供了特定的差異化價值。

A couple of notes in our indirect distribution partners for our freezers and thaw systems platform. First, on our last call, I mentioned that we added our cryogenic liquid nitrogen freezers to a key distribution agreement. This is with Avantor VWR and we are already seeing some sales pull through from this expanded relationship, specifically with US government accounts. We're also in the process of adding our ThawSTAR CB cryobag automated thaw to our distribution agreement with STEMCELL Technologies, who as you know, is one of our most treasured customers and indirect sales partners.

我們的冷凍和解凍系統平台的間接分銷合作夥伴有幾點說明。首先，在我們上次的電話會議中，我提到我們將低溫液氮冷凍機添加到關鍵分銷協議中。這是與 Avantor VWR 合作的，我們已經看到這種擴大的關係帶來了一些銷售額，特別是與美國政府賬戶的關係。我們還在將我們的 ThawSTAR CB 冷凍袋自動解凍添加到我們與 STEMCELL Technologies 的分銷協議中，如您所知，STEMCELL Technologies 是我們最寶貴的客戶和間接銷售合作夥伴之一。

In our final of 3 revenue platform, Storage and Cold Chain Services, which includes Eagle Cold Chain Rentals and SciSafe Storage Services, we either shipped first use products or engaged for initial services with 41 new customer sites in Q2, 30 for storage services and 11 for evo. Our SciSafe Storage Services platform is growing rapidly and we are on plan for the start of build-out for a nearly 60,000 square foot state-of-the-art buyer repository in the US to support demand for our storage services.

在我們最後的 3 個收入平台存儲和冷鏈服務中，包括 Eagle 冷鏈租賃和 SciSafe 存儲服務，我們在第二季度與 41 個新客戶站點、30 個存儲服務和 11 個新客戶站點交付了首次使用產品或參與初始服務為埃沃。我們的 SciSafe 存儲服務平台正在迅速增長，我們正計劃在美國開始建造一個近 60,000 平方英尺的最先進的買家存儲庫，以支持對我們存儲服務的需求。

With our evo cold chain management platform, cell and gene therapy companies now have broad access to our class defining offering through our expanded specialty courier partner network that now includes World Courier, Quick International, Patheon Thermo Fisher, Markin and BioCare. We're very excited about our market opportunity to drive our evo platform to become a meaningful revenue and profit contributor. Q2 evo shipments were up 100% over the same quarter last year.

借助我們的 evo 冷鏈管理平台，細胞和基因治療公司現在可以通過我們擴展的專業快遞合作夥伴網絡廣泛訪問我們的類別定義產品，該網絡現在包括 World Courier、Quick International、Patheon Thermo Fisher、Markin 和 BioCare。我們對推動我們的 evo 平台成為有意義的收入和利潤貢獻者的市場機會感到非常興奮。第二季度 evo 出貨量比去年同期增長了 100%。

Full year 2022 evo shipments could exceed 8,000, double from 2021. We're collecting a huge amount of shipment information that is shaping our continued evo.is cloud innovation to give our courier partners and end customers even more actionable data to reduce risk. Our evo cold chain platform is currently used to store and transport 2 approved CAR T-cell therapies and we anticipate 2 additional global pharma companies will commence use of evo for the storage and shipment of the remaining 4 approved CAR T-cell therapies.

2022 年全年 evo 發貨量可能超過 8,000 件，是 2021 年的兩倍。我們正在收集大量發貨信息，這些信息正在塑造我們持續的 evo.is 雲創新，為我們的快遞合作夥伴和最終客戶提供更多可操作的數據以降低風險。我們的 evo 冷鏈平台目前用於存儲和運輸 2 種批准的 CAR T 細胞療法，我們預計另外 2 家全球製藥公司將開始使用 evo 來存儲和運輸剩餘的 4 種批准的 CAR T 細胞療法。

This means by mid next year, we expect evo platform will be used for all of the currently approved CAR T-cell therapies. This adoption validates our belief that the evo platform will increasingly be selected as a class defining temperature controlled shipping container and related cloud app by the leading CGT companies.

這意味著到明年年中，我們預計 evo 平台將用於所有目前批准的 CAR T 細胞療法。這種採用驗證了我們的信念，即 evo 平台將越來越多地被領先的 CGT 公司選為定義溫控集裝箱和相關雲應用程序的類別。

Now I'll turn the call over to Troy to present our financials for Q2. Troy?

現在我將把電話轉給 Troy，介紹我們第二季度的財務狀況。特洛伊？

Thank you, Mike. Revenue for the second quarter 2022 totaled a record $40.5 million, representing a 30% increase over 2021. Organic revenue increased 44%, driven by Biopreservation media revenue of $14.1 million, which was up 46% versus Q2 2021. COVID-19 related revenue accounted for approximately 9% of total revenue in the quarter. Cell processing platform revenue was $15.4 million, up 58% over the same period in 2021 and organic growth was 46%. Freezers and thaw systems platform revenue was $18.7 million, up 6% over the same period in 2021 and organic growth was 23%. COVID-19 related revenue accounted for approximately 4% of the freezer and thaw systems platform revenue. Storage and storage services platform revenue was $6.5 million. Total and organic growth was 65% over the same period in 2021. COVID-19 related revenue accounted for approximately 45% of the storage and storage services platform revenue. Revenue for the 6 months ended June 30, 2022 totaled $76.8 million, an increase of 60% over 2021 with organic growth of 45%.

謝謝你，邁克。 2022 年第二季度的收入總額達到創紀錄的 4050 萬美元，比 2021 年增長 30%。有機收入增長 44%，這得益於生物保存媒體收入 1410 萬美元，比 2021 年第二季度增長 46%。COVID-19 相關收入佔約佔本季度總收入的 9%。細胞處理平台收入為 1540 萬美元，比 2021 年同期增長 58%，有機增長為 46%。冷凍和解凍系統平台收入為 1870 萬美元，比 2021 年同期增長 6%，有機增長為 23%。 COVID-19 相關收入約佔冷凍和解凍系統平台收入的 4%。存儲和存儲服務平台收入為 650 萬美元。與 2021 年同期相比，總有機增長率為 65%。COVID-19 相關收入約佔存儲和存儲服務平台收入的 45%。截至 2022 年 6 月 30 日的 6 個月收入總計 7680 萬美元，比 2021 年增長 60%，有機增長 45%。

Adjusted gross margin for the second quarter of 2022 was 36% compared with 43% for the second quarter of 2021, and 33% for the first quarter of 2022. For the first 6 months of 2022, adjusted gross margin was 34% compared with 47% in the same period last year. The sequential quarterly improvement in Q2 2022 gross margin was largely due to sequential improvement at our ULT platform, as well as favorable product mix. We expect to see increases in gross margin in Q3 and Q4, net of newly granted stock awards.

2022 年第二季度的調整後毛利率為 36%，而 2021 年第二季度為 43%，2022 年第一季度為 33%。2022 年前 6 個月，調整後毛利率為 34%，而 2021 年第二季度為 47% % 為去年同期。 2022 年第二季度毛利率的環比改善主要是由於我們的 ULT 平台的環比改善以及有利的產品組合。我們預計第三季度和第四季度的毛利率將增加，扣除新授予的股票獎勵。

GAAP operating expenses for Q2 2022 was $116.8 million versus $35.8 million in Q2 2021. And year-to-date, operating expenses was $160.6 million compared with $53.6 million in 2021. GAAP operating expenses in Q2 2022 and year-to-date include a non-cash intangible impairment of $69.9 million related to the Global Cooling acquisition. The non-cash impairment of the Global Cooling intangible assets primarily resulted from changes in our assumptions for ULT freezer product development projects, including lower forecasted cash flow due to inflationary pressures on materials, reduced revenue expectations and delays in launch. Despite the accounting adjustment, we continue to believe there is significant value in the uniqueness of the Stirling technology.

2022 年第二季度的 GAAP 運營費用為 1.168 億美元，而 2021 年第二季度為 3580 萬美元。今年迄今為止，運營費用為 1.606 億美元，而 2021 年為 5360 萬美元。2022 年第二季度和年初至今的 GAAP 運營費用包括非- 與收購 Global Cooling 有關的 6,990 萬美元的現金無形減值。 Global Cooling 無形資產的非現金減值主要是由於我們對超低溫冰箱產品開發項目的假設發生變化，包括由於材料的通貨膨脹壓力、收入預期降低和推出延遲導致的預測現金流量下降。儘管進行了會計調整，但我們仍然相信斯特林技術的獨特性具有重要價值。

Adjusted operating expenses for Q2 2022 totaled $20 million compared with $13.3 million in Q2 2021 and $19.8 million in Q1 2022. For the first 6 months of 2022, adjusted operating expenses totaled $39.8 million compared with $22.2 million in the first 6 months of last year. Adjusted operating expenses increased due to the 2021 acquisitions of Global Cooling and Sexton. In addition, operating expenses increased due to higher accounting cost and increased headcount to support our growth. Adjusted operating expenses increased by $200,000 over the previous quarter due to increased headcount, partially offset by lower accounting fees.

2022 年第二季度調整後的運營費用總額為 2000 萬美元，而 2021 年第二季度為 1330 萬美元，2022 年第一季度為 1980 萬美元。2022 年前 6 個月，調整後的運營費用總額為 3980 萬美元，而去年前 6 個月為 2220 萬美元。由於 2021 年收購 Global Cooling 和 Sexton，調整後的運營費用有所增加。此外，由於更高的會計成本和增加員工人數以支持我們的增長，運營費用增加。由於員工人數增加，調整後的運營費用比上一季度增加了 200,000 美元，部分被較低的會計費用所抵消。

Adjusted operating loss for the second quarter of 2022 was $5.4 million compared with adjusted operating income of $65,000 in the second quarter of 2021. Our adjusted operating loss for the first 6 months of 2022 totaled $13.4 million compared to operating income of $560,000 in 2021.

2022 年第二季度調整後的營業虧損為 540 萬美元，而 2021 年第二季度的調整後營業收入為 65,000 美元。我們 2022 年前 6 個月的調整後營業虧損總額為 1340 萬美元，而 2021 年的營業收入為 560,000 美元。

Adjusted EBITDA for the second quarter of 2022 was positive $1.5 million compared with positive $3.7 million for the second quarter of 2021, and negative $814,000 for the first quarter of 2022. For the first 6 months of 2022, adjusted EBITDA was positive $679,000 compared with positive $6.5 million in the same period in 2021. We expect an improvement in adjusted EBITDA in the second half of 2022 compared to the first half of 2022.

2022 年第二季度調整後 EBITDA 為正 150 萬美元，而 2021 年第二季度為正 370 萬美元，2022 年第一季度為負 814,000 美元。2022 年前 6 個月，調整後 EBITDA 為正 679,000 美元，而正2021 年同期為 650 萬美元。與 2022 年上半年相比，我們預計 2022 年下半年調整後的 EBITDA 將有所改善。

Our cash and marketable securities balance at June 30, 2022 was $47 million compared to $59.4 million at March 31, 2022. Taking into consideration our adjusted EBITDA of positive $1.5 million, cash used in Q2 2022 was related to working capital adjustments of $13.4 million, primarily due to timing, which includes $7 million increase in accounts receivable and $3.1 million increase in inventories. In addition, capital expenditures were $2 million in the quarter, primarily related to the buildouts of our biorepository facilities. We do not expect the same level of cash use going forward.

我們在 2022 年 6 月 30 日的現金和有價證券餘額為 4700 萬美元，而 2022 年 3 月 31 日為 5940 萬美元。考慮到我們調整後的 EBITDA 為正 150 萬美元，2022 年第二季度使用的現金與 1340 萬美元的營運資金調整有關，主要是由於時間安排，其中包括應收賬款增加 700 萬美元和庫存增加 310 萬美元。此外，本季度的資本支出為 200 萬美元，主要與我們的生物儲存設施的擴建有關。我們預計未來的現金使用水平不會相同。

Turning to 2022 revenue guidance. We have tightened full year 2022 revenue guidance to be in the range of $160 million to $166 million, reflecting year-over-year growth of 34% to 39% and organic growth of 37% to 43%. COVID-19 related revenue is expected to account for approximately 8% of total revenue. Total revenue expectations for 2022 include the following platform updates.

轉向2022年的收入指導。我們已將 2022 年全年收入指引收緊至 1.6 億美元至 1.66 億美元之間，同比增長 34% 至 39%，有機增長 37% 至 43%。 COVID-19 相關收入預計將佔總收入的 8% 左右。 2022 年的總收入預期包括以下平台更新。

Cell processing platform; increase the low range by $3 million and the high range increase by $2 million, reflecting high demand for biopreservation media, and the platform is expected to be between $67 million to $69.5 million, an increase of 49% to 55% over 2021 and organic growth of 42% to 47%. Freezers and thaw systems platform; decrease the low range by $4 million and decrease the high range by $6 million, and is expected to be between 70 and $71.5 million, reflecting lower than expected revenue for our ULT product line. This is an increase of 24% to 26% over 2021 and organic growth of 31% to 34%. COVID-19 related revenue is estimated to account for less than 5% of the freezer and thaw systems platform revenue.

細胞處理平台；低位增加 300 萬美元，高位增加 200 萬美元，反映出對生物保存介質的高需求，該平台預計在 6700 萬美元至 6950 萬美元之間，比 2021 年增長 49% 至 55% 和有機增長42% 到 47%。冷凍和解凍系統平台；將低端降低 400 萬美元，將高端降低 600 萬美元，預計在 70 至 7150 萬美元之間，反映出我們 ULT 產品線的收入低於預期。這比 2021 年增長 24% 至 26%，有機增長 31% 至 34%。 COVID-19 相關收入估計佔冷凍和解凍系統平台收入的不到 5%。

Storage and storage services platform increased low range by $1.5 million and reduced high range by $1 million, and is expected to be between $23 million to $25 million. This is a total and organic increase of 31% to 42% over 2021. COVID-19 related revenue is expected to account for an estimated 40% to 45% of the storage and storage services platform revenue. The COVID-19 related revenue is primarily based on contracts and therefore, we don't expect to see variability on this number throughout the balance of the year.

存儲和存儲服務平台將低位增加 150 萬美元，將高位減少 100 萬美元，預計在 2300 萬美元至 2500 萬美元之間。與 2021 年相比，這一總和有機增長了 31% 至 42%。COVID-19 相關收入預計將佔存儲和存儲服務平台收入的 40% 至 45%。 COVID-19 相關收入主要基於合同，因此，我們預計該數字在今年餘下時間不會出現變化。

In regard to our aspirational financial goals, for the Q4 2024 run rate, we are confident in our targets of $250 million in revenue, 50% adjusted gross margin and 30% adjusted EBITDA. Biopreservation media, which has the highest margin profile, is currently growing at a faster pace than expected, partially offset by lower revenue expectations for our ULT freezer line. Demand for our portfolio is strong and we believe we will show continuing improvements in financial performance. Finally, in terms of our new share count, as of today, we have 42.6 million shares issued and outstanding and 44.5 million shares on a fully diluted basis.

關於我們雄心勃勃的財務目標，對於 2024 年第四季度的運行率，我們對 2.5 億美元的收入、50% 的調整後毛利率和 30% 的調整後 EBITDA 的目標充滿信心。利潤率最高的生物保存介質目前的增長速度快於預期，部分被我們的超低溫冰箱產品線的較低收入預期所抵消。對我們投資組合的需求強勁，我們相信我們的財務業績將持續改善。最後，就我們的新股數量而言，截至今天，我們有 4260 萬股已發行和流通股，以及 4450 萬股完全稀釋後的股票。

Now, I'll turn the call to Rod.

現在，我將把電話轉給羅德。

Thanks, Troy. As I mentioned on our last quarterly call, continued progress at Stirling has allowed the operations team to begin to focus on additional opportunities for improvement for other product lines, and these activities continued throughout the last quarter.

謝謝，特洛伊。正如我在上個季度電話會議中提到的那樣，斯特靈的持續進步使運營團隊開始關注其他產品線的更多改進機會，並且這些活動在整個上個季度繼續進行。

Before I get to that, however, I'll start with some comments on the Stirling operation. Based on the operational metrics we track at Stirling on a regular basis, we continue to make progress across the board. If I were to pick just one operational metric which summarizes the overall improvements in production and quality, it would be the lead time associated with our large capacity 780XLE freezers, which contributed the majority of ULT freezer revenue in the first 6 months of 2022. In February of this year, the lead time for this product stood at 10 weeks. And since then, the team in Athens has been able to bring this down to one week, which not only speaks to the overall progress made, but also positively impacts our competitiveness. And this decrease in lead time has been achieved with higher first pass yields and a substantial improvement in gross margin compared to Q1 of this year.

然而，在我開始之前，我將首先對斯特林行動進行一些評論。根據我們在斯特靈定期跟踪的運營指標，我們繼續全面取得進展。如果我只選擇一個運營指標來總結生產和質量的整體改進，那將是與我們的大容量 780XLE 冷凍機相關的交貨時間，它在 2022 年的前 6 個月貢獻了 ULT 冷凍機收入的大部分。今年 2 月，該產品的交貨期為 10 週。從那時起，雅典團隊能夠將這一時間縮短到一周，這不僅說明了整體進展，而且對我們的競爭力產生了積極影響。與今年第一季度相比，交貨時間的縮短是通過更高的一次通過率和毛利率的大幅提高來實現的。

As part of the overall recovery plan for Stirling, we recently announced internally that we are going to take 2 ULT freezer products, which are currently produced for us by an outside CMO and bring them back in house. These 2 products were originally outsourced in 2021 due to space and labor constraints in Athens. We will consolidate the production of these 2 products at our LN2 freezer manufacturing facility in Michigan.

作為斯特林整體恢復計劃的一部分，我們最近在內部宣布，我們將採用目前由外部 CMO 為我們生產的 2 種超低溫冰箱產品並將其帶回內部。由於雅典的空間和勞動力限制，這 2 種產品最初於 2021 年外包。我們將在密歇根州的 LN2 冷凍機製造工廠整合這兩種產品的生產。

We have the space and the team members there to make it happen and expect the move to be completed in Q4, generating higher levels of quality and modest increases in gross margin for these 2 products. The Athens facility will continue to focus on the production of the 780XLE and prepare for the planned 2023 launch of the next generation large capacity freezer. In addition to bringing the 2 ULT products into our Michigan facility, last quarter, we began the validation of a second source for a key component used in the LN2 freezer line.

我們有足夠的空間和團隊成員來實現這一目標，並預計這一舉措將在第四季度完成，從而為這兩種產品帶來更高的質量水平和毛利率的適度增長。雅典工廠將繼續專注於 780XLE 的生產，並為計劃於 2023 年推出的下一代大容量冷凍機做準備。除了將 2 種 ULT 產品帶入我們的密歇根工廠外，上個季度，我們還開始驗證 LN2 冷凍線中使用的關鍵組件的第二個來源。

The validation has gone well and we expect to begin shipping products using this new supplier in September or October. Not only does this new relationship mitigate supply constraints, which will have an impact on revenue in recent quarters, it also yields cost savings, which should translate into a gross margin pickup of 2 to 3 percentage points on these LN2 products. So we're pleased with the overall results of this effort.

驗證進展順利，我們預計將在 9 月或 10 月開始使用這家新供應商運送產品。這種新的關係不僅緩解了供應限制，這將對最近幾個季度的收入產生影響，而且還節省了成本，這應該轉化為這些 LN2 產品的毛利率提高 2 到 3 個百分點。因此，我們對這項工作的總體結果感到滿意。

Moving to our Biopreservation media products. We're focused on increasing capacity in the near and mid-term based on the continued strength and demand. We are in the final phase of increasing our media batch size from 100 liters to 200 liters, which will effectively double the capacity of the Bothell facility, allowing us to comfortably meet demand and replenish our safety stock, which has been depleted over the past several quarters. In addition, we've also kicked off the planning phase of establishing a small, but scalable Biopreservation media production suite at our facility in Indianapolis, which currently makes our HPL products, and expect that facility to begin producing our smaller volume media runs by mid 2023.

轉向我們的生物保存培養基產品。基於持續的實力和需求，我們專注於在近期和中期增加產能。我們正處於將培養基批量從 100 升增加到 200 升的最後階段，這將有效地使博塞爾設施的容量翻倍，使我們能夠輕鬆滿足需求並補充我們的安全庫存，這些庫存在過去幾年中已經耗盡宿舍。此外，我們還開始了在印第安納波利斯的工廠建立一個小型但可擴展的生物保存培養基生產套件的計劃階段，該工廠目前生產我們的 HPL 產品，並預計該工廠將在年中開始生產我們的小容量培養基2023 年。

Finally, with respect to 2 other key operational initiatives, which are to establish a high margin service revenue program and implement the NetSuite ERP system, I'm pleased to report that our pilot service revenue program generated solid revenue growth in Q2 versus Q1, while still only utilizing one full time team member. The NetSuite ERP implementation remains largely on track. All in all, operationally, things are moving up into the right and we'll push hard to ensure that trend continues in the coming quarters.

最後，關於其他兩項關鍵運營計劃，即建立高利潤服務收入計劃和實施 NetSuite ERP 系統，我很高興地報告，我們的試點服務收入計劃在第二季度與第一季度相比產生了穩健的收入增長，而仍然只使用一名全職團隊成員。 NetSuite ERP 的實施基本保持在正軌上。總而言之，在運營上，事情正在向好的方向發展，我們將努力確保這一趨勢在未來幾個季度繼續下去。

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

現在我將把電話轉回給邁克。

Thanks, Rod. Now I'll leave you with our key takeaways from Q2 and for the rest of 2022. First, demand for our portfolio of class-defining bioproduction tools and services remain strong, and we fully expect to meet or beat our full year revenue guidance. Number 2, we made real progress addressing supplier and quality issues with our Stirling product line, and expect to demonstrate continued sequential improvements throughout the rest of 2022 and beyond. And 3, to say it one more time, we remain very confident that we will achieve our Q4 2024 run rate, aspirational financial goals of $250 million in revenue, 50 points of adjusted gross margin and 30 points of adjusted EBITDA. Fast forwarding to today, I'm pleased to say that overall, product and service demand so far in Q3 is strong and we're looking forward to sharing our results in November.

謝謝，羅德。現在，我將向您介紹我們從第二季度和 2022 年剩餘時間內的主要收穫。首先，對我們定義類生物生產工具和服務組合的需求仍然強勁，我們完全期望達到或超過我們的全年收入指導。第二，我們在解決供應商和斯特林產品線質量問題方面取得了實際進展，並期望在 2022 年剩餘時間及以後展示持續的連續改進。 3，再說一次，我們仍然非常有信心實現 2024 年第四季度的運行率、2.5 億美元收入的理想財務目標、50 點的調整後毛利率和 30 點的調整後 EBITDA。快進到今天，我很高興地說，到目前為止，第三季度的整體產品和服務需求強勁，我們期待在 11 月分享我們的結果。

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

現在我將把電話轉給接線員來回答你的問題。尚特爾？

(Operator Instructions) Our first question comes from Thomas Flaten with Lake Street Capital Markets.

（操作員說明）我們的第一個問題來自 Lake Street Capital Markets 的 Thomas Flaten。

Congrats on another great quarter. Couple questions with respect to guidance. So there was some really positive news that Rod shared around the improvements at Stirling, yet kind of layered into the writedown was reduced revenue expectations and delays in launch. Can you maybe add some color there? Have customers walked away, is it just the natural evolution in the market? Just to get some more thoughts from you on the freezer business in particular?

祝賀另一個偉大的季度。關於指導的幾個問題。因此，Rod 分享了一些非常積極的消息，圍繞著斯特林的改進，但在減記中還包括收入預期降低和發布延遲。你可以在那裡添加一些顏色嗎？客戶走了，難道只是市場的自然演變嗎？只是為了從您那裡獲得更多關於冰箱業務的想法？

Yes, Thomas. Good question. I'll give a little more color. As it relates to the sales headwinds that I mentioned, no doubt we've had some customers have to buy from somebody else. And the guidance tightening is really just prudent based on the fact that we're not done with the field update yet. Once we get through that, I think everything will be really, really strong and back to the kind of the normal flow. But we're tightening it just a little bit based on that remaining sales headwind, that's what I can say on that.

是的，托馬斯。好問題。我會多一點顏色。由於它與我提到的銷售逆風有關，毫無疑問，我們有一些客戶必須從其他人那裡購買。基於我們尚未完成現場更新這一事實，指導收緊實際上只是謹慎的。一旦我們度過難關，我認為一切都會變得非常非常強大，並恢復到正常的流程。但我們正在根據剩餘的銷售逆風稍微收緊它，這就是我可以說的。

Great. And then I know we usually don't talk about things below the revenue line from a guidance perspective, but there was a really nice improvement in gross margins. Is that level of improvement something we can continue to see or will it moderate more as we move through Q3 and Q4?

偉大的。然後我知道我們通常不會從指導的角度談論收入線以下的事情，但毛利率確實有了很好的改善。這種改善水平是我們可以繼續看到的，還是隨著我們進入第三季度和第四季度，它會更加緩和？

Thomas, I think we'll see it more of a moderate level from Q3 going into Q4. And again, in my commentary I mentioned that was net of newly issued stock grants, which again, I'd like to remind you too that when we do the adjusted gross margin number, we do not back out stock comp. So stock comp does flow through our COGS and hence the adjusted gross margin.

托馬斯，我認為從第三季度到第四季度，我們會看到它更多地處於中等水平。再一次，在我的評論中，我提到這不包括新發行的股票贈款，我想再次提醒您，當我們計算調整後的毛利率時，我們不會退出股票補償。所以股票補償確實流經我們的銷貨成本，因此調整後的毛利率。

Got it. And then, I'm wondering if you could give some commentary on the stock for cash compensation program, which expired. I think it was August 1st. Just curious to get your thoughts on whether or not that's been extended. I'm assuming no. And just some color there would be great.

知道了。然後，我想知道您是否可以對已到期的股票現金補償計劃發表一些評論。我記得是 8 月 1 日。只是想知道您對是否已擴展的想法。我假設沒有。只是一些顏色會很棒。

We haven't commented on it and it runs actually a little bit longer, but we haven't commented publicly on whether we're going to extend it or not.

我們沒有對此發表評論，它實際上運行時間更長一些，但我們沒有公開評論我們是否要擴展它。

Our next question comes from Jacob Johnson with Stephens.

我們的下一個問題來自 Jacob Johnson 和 Stephens。

It's Hannah, on for Jacob. A couple questions. Stirling margins were below historic levels last year. How should we think about the timeline to get back to 30% margins, and is there additional opportunity to expand that longer term?

是漢娜，雅各布。幾個問題。去年，斯特林的利潤率低於歷史水平。我們應該如何考慮將利潤率恢復到 30% 的時間表，是否還有其他機會來擴大這一長期目標？

Yes, it's Rod here, Hannah. So we don't provide specific guidance to product line gross margins. But what we will say is that we do expect, as Troy just mentioned, continued improvement in gross margin, particularly in the Stirling facility net of new share -- new stock option grants. We do expect that it's going to take some time to get back up into the sort of 30%, mid-30% level of gross margin for that particular product line. But we're not going to put ourselves in a box and say when that might happen. We're just confident of continued improvement.

是的，這裡是羅德，漢娜。所以我們不提供產品線毛利率的具體指導。但我們要說的是，正如特洛伊剛剛提到的那樣，我們確實預計毛利率會繼續提高，特別是在斯特林設施扣除新股——新股票期權授予後。我們確實預計，該特定產品線的毛利率需要一段時間才能恢復到 30%、30% 左右的水平。但我們不會把自己放在一個盒子裡，說什麼時候會發生。我們對持續改進充滿信心。

Okay. And one quick follow-up, as we think about the portfolio of assets and capabilities that you've built up over the years, how are the cross-selling opportunities? Are there any particular products where you've seen traction from cross-selling initiatives?

好的。還有一個快速跟進，當我們考慮您多年來建立的資產和能力組合時，交叉銷售機會如何？是否有任何特定產品從交叉銷售計劃中獲得牽引力？

Yes, really insightful question. The one example I would point to is the crossover between our biopreservation media and our Sexton cell-processing products, both the HPL media, which is another -- a liquid media, an actual serum replacement media, in this case used in cell manufacturing, but also the CellSeal vials, which is a really cool novel, small form factor, final packaging option as a replacement or an alternate for bags for cell and gene therapies.

是的，非常有見地的問題。我要指出的一個例子是我們的生物保存培養基和我們的 Sexton 細胞處理產品之間的交叉，兩者都是 HPL 培養基，這是另一種——液體培養基，一種實際的血清替代培養基，在這種情況下用於細胞製造，還有 CellSeal 小瓶，它是一種非常酷的新穎、小巧的最終包裝選擇，可作為細胞和基因療法袋的替代品或替代品。

And just to point to one example of that, I can tell you that it's public, but BMS with Breyanzi and Abecma uses CryoStor preservation media, but they also use the CellSeal vial, which is really cool. And those were independent conversations underway, but we know a lot of the same decision makers and ultimately that would've resulted in the same final result. And we're obviously looking for those sort of easy wins and early wins that we can go capture that are similar to that story. And we would expect to continue to talk about cross-selling for the foreseeable future, and that was a big thesis of the whole acquisition spree. And we're seeing a lot of really good anecdotal wins as a result of expanding the sales team, but also leveraging our key relationships.

舉一個例子，我可以告訴你它是公開的，但是帶有 Breyanzi 和 Abecma 的 BMS 使用 CryoStor 保存介質，但他們也使用 CellSeal 小瓶，這真的很酷。這些都是正在進行的獨立對話，但我們認識很多相同的決策者，最終會產生相同的最終結果。而且我們顯然正在尋找與那個故事相似的那些我們可以捕捉的輕鬆勝利和早期勝利。我們希望在可預見的未來繼續談論交叉銷售，這是整個收購熱潮的一個重要主題。由於擴大了銷售團隊，而且利用了我們的關鍵關係，我們看到了很多非常好的軼事勝利。

Our next question comes from Max Masucci with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Max Masucci。

So storage and cold chain really continues to emerge as a nice contributor to growth. I think the segment has beat our model, and I think from the past 5 straight quarters. So can you just give us some detail around what's spurring the non-COVID growth in storage in cold chain. Obviously, there's been a slew of new launches, but your customers seem to be a bit more forward looking towards solving for logistics and transportation factors compared to, call it, 12 and 24 months ago.

因此，存儲和冷鏈確實繼續成為增長的一個很好的貢獻者。我認為該細分市場已經擊敗了我們的模型，而且我認為是過去連續 5 個季度。那麼，您能否詳細介紹一下是什麼推動了冷鏈存儲中非 COVID 的增長。顯然，已經推出了大量新產品，但與 12 個月和 24 個月前相比，您的客戶似乎更期待解決物流和運輸因素問題。

Yes, Max, right on. Well, let's split them out. So on the store services side, that demand is just booming. And let's just revisit the factors. These biopharma companies, they have a build or buy sort of dilemma, right? Are they going to go and build a buyer repository and staff it and put all the gear in it and maintain it, and all their precious biologic materials into one roof that's very risky. And so there's a real appeal to outsourcing that to a partner such as BioLife.

是的，麥克斯，繼續。好吧，讓我們把它們分開。因此，在商店服務方面，這種需求正在蓬勃發展。讓我們重新審視這些因素。這些生物製藥公司，他們有構建或購買的困境，對吧？他們是否會去建立一個買家存儲庫並為其配備人員並將所有設備放入其中並進行維護，以及他們所有珍貴的生物材料都放在一個非常危險的屋頂上。因此，將其外包給 BioLife 等合作夥伴具有真正的吸引力。

Now with SciSafe, who can take really good care of their precious samples and have really good management of that stuff, chain of custody, chain of ID, chain of condition, all those buzz phrases that we toss around, but they are very important, they're critical and it's a key value differentiator for us. And we just can't build stuff fast enough, and we are just really excited about how we are going to continue to expand that platform. And I mentioned earlier that the big 60,000 square foot facility that we're going to be kicking off here fairly soon, so that will be great. We'll fill it up, I'm sure.

現在有了 SciSafe，他們可以很好地照顧他們的珍貴樣本，並對這些東西進行很好的管理，監管鏈、ID 鏈、條件鏈，所有我們折騰的流行語，但它們非常重要，它們很關鍵，對我們來說是一個關鍵的價值差異化因素。我們只是無法足夠快地構建東西，我們對如何繼續擴展該平台感到非常興奮。我之前提到過，我們將很快在這裡啟動這個佔地 60,000 平方英尺的大型設施，這將是非常棒的。我們會填滿的，我敢肯定。

And on the evo side, I just want to remind you and the listeners here that a couple of years ago when we first started talking about, hey, we have got this approved CAR T-cell therapy company that's looking at evo and they're putting us through this really extensive evaluation and validation and it's taking so long, but are we ever going to get some traction? Now fast forward to mid next year, we are going to be shipping with evo all of the approved CAR T-cell therapy. So definitely worth the wait. And I'll just kudos, shout out to our key competitor in that regard who educated the market, but now there is room for 2 and clearly we are a primary or at least a secondary choice for all those, I would call, sophisticated customers who really are on the path to derisk their entire shipping logistics sort of chain and we are not in logistics, that's not our gig, we're just providing the best technology to enable the logistics providers to reduce risk for these companies. So we're really proud of that and we're not slowing down.

在 evo 方面，我只想提醒你和這裡的聽眾，幾年前，當我們第一次開始談論時，嘿，我們有一家批准的 CAR T 細胞治療公司正在研究 evo，他們是讓我們通過這個非常廣泛的評估和驗證，這需要很長時間，但我們會得到一些牽引力嗎？現在快進到明年年中，我們將與 evo 一起運送所有批准的 CAR T 細胞療法。所以絕對值得等待。我只想向我們在這方面教育市場的主要競爭對手大喊大叫，但現在有 2 個空間，顯然我們是所有那些我認為成熟的客戶的主要或至少次要選擇他們真的走上了擺脫整個航運物流鏈條風險的道路，而我們不從事物流，這不是我們的工作，我們只是提供最好的技術，使物流供應商能夠降低這些公司的風險。因此，我們對此感到非常自豪，而且我們並沒有放慢腳步。

I mean, I mentioned the approved CAR T-cell therapy companies. But I look at the evo customer shipment list every quarter and this is a marquee list of companies and I'm sure some of those are going to make it over the go line, and we'll be glad to talk about those when they do, obviously, if we get permission. But feeling really good about that. And I'll just say additionally with the new product roadmap for the evo platform, with containers, and radios, and sensors and all that, we've got some really exciting stuff coming in. Too soon to talk about it for competitive reasons. But yes, it's going to be a fun race and we're going to win it in our own lane. So really excited about that.

我的意思是，我提到了批准的 CAR T 細胞治療公司。但是我每個季度都會查看 evo 客戶發貨清單，這是一份重要的公司名單，我相信其中一些公司會成功的，我們很高興在他們這樣做時談論這些公司，顯然，如果我們得到許可。但是對此感覺真的很好。另外，我只想說一下 evo 平台的新產品路線圖，包括容器、無線電、傳感器和所有這些，我們已經有了一些非常令人興奮的東西。出於競爭原因，現在談論它還為時過早。但是，是的，這將是一場有趣的比賽，我們將在自己的車道上贏得比賽。所以真的很興奮。

That's great. It seems like a key area of 2022 innovation, exciting to see. So maybe another one just assuming out a bit. I mean, we have seen some competitors make an M&A push in cold chain, UPS announced the acquisition of Bomi Group, Azenta has made a few acquisitions themselves. So at a higher level, as you look across your 3 distinct business segments, would you point to any one of them and say, in that segment, we're seeing a lot of growth coming from competitive wins or taking share versus just sort of organic penetration?

那太棒了。這似乎是 2022 年創新的關鍵領域，令人興奮。所以也許另一個只是假設了一點。我的意思是，我們看到一些競爭對手在冷鏈上進行併購，UPS宣布收購博米集團，Azenta自己也進行了一些收購。因此，在更高的層面上，當您查看您的 3 個不同的業務部門時，您會指出其中的任何一個並說，在那個部門中，我們看到很多增長來自競爭勝利或分享，而不僅僅是某種意義上的有機滲透？

Really good question as well. So I mean, we have to look at media buyer preservation media, it's so strong. And it's not just existing customers buying more, it's capturing more customers every quarter, getting confirmation of more planned adoption in clinical trials. So that is the engine that just keeps cranking.

真的很好的問題。所以我的意思是，我們必須看看媒體買家保存媒體，它是如此強大。而且不僅僅是現有客戶購買更多，它每個季度都在吸引更多客戶，並在臨床試驗中獲得更多計劃採用的確認。這就是引擎一直在轉動。

And let's remember, all of us folks, it's still really early, right? I mean really early in the CGT approval game right now. There aren't that many, just a couple of handfuls. And while we could probably all agree that, that space and at least the U.S., if not outside U.S. healthcare systems are not going to support 50 CAR-Ts for the same indication, and I think we would agree with that. We don't need that kind of level of adoption for us to drive that really, really strong. So we're just really bullish on that. So it'd be media first and then storage services ultimately.

讓我們記住，我們所有人，現在還很早，對吧？我的意思是現在在 CGT 批准遊戲的早期階段。數量不多，只有幾把。雖然我們可能都同意這一點，但至少在美國，即使不是在美國醫療保健系統之外，也不會支持 50 個 CAR-T 用於相同的適應症，我認為我們會同意這一點。我們不需要那種程度的採用來推動它非常非常強大。所以我們真的很看好這一點。所以它首先是媒體，然後是存儲服務。

And then I think, not to be all doom and gloom, but we're really bullish about what's unique about Stirling. And particularly once we get the field update done, we can get back to leading with our front foot as opposed to being defensive in some cases. But the product roadmap for Stirling is really innovative and at the right time, we'll be glad to talk about that.

然後我想，不要全是厄運和悲觀，但我們真的很看好斯特林的獨特之處。特別是一旦我們完成了現場更新，我們可以用我們的前腳重新領先，而不是在某些情況下進行防守。但斯特林的產品路線圖確實具有創新性，在適當的時候，我們很樂意談論它。

Great. And then I'll just wrap up here, just looking at my monitor here, a reminder that we're likely to remain in a volatile market environment for SMid cap stock. So great to see positive adjusted EBITDA progress on the margins and you exited the quarter with around $47 million in cash. So it's just a broad based question. The cash is obviously -- it's dwindling lower than it's been in the recent quarters, but you're also turning the corner on profitability. So I guess, how are you thinking about how comfortable you feel with that cash balance? I mean, is there a certain level that you don't want to go below, do you feel like you have all the access to funding in place to, I would imagine, fund more of the internal growth initiatives, but eventually return to an M&A strategy over time.

偉大的。然後我將在這裡結束，看看我的顯示器，提醒我們可能會繼續處於 SMid 股票的動盪市場環境中。很高興看到調整後的 EBITDA 在利潤率上取得積極進展，並且您以大約 4700 萬美元的現金退出了本季度。所以這只是一個基礎廣泛的問題。現金顯然 - 它比最近幾個季度減少，但你也在盈利能力上扭轉局面。所以我想，你如何看待你對現金餘額的感覺？我的意思是，您是否不想低於某個水平，您是否覺得自己擁有所有可用的資金，我想，可以為更多的內部增長計劃提供資金，但最終會回到隨著時間的推移併購戰略。

Right. Yes, Max, Troy here. Yes, as you mentioned, we did have a positive adjusted EBITDA quarter. And as I mentioned in my commentary, a lot of that cash was tied up in working capital, in particular, AR. We had a lot of AR due to late orders in the quarter, so that really built the AR balance. And then as far as needing cash or raising cash, we do not foresee the need to raise cash with our current operations.

正確的。是的，麥克斯，特洛伊在這裡。是的，正如你所提到的，我們確實有一個積極的調整後 EBITDA 季度。正如我在評論中提到的那樣，很多現金都用於營運資金，特別是 AR。由於本季度訂單延遲，我們有很多 AR，所以這確實建立了 AR 平衡。然後就需要現金或籌集現金而言，我們預計目前的業務不需要籌集現金。

(Operator Instructions) Our next question comes from Suraj Kalia with Oppenheimer.

（操作員說明）我們的下一個問題來自 Suraj Kalia 和 Oppenheimer。

Mike, can you hear me all right?

邁克，你能聽到我的聲音嗎？

Yes.

是的。

Troy, forgive me if I misunderstood your comments. The impairment charge, was there any change in the long term ULT revenue outlook? And part of the reason I ask is, how is that being incorporated? And Mike, please feel free to jump in, how is that being incorporated into the 2024 $250 million outlook that you all have maintained still?

特洛伊，如果我誤解了你的評論，請原諒我。減值費用，長期 ULT 收入前景是否有任何變化？我問的部分原因是，它是如何被納入的？邁克，請隨時加入，如何將其納入你們一直保持的 2024 年 2.5 億美元的前景中？

Yes, I'll take the last part first, and Troy can talk about the first part. Yes, super insightful question Suraj, and the good positive answer with confidence is that non-cash adjustment, as I mentioned on the call, it doesn't affect our confidence and our ability to hit those exiting 2024 financial aspirational goals, not in the least. Troy, do you want to take the first part?

是的，我先講最後一部分，Troy 可以談談第一部分。是的，超級有見地的問題 Suraj，充滿信心的正面回答是，正如我在電話會議上提到的那樣，非現金調整不會影響我們的信心和我們實現那些退出的 2024 年財務抱負目標的能力，而不是在至少。特洛伊，你想參加第一部分嗎？

Yes. Suraj, the valuation and the result really was how the discounted cash flow worked out. And as I mentioned in my commentary, there were a few changes in assumptions, such as higher cost, slightly lower revenue expectations and higher cost to completion. So those are really the 3 main factors that contributed to the impairment.

是的。 Suraj，估值和結果確實是貼現現金流的結果。正如我在評論中提到的那樣，假設發生了一些變化，例如更高的成本、略低的收入預期和更高的完成成本。因此，這些確實是導致損害的三個主要因素。

Yes, but there was no change in the long-term revenue outlook for ULT, right, Troy?

是的，但是 ULT 的長期收入前景沒有變化，對吧，特洛伊？

It was slightly lowered, yes, as I mentioned in my commentary. But as we also mentioned too, the biopreservation media is exceeding our expectations. And again, that's the highest margin product we have in our portfolio. So again, giving us confidence in our long term goals.

是的，正如我在評論中提到的那樣，它略微降低了。但正如我們也提到的，生物保存介質超出了我們的預期。同樣，這是我們產品組合中利潤率最高的產品。再一次，讓我們對我們的長期目標充滿信心。

Fair enough. So Mike, when I look at $250 million, right, in a couple of years, COVID is what 8% of FY '22 or estimated to be, so roughly around $15 million, right? If ULT, there has been a slight compression and you look at next year, just trying to understand what are all the moving parts, especially, for example, what contribution evo is going to be or you all are thinking through from Novartis and Gilead. Just kind of walk us through the -- how the different valves in the cylinders are firing, or at least as we look out over the next 2 years?

很公平。所以邁克，當我看到 2.5 億美元時，對，在幾年內，COVID 是 22 財年的 8% 或估計是，大約 1500 萬美元，對吧？如果是 ULT，那麼會有輕微的壓縮，你看看明年，只是想了解所有的活動部分是什麼，特別是，例如，evo 的貢獻是什麼，或者你們都在思考諾華和吉利德的問題。只是讓我們了解一下——氣缸中的不同閥門是如何點火的，或者至少在我們未來兩年的展望中？

Well, I think I'll start by asking Troy to remind us all that in our sort of exiting 2024 analysis, the revenue split from, let's call it, consumables reagents versus instruments. Let's just cover that part first, then I'll make a comment on.

好吧，我想我首先讓特洛伊提醒我們，在我們現有的 2024 年分析中，收入從消耗品試劑與儀器分開，我們稱之為消耗品。讓我們先介紹這部分，然後我將發表評論。

Consumables, over 60% of the $250 million and capital equipment, which would be the freezers and thaw systems, under 40% of the $250 million.

消耗品佔 2.5 億美元的 60% 以上，而資本設備（即冷凍機和解凍系統）佔 2.5 億美元的 40% 以下。

So against that perspective, Suraj, I would say that we're not going to quantify evo revenue by customer or anything else like that, but we're bullish about what we can grow that into. And we've got obviously internal modeling about where that can go and what the TAM and the SAMs are and things like that. But biopreservation media, super strong, super strong and storage services as well. Those are the key levers that are going on. And then the instrument side as traditionally as you would imagine like other companies, not nearly the margin profile. Yet, very complementary and as some of the parts kind of portfolio we can offer our customers, we're anticipating obviously a certain amount of pull through and crossover from having a broader portfolio.

因此，Suraj，從這個角度來看，我想說我們不會按客戶或其他類似的東西來量化 evo 收入，但我們看好我們可以將其發展成什麼。我們顯然已經對它的去向以及 TAM 和 SAM 是什麼以及類似的東西進行了內部建模。但生物保存介質、超強、超強和存儲服務也是如此。這些是正在發生的關鍵槓桿。然後像其他公司一樣傳統上像您想像的那樣在工具方面，而不是接近利潤率概況。然而，非常互補並且作為我們可以為客戶提供的一些零件類型的投資組合，我們顯然預計擁有更廣泛的投資組合會帶來一定程度的拉動和交叉。

Fair enough. Mike, quickly and I'll hop back in queue. You guys have obviously made a lot of progress in different initiatives, and there is a cross fertilization effort going on between the different segments. Mike, whichever bucket you all want to position it as, right? Whether it's consumables and capital or biopreservation and storage, and this and that, different buckets. How should we think about the number of customers in each bucket, so that we can sort of start triangulating, okay, this is where average revenues per customer, because there are a ton of new customers being added every quarter. Just help us understand -- you get where I'm headed. I'd love some guidepost just to help us start thinking about where we are headed.

很公平。邁克，快點，我會跳回隊列。你們顯然在不同的舉措中取得了很大進展，並且不同部門之間正在進行交叉施肥。邁克，無論你們都想把它定位成哪個桶，對吧？無論是消耗品和資本，還是生物保存和儲存，以及這個和那個，不同的桶。我們應該如何考慮每個桶中的客戶數量，以便我們可以開始進行三角測量，好吧，這是每個客戶的平均收入，因為每個季度都會增加大量新客戶。只是幫助我們理解 - 你得到我要去的地方。我喜歡一些路標來幫助我們開始思考我們的前進方向。

You bet. You bet. Good question. So I think I can give you some rough ranges right now, and then we'll think about maybe in a more formal way if we could put that out. But generally speaking, we have biopreservation media customers in a range of 4,000 to 5,000 ranging from approved companies to a single research in a lab was going to buy one bottle of media in a year, okay. But definitely weighted and heavily concentrated amongst the clinical side and the late stage and/or the approved customers augmented by a couple of really key distributors who move a lot of media product. In the freezer platform, that's more in the range of hundreds of customers, right? And then the other platforms are less than that, just that's probably the level of detail I'd want to disclose on this call, okay.

你打賭。你打賭。好問題。所以我想我現在可以給你一些粗略的範圍，然後我們可能會以更正式的方式考慮是否可以把它公佈出來。但一般來說，我們有 4,000 到 5,000 名生物保存介質客戶，從獲得批准的公司到實驗室中的一項研究將在一年內購買一瓶介質，好吧。但絕對加權和高度集中在臨床方面和後期和/或批准的客戶，這些客戶由幾個真正重要的分銷商增加，他們移動了大量的媒體產品。在冷凍平台中，這更多的是在數百個客戶的範圍內，對吧？然後其他平台就沒有那麼多了，這可能就是我想在這次電話會議上披露的詳細程度，好吧。

Our next question comes from Yuan Zhi with B. Riley.

我們的下一個問題來自袁志和 B. Riley。

This is Brandon, on for Yuan. After a $70 million impairment charge, how much of the remaining goodwill on the balance is related to the ULT freezer?

這是布蘭登，代表袁。扣除 7000 萬美元的減值費用後，餘額中剩餘的商譽有多少與超低溫冰箱有關？

Yes, this is Troy here. That's a different analysis. We are one reporting unit, so goodwill is not affected.

是的，這裡是特洛伊。那是另一種分析。我們是一個報告單位，所以商譽不受影響。

Okay. So great quarter for biopreservation media. Can you break down how much of the growth is driven by volume and how much of that is driven by price increase? Our channel check shows a year-to-date increase on listing price of 9% in some of your media products in third-party channel?

好的。非常適合生物保存介質。你能分解出有多少增長是由數量驅動的，而其中有多少是由價格上漲驅動的？我們的渠道檢查顯示，您在第三方渠道中的某些媒體產品的上市價格今年以來上漲了 9%？

Yes, it's definitely weighted by volume. We're just cranking it. I mean this -- current customers, approved customers, there could be some price appreciation just not coming to mind in the last quarter. I know we did a price in increase that was effective 1/1 in the first quarter. But we have some flexibility to do that based on PPVs in that, constrained somewhat by some certain supply agreements, but it's definitely a volume game here and we were killing it.

是的，它絕對是按體積加權的。我們只是在啟動它。我的意思是——現有客戶、認可客戶，上一季度可能會出現一些價格上漲。我知道我們的價格在第一季度上漲了 1/1。但是我們有一些基於 PPV 的靈活性來做到這一點，在某種程度上受到某些供應協議的限制，但這絕對是一場體量遊戲，我們正在扼殺牠。

You heard Rod's comments about doubling the batch size, so we can not only meet demand for media, but also replenish our safety stocks. And again, I would just remind everybody that it's still early game here, right. These 10 approved products were in, I mean, those are products that weren't in existence from an approved standpoint 3 years ago. So this is really early. And look, you can hear it in my voice. The upside on biopreservation media and related consumables, once we're locked in as a sole supplier, it's just tremendous. We've got so many shots on goal. And even if there was tremendous attrition from the current clinical trial bucket of applications, this thing is going to rock for years to come.

您聽說過 Rod 關於批量增加一倍的評論，這樣我們不僅可以滿足媒體需求，還可以補充我們的安全庫存。再說一次，我只想提醒大家，這裡還處於早期階段，對吧。我的意思是，這 10 種獲批產品在 3 年前從獲批的角度來看是不存在的。所以這真的很早。看，你可以從我的聲音中聽到。一旦我們被鎖定為唯一供應商，生物保存介質和相關消耗品的優勢就非常巨大。我們有很多射門機會。即使當前的臨床試驗申請量出現了巨大的流失，這件事也會在未來幾年內搖擺不定。

That's helpful. Last question from us. We want to hear more about the growth potential for the evo platform. So wondering if you can share what's the portion of the total shipment volume of CAR-T products that are using the evo platform? And if you can comment on what can drive higher adoption in customers' planned shipment?

這很有幫助。我們的最後一個問題。我們想更多地了解 evo 平台的增長潛力。所以想知道您是否可以分享使用 evo 平台的 CAR-T 產品總出貨量的比例是多少？如果您可以評論什麼可以推動客戶計劃發貨的更高采用率？

I don't want to cite a shipment market share estimate right here. I can tell you that with the first customer that we won, they've intimated to us that we are getting between 50% and 80% of their shipments, okay. And you can do a little math and you can figure out using $350,000 as a dose divided by 2, because it's an apheresis plus a final product in their reported revenue, you can figure out how many patients were dosed and we are getting a lion share of that, which is great.

我不想在這裡引用出貨量市場份額估計。我可以告訴你，我們贏得了第一個客戶，他們向我們暗示，我們將獲得他們發貨量的 50% 到 80%，好吧。你可以做一些數學計算，你可以計算出使用 350,000 美元作為劑量除以 2，因為它是一種單採成分加上他們報告的收入中的最終產品，你可以計算出有多少患者被給藥，我們得到了最大的份額其中，這很棒。

The other ones not as much yet, but those are very early wins and coming on board. And there's an actual limiter and that's the pace at which the clinical centers get trained up on receiving the therapy in a new package, right? So little bit of work that the pharma company has to do to -- with the couriers to get the receiving clinicians up to speed on what's this new thing. And you guys might know the evo, I mean, it looks state-of-the-art. It doesn't look like anything like these old traditional really ugly LN2 containers that these things have been shipped in for years.

其他的還沒有那麼多，但那些都是非常早的勝利並且正在加入。並且有一個實際的限制因素，這就是臨床中心接受新治療方案培訓的速度，對嗎？製藥公司必須做的工作非常少——與快遞員一起讓接收臨床醫生快速了解這是什麼新事物。你們可能知道 evo，我的意思是，它看起來是最先進的。這些東西已經運送了多年，看起來不像這些舊的、非常醜陋的 LN2 容器。

So as innovative as it is from a design or technology side, it's equally as potent from just an aesthetic. And the clinicians love it because it doesn't scare the heck out of these pediatric cancer patients when this goofy old grayer based thing is wheeled into their room and there's this gas hissing out and all that. So yes, we got a really differentiated offering and it's going to take off. But we're always going to track that. And over time, if we feel that we have confidence in some evo shipment or CAR-T shipment market share data, then we're, of course, going to be proud about that and put it out, a little bit early for that now, though.

因此，從設計或技術方面來看，它具有創新性，從美學角度來看也同樣有效。臨床醫生喜歡它，因為當這個愚蠢的、灰色的老東西被推到他們的房間裡時，它並沒有嚇到這些小兒癌症患者，而且這種氣體在嘶嘶作響等等。所以，是的，我們有一個真正差異化的產品，它將會起飛。但我們總是會跟踪它。隨著時間的推移，如果我們認為我們對某些 evo 出貨量或 CAR-T 出貨量市場份額數據有信心，那麼我們當然會為此感到自豪並將其推出，現在稍微早一點， 儘管。

We have reached the end of the question-and-answer session. I'll now turn the call back over to Mike Rice, CEO for closing remark.

我們已經到了問答環節的尾聲。我現在將電話轉回給首席執行官邁克·賴斯 (Mike Rice) 以結束髮言。

Thank you, Chantel, and thanks again, everyone for your interest in BioLife. Have a great evening and the rest of the week. Good night.

謝謝 Chantel，再次感謝大家對 BioLife 的興趣。度過一個愉快的夜晚和一周的剩餘時間。晚安。

This concludes today conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。