BioLife Solutions, Inc. (BLFS) saw its loss widen to $3.32 million, or $0.26 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.12 million, or $0.09 a share.

Revenue during the quarter grew 23.63 percent to $2.25 million from $1.82 million in the previous year period. Gross margin for the quarter contracted 193 basis points over the previous year period to 60.71 percent. Operating margin for the quarter stood at negative 27.87 percent as compared to a negative 77.14 percent for the previous year period.

Operating loss for the quarter was $0.63 million, compared with an operating loss of $1.40 million in the previous year period.

Mike Rice, BioLife president and chief executive officer, commented, "We are completely focused on executing our strategy to achieve our goal of positive quarterly EBITDAS by the end of the year. We expect that a combination of continued revenue growth from the regenerative medicine market segment and lower operating expenses will enable BioLife to reach this milestone. 2017 could be a pivotal year for BioLife, with anticipated customer approvals of their cell therapies, and further adoption of CryoStor and HypoThermosol by new entrants in the high growth regenerative medicine market."

Cash flow from investing activities was $0.39 million for the year, down 90.73 percent or $3.85 million, when compared with the last year.

Cash flow from financing activities was $3.17 million for the year, up 758.27 percent or $2.80 million, when compared with the last year.