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SSE to invest $122 million in Scottish pumped hydro project

by DailyBriefers March 21, 2023
written by DailyBriefers

LONDON (Reuters) – British power generator SSE will invest 100 million pounds ($122 million) in a Scottish pumped hydro scheme which could help boost the country’s energy storage capacity, it said on Tuesday.

Pumped hydro plants work by pumping water uphill to a higher reservoir before releasing it to enable water to flow downhill through turbines to produce electricity when it is needed.

Developers of the technology say it can help to balance out a growing amount of renewable electricity on the power grid, using the surplus renewable power when demand is low to pump the water and storing it so it is ready to be released when demand is high.

The Coire Glas project, on the shores of Scotland’s Loch Lochy, could power about 3 million homes and would cost around 1.5 billion pounds to build, the company said.

A final investment decision is expected in 2024 and the project could be up and running by 2031 but the company said it needs clarity from the government on its policies around energy storage.

“Whilst Coire Glas doesn’t need subsidy, it does require more certainty around its revenues and it is critically important the UK Government urgently confirms its intention on exactly how they will help facilitate the deployment of such projects,” Gregor Alexander, SSE Finance Director said in a statement.

The 100 million pounds invested now will be spent on design and advancing the project towards an investment decision and site investigation works, SSE said.

Britain’s government said during the budget last week that measures to support energy security will be announced later in March.

($1 = 0.8169 pounds)

(Reporting by Susanna Twidale, editing by Ed Osmond)

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March 21, 2023 0 comment
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Organigram Announces Director Appointment

by DailyBriefers March 21, 2023
written by DailyBriefers

Organigram Announces Director Appointment

TORONTO–(BUSINESS WIRE)–
Organigram Holdings Inc. (“Organigram” or the “Company”) (TSX: OGI; NASDAQ: OGI), announced that BAT has designated Ms. Caroline Ferland as a nominee to Organigram’s board of directors (the “Board”). Caroline Ferland is a lawyer with extensive international experience assisting multinational companies to operate with confidence and integrity in highly regulated and high-risk environments. As the first Group Head of Business Conduct and Compliance for BAT, Caroline led the design and implementation of BAT’s global compliance and ethics programme (BAT operates in more than 150 jurisdictions across the world). Caroline is also experienced in managing strategic litigation and regulatory investigations. She was awarded the Advocatus Emeritus (Ad.E) recognition by the Quebec Bar in 2014. Previously, she chaired the Board of Directors of the Quebec Branch of the Canadian Bar Association, and of the Centre d’accès à l’information juridique. She was also a Director of other Boards, such as the Fondation Marie-Vincent, the Barreau du Québec and the Barreau de Montréal. Ms. Ferland is a Chartered Director (C.Dir) and recognized Administrateur de sociétés certifié (ASC). Caroline holds a BA in Economics from Université de Sherbrooke, as well as a B.C.L. and an LL.B Law from McGill University. Ms. Ferland’s appointment brings the Company’s total number of directors to ten.

“We are thrilled to welcome Caroline to our Board of Directors. Her extensive experience in legal and regulatory matters combined with experience with BAT will be a tremendous asset to our Board”, said Peter Amirault, Board Chair, Organigram.

About Organigram Holdings Inc.

Organigram Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly-owned subsidiaries include: Organigram Inc. and Laurentian Organic Inc., licensed producers of cannabis and cannabis-derived products in Canada, and The Edibles and Infusions Corporation, a licensed manufacturer of cannabis-infused soft chews in Canada.

Organigram is focused on producing high-quality, cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).

This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include factors and risks as disclosed in the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR (see www.sedar.com) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005326/en/

For media inquiries:

Paolo De Luca

Chief Strategy Officer

[email protected]a

For investor inquiries:

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Alternative Medicine Other Retail Health Retail Specialty

MEDIA:

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March 21, 2023 0 comment
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Spanish banks are resilient, have solid capital and liquidity, Bank of Spain Governor says

by DailyBriefers March 21, 2023
written by DailyBriefers

By Reuters Staff

1 Min Read

MADRID, March 21 (Reuters) – The Spanish banks are resilient and have strong capital and liquidity positions, Bank of Spain Governor Pablo Hernandez de Cos said in an interview to newspaper Expansion, released on Tuesday.

“The Spanish banking sector is resilient and has strong capital and liquidity positions,” De Cos told Spanish newspaper Expansion in an interview.

“In fact, due to the retail-oriented commercial banking business model, which is the majority in our financial system, the Spanish banking sector has shown remarkable results in the last year,” De Cos said.

The interview comes following UBS group’s state-backed takeover of Credit Suisse. (Reporting by Jesús Aguado; editing by Inti Landauro)

March 21, 2023 0 comment
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Businesses Get Latest ezCheckprinting Software To Design and Print Professional Checks, In-House

by DailyBriefers March 21, 2023
written by DailyBriefers
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Print and design checks for unlimited accounts and unlimited number of checks with ezCheckprinting

With the latest version of ezCheckPrinting, businesses can easily design and print professional checks on blank check stock in-house

PHILADELPHIA (PRWEB) March 21, 2023

Small to large business owners are happy to know that printing and designing blank checks in-house offers great savings when utilizing ezCheckprinting check writer from halfpricesoft.com. This new version includes an improved check design feature, allowing clients to easily customize the check layout with logo, signature, and preferred font style. Customers can print on check on top, middle or bottom business checks.

“With the latest version of ezCheckPrinting, businesses can easily design and print professional checks on blank check stock in-house.” said Halfpricesoft.com Founder, Dr. Ge.

ezCheckPrinting is compatible with both Windows and Mac (sold separately). Potential customers can download the trial version at https://www.halfpricesoft.com/product_ezCheck.asp with no cost and no obligation.

Designed with ease of use in mind, its simple design and user-friendly interface make it straightforward to use.

The unique features of this MICR & laser cheque writing and printing software include:

Benefit of printing checks in-house:

Cost savings: By printing checks in-house, clients save money on the cost of ordering pre-printed checks.

  • Convenience: Printing checks in-house allows complete control over the check printing process. Customers can print checks whenever needed.
  • Increased security: There is greater control over the security of the check printing process when printing checks, in-house. Clients can use ezCheckprinting and high-quality check stock to prevent fraudulent activity.
  • Enhanced record-keeping: Customers can easily keep track of check printing activity. This can also help to reconcile bank statements and maintain accurate financial records.
  • Personalize: Customize the checks to include business logos and other branding elements. This can help to create a more professional and cohesive image for your business.

Overall, printing checks in-house can provide all businesses with greater control, convenience, cost savings, and increased security for peace of mind.

Starting at just $49 per installation (discounts for multi-user, ezCheckPrinting is affordable for any size business and is compatible with all popular brands of laser printers and specialized MICR printers. Furthermore, there are never recurring fees or hidden fees associated with the program.

To test and find out more about ezCheckPrinting business check writing software and its many user-friendly features, please visit https://www.halfpricesoft.com/product_ezCheck.asp

About halfpricesoft.com

Halfpricesoft.com is a leading provider of small business software, including online and desktop payroll software, online employee attendance tracking software, accounting software, in-house business and personal check printing software, W2, software, 1099 software, Accounting software, 1095 form software, and ezACH direct deposit software. Software from halfpricesoft is trusted by thousands of customers and will help small business owners simplify payroll processing and streamline business management.

Contact Information

Casey Yang, Director
Halfpricesoft.com

8201 164th Ave NE, Suite 200

Redmond, WA 98052

Email: contact@halfpricesoft.com

Fax: (866) 909-6448

http://www.halfpricesoft.com/

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March 21, 2023 0 comment
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SNB sold $24bln in foreign currencies during 2022 in intervention U-turn

by DailyBriefers March 21, 2023
written by DailyBriefers

ZURICH, March 21 (Reuters) – The Swiss National Bank sold 22.3 billion Swiss francs ($23.97 billion) worth of foreign currencies interventions last year, the central bank said in its annual report published on Tuesday, a reversal from the 21.1 billion francs bought in 2021.

The SNB has said it is prepared to buy and sell foreign currencies as it pursues its goal of dampening Swiss inflation, which at 2.8% in 2022 was outside its target range of 0-2%.

The SNB has regularly confirmed its commitment foreign currency interventions but until last year this mainly meant buying buy foreign currencies with newly created francs to stem the rise of the Swiss franc.

But the central bank changed tack in 2022 and allowed the safe-haven currency to appreciate.

“This counteracted a rise in the price of imported goods and services and thus reduced inflationary pressure,” the SNB said on Tuesday.

From June onwards, the central bank also signalled its willingness to sell foreign currencies if the franc was to weaken, a move designed to further insulate Switzerland from imported inflation.

In contrast to the 22.3 billion francs in forex sold last year, the SNB bought 21.1 billion francs worth in 2021, and 110 billion francs worth in 2020.

The SNB is due to give its next update on monetary policy on Thursday.

($1 = 0.9304 Swiss francs)

Reporting by John Revill
Editing by Paul Carrel

Our Standards: The Thomson Reuters Trust Principles.

March 21, 2023 0 comment
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Get Professional-Quality YouTube Video Editing at Affordable Prices with Increditors’ New Service

by DailyBriefers March 21, 2023
written by DailyBriefers

Increditors, a leading video editing service, has announced the launch of a new YouTube video editing service. This service offers high-quality video editing for YouTube creators, social media influencers, and businesses looking to enhance their online presence.

The YouTube video editing service provides professional-quality results at affordable prices, making it accessible to individuals and small businesses who may not have the resources to hire an in-house video editor. The service includes a range of editing options, including color correction, sound mixing, and motion graphics.

“Our goal is to help YouTube creators and businesses take their content to the next level,” said Mohammad Mahmoudilari (Mo), Founder & CEO of Increditors. “With the rise of YouTube and other social media platforms, video has become a crucial component of any successful online strategy. Our YouTube video editing service offers a cost-effective way for individuals and small businesses to create high-quality videos that engage their audience and drive traffic to their channels.” The service is available now and can be accessed through the Increditors website. Customers can upload their raw footage and provide instructions for the type of editing they require. The Increditors team will then edit the video and deliver the final product within 3-6 days. For more information about the YouTube video editing service, please visit the Increditors website or contact Increditors directly.

About Increditors

Increditors is a leading video editing service that provides high-quality video editing for YouTube creators, social media influencers, and businesses. With a team of experienced editors and a commitment to quality, Increditors is dedicated to helping clients create videos that engage their audience and drive results. For more information, visit Increditors website.

Founded by Mohammad Mahmoudilari, top video editor on Upwork, Increditors is dedicated to providing high-quality video editing and post-production to agencies, content creators, startups, and production houses to help them free up their time and boost the quality of their videos via color grading, VFX and sound design. Since 2018, Increditors created +700 videos and generated +200 million views, and worked with many YouTubers with millions of subscribers and well-known companies like Netflix, Unilever, and Trapcity.

Twitter: @increditors Instagram: @increditors Instagram (founder): @modilari https://increditors.com/.

Media Contact
Company Name: Increditors LLC
Contact Person: Mohammad Mahmoudilari (Mo)
Email: Send Email
Phone: +1 213 261 7607
City: Sheridan
State: Wyoming
Country: United States
Website: https://increditors.com/

March 21, 2023 2 comments
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Australia gas producers hopeful proposed rules will not harm investment

by DailyBriefers March 21, 2023
written by DailyBriefers

SYDNEY, March 21 (Reuters) – Australian natural gas producers are cautiously optimistic a raft of proposed rules for the sector will not stunt investment as the government prepares to unveil the final details of several major interventions into the domestic gas market.

Consultations over powers that would allow government to divert exports to the domestic market are constructive, said Mark Abbotsford, executive vice president at Woodside Energy (WDS.AX), the country’s biggest independent gas producer.

“I do think we can land on a suite of measures that ensure a functioning market and a positive investment climate,” said Abbotsford at the Domestic Gas Outlook Conference in Sydney on Tuesday.

Cautious optimism from industry follows months of warnings from producers that a raft of new rules, including powers to redirect exports and set prices as well as a mandatory code of conduct, would imperil long-term contracts, stop new investments and alienate trade partners.

With consultation still underway, Prime Minister Anthony Albanese said earlier this month that natural gas had an important role to play in the transition to renewables.

Andrew Thornton, Executive General Manager at power producer Origin Energy (ORG.AX), which has a 27.5% stake in the Australia Pacific LNG project, told Reuters he was “confident” government understood industry’s perspective and any risks to investment.

In a pre-recorded message to the conference, Resources Minister Madeleine King thanked industry for constructive input and said Australia remains a stable investment environment.

“Recent engagement shows government is interested in working with industry to help bring new supply online,” said Stephen Harty, Chief Executive at Gladstone LNG, a joint venture between Santos (STO.AX), Malaysia’s Petronas (PETRA.UL), TotalEnergies (TTEF.PA) and Korea Gas Corp .

Australia, which vies with Qatar and the United States as the world’s biggest liquefied natural gas (LNG) exporter, temporarily capped domestic prices for gas and coal in December for twelve months to curb soaring prices.

Reporting by Lewis Jackson; editing by Christian Schmollinger

Our Standards: The Thomson Reuters Trust Principles.

March 21, 2023 0 comment
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Aura Network Launches Xstaxi Mainnet, Taking NFTs Mainstream – Antara News

by DailyBriefers March 21, 2023
written by DailyBriefers

HANOI, VIETNAM (BUSINESS WIRE) – Aura Network is excited to announce the official launch of The Xstaxi Mainnet on March 20 at 13:00 UTC after 15 months of rigorous development. This is an important milestone in our journey towards revolutionizing the Cosmos ecosystem and enabling a more sustainable future for Web3, NFTs and DeFi.
This press release contains multimedia. View the full release here: https://www.businesswire.com/news/home/20230320005327/en/

Core Value Proposition of Aura Network
Aura Networks is a leading blockchain infrastructure provider committed to delivering top-of-the-line layer-1 solutions using the Cosmos SDK. We are dedicated to meeting the skyrocketing demand for NFTs, sustainable DeFi and Web3 gaming.
At Aura Network, we are proud to launch the Xstaxy Mainnet, which stands as the first ever smart contract layer-1 chain towards mass NFT adoption in the Cosmos ecosystem. Our innovative solutions and industry expertise have established us as a leading force in the blockchain space.
With the latest technologies integrated into the Xstaxy mainnet, our infrastructure is built to deliver exceptional scalability, security and reliability. Backed by a team of 70 top-notch validators, we’re implementing great innovations that deliver an unmatched user experience, making it the perfect gateway for Web2 users looking to transition to a Web3 world .
What lies ahead for Aura Network in 2023?
Mainnet is just the beginning, and the future of blockchain is about to unfold. We have successfully launched our mainnet, and are now embarking on a new phase of development that will take us to greater heights of innovation.
Here are Aura Network’s top three focuses that will drive us to achieve our vision:
Expand NFT adoption: Aura Network is not satisfied with merely having a solid foundation of expertise and resources in Vietnam and other SEA countries. We’re taking things to the next level by developing local communities, building a payment gateway for Web3, and optimizing NFT adoption for traditional customers. Through our close collaboration with local enterprises, brands, loyalty systems and social networks, we believe we can bring NFT adoption to a new level. Adapt UX for the Mainstream: Understanding that blockchain technology can be complex and intimidating, we aim to make the user experience seamless and consistent for mainstream users and NFT newcomers alike. “What we’re trying to do is make it so users can ignore that process.” – shared by Long Nguyen, CTO of Aura Networks. We believe that by simplifying the core dApp, users can focus on enjoying the benefits the Aura Network has to offer. Develop Cosmos open-source software: Aura Network is committed to contributing open-source software to Cosmos. Our core infrastructure products are interoperable with other Cosmos chains, which aims to grow the Cosmos ecosystem as a whole. Please tune in to our official channels to stay updated with upcoming updates about new applications, NFT use cases and features powered by Aura Network.
The Key to Success and the Game-Changing Mainnet
Aura Network has achieved much success in its endeavors so far, mainly due to significant backing from top VCs and blockchain projects including Hashed, Coin98 Ventures, Guildfy, Impossible Finance, Republic Crypto, Whalemap, Matchbox DAO, Istari Ventures, and . many others.
This support has enabled Aura Network to build a talented team and a strong infrastructure, enhance our credibility, and attract more users and investors. By gaining the support of respected organizations, Aura Network has attracted more attention from potential users and investors, fueling our growth and success.
We believe our mainnet will be a game-changer in the blockchain industry, and we look forward to welcoming the community to join us on this exciting journey. With our commitment to innovation, sustainability and community, Aura Networks is poised to lead the way into a better Web3 future.
About Aura Network
Aura Network is an ecosystem created to accelerate global NFT adoption. Aura Network is focused on building the Internet of NFTs and bringing NFTs and Web3 to the masses.
website | Twitter | discord | Telegram | blog

View source version on Businesswire.com: https://www.businesswire.com/news/home/20230320005327/en/
Contact Media: Thu Tran (Ms) Aura [email protected]

Source: Aura Network

Reporter: PR Wire
Editor: PR Wire
Copyright © Antara 2023

Source: en.antaranews.com

March 21, 2023 0 comment
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Indonesia parliament approves Warjiyo for second term as c.bank governor

by DailyBriefers March 21, 2023
written by DailyBriefers

By Reuters Staff

1 Min Read

(Adds background)

JAKARTA, March 21 (Reuters) – Bank Indonesia (BI) Governor Perry Warjiyo secured a second five-year term on Tuesday after parliament unanimously agreed to back his reappointment.

The approval came after Warjiyo told parliament’s financial committee a day earlier that monetary policy would be geared towards maintaining stability in Southeast Asia’s largest economy until 2024 amid global uncertainties.

The governor also reiterated that the central bank’s interest rate hikes, totalling 225 basis points between August and January, were sufficient to guide inflation back to within target later this year and that BI would focus on currency stabilisation measures to weather global market turbulence.

Warjiyo, 64, is a career central banker. He was President Joko Widodo’s sole candidate to head BI from 2023 to 2028. His first term will end in May. (Reporting by Stanley Widianto and Stefanno Sulaiman; Writing by Gayatri Suroyo; Editing by Kanupriya Kapoor)

March 21, 2023 0 comment
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BioLife Solutions, Inc. (NASDAQ:BLFS) Q4 2022 Earnings Call Transcript

by DailyBriefers March 21, 2023
written by DailyBriefers

BioLife Solutions, Inc. (NASDAQ:BLFS) Q4 2022 Earnings Call Transcript March 16, 2023

Operator: Good day, and welcome to the BioLife Solutions’ Fourth Quarter 2022 and Full Year Earnings Call. Today’s call is being recorded. I would now like to turn the conference over to Troy Wichterman, Chief Financial Officer. Please go ahead.

Troy Wichterman: Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me on today’s call is Mike Rice, Chairman and Chief Executive Officer. Earlier today, we issued a press release announcing our preliminary unaudited financial results and operational highlights for the fourth quarter and full year 2022, which is available at biolifesolutions.com. As a reminder, during this call, we will make certain projections and other forward-looking statements regarding future events or the future financial performance of the company. These statements are subject to risks and uncertainties that may cause actual results to differ 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 reports 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. 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 historic M&A activity, we believe that the use of non-GAAP or adjusted metrics provides investors with a clearer view of our current financial results when compared to prior periods.

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

Mike Rice: Thanks, Troy, and good afternoon, everyone. Thank you for joining our call. After my remarks, Troy will present our financials for Q4 and the full year 2022. After that we’ll be glad to take your questions. I’ll start off by noting the strong performance our team delivered in Q4 to conclude 2022 with continued execution on our key initiatives of gaining new CGT and biopharma customers, driving continued adoption of our cell processing and storage and storage services platforms and making meaningful supply chain and quality improvements in our freezers platform. Turning to Q4 revenue and customer highlights, while some of our peers in the life science tool space cited some segment headwinds, for the most part, we didn’t experience any significant negative impact in the quarter.

Total revenue was $43.3 million, up 21% from Q4 2021, with organic revenue growth of 18%. A key highlight of Q4 was cell processing platform revenue growth of 36%. Our growth catalysts and business fundamentals for our high-growth, high-margin recurring revenue streams remain intact. To make the point on revenue differentiation in Q4, about 60% of total revenue was recurring high margin with instruments comprising the rest. As a reminder, we expect this to increase to 70% or more by the end of 2025. In Q4, we sold and shipped products to provided services to 217 new unique customer sites across our three products and services platforms. Most of our revenue comes from existing customers as we penetrate deeper and pitch our integrated solutions to take more share of their spend for manufacturing, storage and distribution tools and services.

In each of the four quarters of 2022, we gained about 200 new customer sites building a phenomenal pipeline of early-stage customers that we will nurture and support to drive future growth. I’ll remind you now what our three platforms are: first, cell processing, which includes biopreservation media and Sexton cell processing products; second is our freezers and thaw systems platform comprised of cryogenic liquid nitrogen freezers and Sterling ULT mechanical freezers and automated thawing Instruments; and finally, storage and storage services, which includes our SciSafe storage services and our evo cold chain management offering. New Q4 customer sites by product line included 15 now using biopreservation media, 7 new ThawSTAR users, 12 new evo cold chain end users, 13 new cryogenic freezers and accessory customers, 139 new Stirling ULT freezer and accessory customers, 26 new BioStorage customers and 5 new Cell Processing customers now using Sexton products.

For Cell Processes in Q4, we received confirmation that our solutions will be used in at least 27 additional clinical trials for new cell and gene therapies. We estimate that our biopreservation media products have been used in or are planned to be used in over 600 customer clinical applications. For biopreservation media, we also remain confident that each customer clinical application, if approved could generate annual revenue in the range of $500,000 to $2 million. To date, BioLife products and solutions are being used in 12 approved therapies, which include use of our Sexton Cell Possessing Media and Bios in three approved therapies including Breyanzi from BMS, and Carteyva from JW Therapeutics. Note all of these approved therapies also use our CryoStor biopreservation media.

Our biopreservation media products are also embedded in at least 10 additional anticipated approvals by the end of 2024. I will conclude by saying that our Biopreservation media clinical customer base includes most of the CAR T-cell developers with our proprietary products embedded in the majority of the autologous and allogeneic platforms currently in development. We expect to be able to continue to take share from home group preservation cocktails as awareness grows of the critical role our engineered media formulations play in reducing risk for CGT companies. We see five strong catalysts that can support our growth estimates by increasing the total manufactured doses that our solutions are embedded in. These are approval of new cell and gene therapies, approvals of existing commercial therapies as first or second-line treatment, approvals of existing commercial therapies for additional indications, approvals of existing commercial therapies in new geographies, and finally, an eventual shift to allogeneic therapies.

Surgery, Medicine, Health

Photo by Julia Zyablova on Unsplash

For the other part of our cell processing platform, our Sexton products adoption and customer clinical applications includes 67 using HPL Media, 62 using CellSeal vials, and two 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 also ranges from $500,000 to $2 million for both CellSeal and HPL Media. Turning to our Freezers and Thaw systems platform, we shipped first-time orders to 159 new customer sites. Customers continue to see the value proposition of our Stirling ULT freezer offering based on tight temperature regulation, reduced power consumption, reduced heat generation and less noise pollution as these support their goal of reducing the negative environmental impact of their operations.

In our final three revenue platforms, storage and storage services, which includes evo cold chain rentals and SciSafe storage services, we either shipped first use products or engaged for initial services with 38 new customer sites in Q4, 26 for storage services and 12 for evo. With our evo cold chain management platform, cell and gene therapy companies now have brought access to our class defining offering through our expanded specialty courier partner network that now includes SciSafe, World Courier, Quick International, Thermo Fisher, Marken and Biocare. We believe we can continue to drive our evo platform to become a meaningful revenue and profit contributor. Q4 evo shipments of over 2,000 were up well over 100% over the same quarter last year.

Of these, we estimate approximately 75% were for approved therapies and the rest were for clinical trials. Total evo shipments for the full year 2022 were nearly 10,000, again, a doubling over 2021. We’re collecting a huge amount of shipment information that is shaping our innovation and development of our transport containers and evo IS cloud app. We are focused on giving our courier partners and end CGT customers even more actionable data to reduce risk. We continue to support validations by additional CGT companies with approved therapies. Based on our force multiplying courier network, we believe 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.

To wrap up new customers acquired in 2022, the full year estimates by product and service line include 69 for biopreservation media, 33 for Sexton cell processing solutions, 99 for SciSafe Storage Services, 43 for evo cold chain management, 82 for Cryogenic Freezers, 461 for ULT Freezers, and 35 for Thaw Systems. Additionally, to illustrate the reach of our largest media distributors stem cell technologies in 2022, they sold and shipped our products to more than 3,000 unique end users, and more than 500 of these were first time users of our products. Turning now to an update on our continued work to improve operations, margin and quality at Stirling, our team is focused on supply chain optimization, producing scrap, and approving efficiency in the plant to right size the workforce with a focus on getting things done right the first time.

We’re shipping from inventory and our quality metrics are at an all-time high level. Now, I’ll turn the call back over to Troy to present our financials for Q4 and the full year 2022. Troy?

Troy Wichterman: Thank you, Mike. Total revenue for the fourth quarter of 2022 totaled a record $44.3 million, representing a total increase of 19% and organic increase of 18% over Q4 of 2021, driven by a 35% increase in biopreservation media revenue. COVID-19-related revenue accounted for approximately 5% of total revenue in the quarter versus 15% in Q4 2021. Cell Processing platform revenue was $20.2 million. Total revenue increased 36%, and organic revenue increased 35% over the same period in 2021. Freezers and Thaw Systems platform revenue was $17.4 million, total and organic revenue was up 5% over the same period in 2021. COVID-19-related revenue accounted for approximately 3% of the Freezers and Thaw Systems platform revenue versus 15% in Q4 2021.

Storage and Storage Services platform revenue was $6.7 million with both total and organic growth of 14% over the same period in 2021. COVID-19-related revenue accounted for approximately 21% of the Storage and Storage Services platform revenue versus 50% in Q4 2021. Total revenue for the full year 2022 was $161.8 million. Total revenue increased 36%, and organic revenue increased 38% over 2021. COVID-19-related revenue was approximately 8% compared with approximately 15% in 2021. Adjusted gross margin for the fourth quarter of 2022 was 32% compared with 17% for the fourth quarter of 2021. For the full year of 2022, adjusted gross margin was 33% compared with 32% in 2021. The Q4 2022 adjusted gross margin was impacted by a late Q3 2022 stock grant to the operational team, which increased approximately $1 million over Q3 2022 or 2.3 percentage points of Q4 2022 revenue.

In addition, we had unfavorable product and customer mix at our LN2 freezer line, inventory write-off charges, and a decrease in SciSafe COVID-19-related revenue without an associated decrease of infrastructure costs. We expect adjusted gross margin to improve in 2023 versus 2022. GAAP operating expenses for Q4 2022 were $93.5 million, which includes an intangible impairment of $40.5 million related to the Global Cooling acquisition versus $54.9 million in Q4 2021. The non-cash impairment to the Global Cooling intangible assets in Q4 resulted primarily from changes in our revenue assumptions due to updated estimates for customer capital spending in the current macroeconomic environment as noted by some of our competitors in Q3 and Q4 of 2022 and longer than expected inflationary pressures on raw materials.

For the full year of 2022, GAAP operating expenses were $307.3 million, which includes non-cash intangible impairments totaling $110.4 million in Q2 and Q4 of 2022 related to the Global Cooling acquisition, compared with full year 2021 GAAP operating expenses of $154.3 million. Adjusted operating expenses for Q4 2022 were $22.1 million, compared with $19.2 million in Q4 2021. For the full year of 2022, adjusted operating expenses were $83.4 million, compared with $59.6 million in 2021. Full year 2022 adjusted operating expenses increased due to the 2021 acquisitions of Global Cooling and Sexton. In addition, operating expenses increased in Q4 and full year 2022 due to higher accounting costs and increased headcount to support our growth. Adjusted operating loss for the fourth quarter of 2022 was $8.2 million compared with adjusted operating loss of $13.1 million in the fourth quarter of 2021.

Our adjusted operating loss for the full year of 2022 totaled $29.3 million compared with adjusted operating loss of $21.5 million in 2021. Adjusted EBITDA for the fourth quarter of 2022 was positive $1.7 million compared with negative $5.9 million for the fourth quarter of 2021. For the full year of 2022, adjusted EBITDA was positive $3.6 million, compared with positive $4.1 million in 2021. Our cash and marketable securities balance at December 31, 2022 was $64.1 million, compared with $61.7 million at September 30, 2022. Now turning to our 2023 revenue guidance, which we are reaffirming from our January 9, 2023 preliminary revenue press release. Full year revenue is expected to be in the range of $188 million to $202 million reflecting year-over-year and organic growth of 16% to 25% and an expected split of 45% in the first half of the year and 55% in the second half, excluding COVID-19-related revenue year-over-year growth of 26% to 35%.

Revenue guidance for 2023 does not include any COVID-19-related revenue. Total revenue expectations for 2023 include the following platform contributions, Cell Processing platform $89 million to $93 million, an increase of 30% to 35% over 2022. Freezers and Thaw Systems platform $72.5 million to $79 million, an increase of 9% to 18% over 2022, excluding COVID-19-related revenue year-over-year growth of 13% to 23%. Storage and Storage Services platform $26.5 million to $30 million, an increase of 0% to 13% over 2022. Excluding COVID-19 related revenue, year-over-year growth of 64% to 86%. Although the company does not provide guidance below the revenue line, we expect improvements in gross margin and adjusted EBITDA in 2023 compared to 2022.

In terms of our share count as of March 10, 2023, we had 43.1 million shares issued an outstanding and 46.1 million shares on a fully diluted basis. Next, I’d like to talk about 10b5-1 plans. As you may recall, several executives requested to be paid in stock in lieu of salary in 2022. Some executives entered 10b5-1 plans back in 2022 with planned sales upcoming in Q1 2023. These plans can’t be changed and sales are based on personal reasons and not related to the business outlook of BioLife. Lastly, I’d like to address our 10-K filing. Due to turnover at our corporate controller position in late Q4 and additional SOX requirements for in scope entities Global Cooling and Sexton, we will be filing an extension this year. We will be filing for the automatic extension with the SEC, which gives us an extension of 15 calendar days from today to file our 10-K and still be considered timely.

We expect to file within the extended period. Now, I’ll turn the call to Mike.

Mike Rice: Thanks, Troy. Now I’ll summarize our key takeaways for 2022. First, BioLife Solutions is a critical, highly trusted tools and services provider to the cell and gene therapy industry. We built a valuable portfolio of solutions that can help CGT developers increase their likelihood of success by reducing risk in the manufacturing, stores and distribution workflows. Number two, demand for our portfolio of classifying bioproduction tools and services remain strong and let’s all remember that we’re still in the early innings of CGT approvals and we have hundreds of shots on goal. We continue to derive a mix shift to high margin recurring revenue anchored by our cell processing and storage services platforms. Number three, we made significant supply chain and quality improvements in 2022 and will continue to do so this year.

Turning to 2023, we expect to continue to derive adoption of our solutions in the CGT space with our cell processing offerings embedded in up to 10 additional candidates that could get approved this year and next year. We remain confident that we will achieve our 2024 exit run rate aspirational financial goals of $250 million in revenue, 50 points of adjusted gross margin and 30 points of adjusted EBITDA margin. Now, I’ll turn the call back over to the operator.

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Q&A Session

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Operator: Thank you. We’ll take our first question from Jacob Johnson with Stephens.

Jacob Johnson: Hey, good evening, everybody. Troy, maybe just first on gross

Mike Rice: Hey, Jacob.

Jacob Johnson: Hey. Hey, Mike. Good afternoon there. Just first for Troy or for you, Mike, just on the gross margin declines sequentially. I appreciate the items you called out and I appreciate the 50% gross margin by 4Q 2024. Can you help us kind of bridge to that 50% and the key levers you can pull to achieve that? And then also understanding you don’t guide below the line, but could you maybe help us with how much gross margin you could realize in 2023 or what that could look like? Thanks.

Mike Rice: Thanks, Jacob. I’ll take the longer term view and maybe Troy can speak a little more about 2023, but our levers to use your term, Jacob, about the bridge to margin aspirational goals are really based on three things as it relates to ULT and again, as ULT is a fairly significant chunk of revenue, so that’s meaningful. And those are to continue to optimize the supply chain and look for opportunities to reduce waste, improve productivity in the plant, but also on the top line, much better margin from new products and new service revenue streams that are related to freezers. And again, when we can speak more about that in detail, we surely will. Troy, do you want to speak at all about the last step of this year where we expect the more meaningful margin improvements?

Troy Wichterman: Yes. In addition to what Mike said, the SciSafe facilities too, throughout the year, we expect higher utilization, which has an impact on the gross margin. In light of that, we expect the margin expansion to be more weighted in the second half of the year versus the first half. And as I mentioned in my remarks too, we had unfavorable product mix at our LN2 line higher than expected scrap, and then, again, that COVID revenue at SciSafe dropping off had a pretty big impact on our overall gross margin.

Jacob Johnson: Okay. Got it. Thanks for that. And then, I guess, my follow-up, Mike, just on kind of the levers for growth going forward. I may €“ maybe I forgot about this, but I don’t remember you kind of highlighting allogeneic specifically, obviously, that’s a big opportunity for the industry. But I’m just kind of curious as we think about allogeneic therapies and maybe some of your key offerings like media, evo and freezers. How does the opportunity for an allogeneic therapy compare to an autologous across those lines?

Mike Rice: Yes. Thanks, Jacob. Super question. It will be significant and we firmly believe that there will be an eventual shift to predominant allogeneic therapies as more biology is understood. And the infrastructure to support massive production of doses that can be administered to unrelated recipients relative to the donor gets all flushed out in the system. So that’s certainly an upside lever and a catalyst for us that we think is going to be meaningful. And I’ll just remind our listeners that we are involved in the leading allogeneic cell therapy developers today. And you’ve heard we mentioned some of those names and so again, a good lever for us as far as when that’s going to happen. Nobody really has the best crystal ball, but we have the shots on goal there, so we’re going to continue to support those customers.

And at some point, some number of those, a meaningful number are going to get approval and then we’re going to see that manufactured dose count skyrocket relative to what the total combined global production of autologous cell therapies is at least in the current timeframe, right.

Jacob Johnson: Got it. Thanks for taking the questions, Mike.

Mike Rice: Thank you, Jacob.

Operator: We’ll take our next question from Yuan Zhi with B. Riley.

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