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| Company Name | Symbol | %Change |
|---|---|---|
| VIASAT INC | VSAT | 19.35% |
| OLD SECOND B | OSBC | 5.76% |
| GAMCO INVEST | GBL | 4.61% |
| CORNING INC | GLW | 4.47% |
| SYNCHRONOSS | SNCR | 4.23% |
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Revenue Pre-Announcement Beats Our Estimate. Increasing Price Target to $0.70/share
By Brian Marckx, CFA
This morning (1/7/13) BioLife (OTC Markets: ( BLFS ) ) pre-announced that Q4 and full-year 2012 revenue are expected to be approximately $2.0 million (~ +158%) and $5.7 million (~ +107%), respectively, which are well ahead or our $1.4 million and $5.0 million estimates. Q4 and 2012 revenue will be a quarterly and annual record for BLFS. This will mark the 10th consecutive quarter that BioLife turned in record revenue and equates to 34% CAGR of revenue since 2007. This morning's press release also notes that Q4 is expected to show positive cash flow from operations.
Management continues to expect strong growth in 2013 from their regenerative medicine business and notes that they are pursuing additional contract manufacturing opportunities. We have updated our model for today's revenue pre-announcement and will do so again when BLFS files their 10-K which is expected by April 1.
We are maintaining our Outperform rating. The update to our model along with an increase in comp multiples since our last update has moved our price target up from $0.50/share to $0.70/share. See our valuation methodology and comp cohort as well as our financial model in our full report on BLFS available here.
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Read the full on BLFS