Here's Why BioLife Solutions Jumped Higher Today

BioLife Solutions (NASDAQ: BLFS), which makes products that are used in the production of cell and gene therapies, is up 11.9% at 1:55 p.m. EDT after the company announced preliminary revenue for the second quarter and used the opportunity to raise $75 million.

BioLife Solutions estimates second quarter revenue will fall in the range of $9.6 million to $9.8 million, up 43% to 46% year over year. The company added 57 new customers during the first half of this year, and its biopreservation media products are being used in 23 additional clinical trials run by customers.

The healthcare company didn't give an estimate for earnings, but that's not surprising given that the quarter only ended on Tuesday. Revenues are easier to quickly estimate compared to expenses.

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Source Fool.com