Item 8.01 Other Events.
On May 11, 2020, BioLife Solutions, Inc. ("we," "us," "our," and the "Company")
announced that the Company's first quarter 2020 financial results will be
released after market close on Thursday, May 14th, 2020, and that the Company
will host a conference call and live webcast at 4:30 p.m. ET (1:30 p.m. PT) that
afternoon.
Although the Company will be releasing its first quarter 2020 financial results
and hosting a conference call on the date and time above, the Company has
determined that it will be unable to timely file its Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 2020 (the "Quarterly Report") as a
result of the outbreak in the United States of the novel coronavirus, COVID-19.
In accordance with the order (the "Order") promulgated by the Securities and
Exchange Commission on March 25, 2020 in Release No. 34-88465 relating to the
Securities Exchange Act of 1934, as amended, the Company will file its Quarterly
Report within 45 calendar days of May 11, 2020 (the due date of the Quarterly
Report), though the Company expects to file its Quarterly Report much earlier,
on or about May 29, 2020.
The Company is unable to file the Quarterly Report in a timely manner because
the Seattle area, including the location of the Company's corporate headquarters
and its media production facility and warehouse is currently at an epicenter of
the coronavirus outbreak in the United States. The Company has been following
the recommendations of local health authorities to minimize exposure risk for
its team members for the past several months, including the temporary closures
of its offices and having team members work remotely, and, as a result, the
Quarterly Report will not be completed by the filing deadline. Below is a risk
factor regarding the coronavirus that the Company's stockholders and potential
investors in the Company should consider with respect to the quarter ended March
31, 2020.
Our financial condition and results of operations for fiscal 2020 may be
adversely affected by the recent COVID-19 outbreak.
The Seattle area, including the location of our corporate headquarters and our
media production facility and warehouse, is currently at an epicenter of the
coronavirus outbreak in the U.S. We are currently following the recommendations
of local health authorities to minimize exposure risk for our team members and
visitors. However, the scale and scope of this pandemic is unknown and the
duration of the business disruption and related financial impact cannot be
reasonably estimated at this time. While we have implemented specific business
continuity plans to reduce the potential impact of COVID-19 and believe that we
have sufficient inventory to meet previously forecasted demand for the next six
to nine months, there is no guarantee that our continuity plan, once in place,
will be successful or that our inventory will meet forecasted or actual demand.
We have already experienced certain disruptions to our business such as
temporary closure of our offices and similar disruptions may occur for our
customers or suppliers that may materially affect our ability to obtain supplies
or other components for our products, produce our products or deliver inventory
in a timely manner. This would result in lost sales, additional costs, or
penalties, or damage our reputation. Similarly, COVID-19 could impact our
customers and/or suppliers as a result of a health epidemic or other outbreak
occurring in other locations which could reduce their demand for our products or
their ability to deliver needed supplies for the production of our products. The
extent to which COVID-19 or any other health epidemic may impact our results
will depend on future developments, which are highly uncertain and cannot be
predicted, including new information which may emerge concerning the severity of
COVID-19 and the actions to contain COVID-19 or treat its impact, among others.
Accordingly, COVID-19 could have a material adverse effect on our business,
results of operations, financial condition and prospects.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses