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ThermoGenesis Corp. Reports 48 Percent Growth in Second Quarter Revenues Year Over Year

RANCHO CORDOVA, Calif., Feb. 6 /PRNewswire-FirstCall/ -- ThermoGenesis Corp. (Nasdaq: KOOL), a leading supplier of innovative products and services that process and store adult stem cells for treatment of disease and injury, today reported results for the second quarter and first six months of fiscal 2008.

Revenues for the quarter ended December 31, 2007, were $5.5 million. This compares with revenues of $3.7 million for the second quarter of fiscal 2007 and $3.6 million for the first quarter of fiscal 2008. Total disposable revenues were $2.6 million, a 44 percent increase over disposable revenues of $1.8 million in the second quarter a year ago.

The Company reported a net loss of $1.7 million, or $0.03 per share, in the second quarter of fiscal 2008, versus a loss of $2.0 million, or $0.04 per share, in the second quarter a year ago. At December 31, 2007, ThermoGenesis had $30.5 million in cash, cash equivalents and short-term investments. Total cancellable backlog at the end of the second fiscal quarter was $3.9 million, a 50 percent increase over the $2.6 million in cancellable backlog a year ago.

"As we discussed in our January 10th update news release, the primary growth drivers during the quarter were increased AXP(TM) AutoXpress Platform (AXP) bag set shipments, improved BioArchive(R) System sales and growth in CryoSeal(R) FS System and disposable sales," noted Dr. William Osgood, the Company's Chief Executive Officer.

Osgood said the Company's results reflect its success in addressing AXP bag set production quality. In addition, the Company shipped 8 BioArchive devices during the quarter which compares to 3 devices shipped in the prior year same quarter, bringing the total number of installed BioArchive devices world-wide to 166.

With respect to the Company's strategy to expand into new regenerative medicine markets, Osgood noted, "Our newest initiative in this regard is the MarrowXpress(TM), a version of our AutoXpress(TM) Platform targeted to the processing of bone marrow. Our initial focus will be in the use of bone marrow stem cells in the treatment of critical limb ischemia and myocardial ischemia. We are in the process of preparing a 510 (k) submission and CE Mark application."

Separately, the Company announced today the creation of a wholly-owned subsidiary, Vantus(TM) Inc. a veterinary stem cell laboratory services company. Its initial focus will be the harvesting, processing and preservation of equine stem cells for use in treatment of orthopedic injuries in the performance equine market. The Company is also close to completing a formal collaboration with the Center for Equine Health and Stem Cell Regenerative Medicine Group at the University of California, Davis, School of Veterinary Medicine.

"We are making meaningful progress across our entire business, as well as hitting key milestones in our regenerative medicine strategy. We remain optimistic about our long-term prospects and the value of our technology to facilitate our growth initiatives," Osgood said.

For the first six months of fiscal 2008, ThermoGenesis reported revenues of $9.1 million versus $8.0 million in the same period a year ago. Disposable revenues were $4.5 million versus $2.8 million, a 61% increase. The Company reported a net loss of $4.0 million, or $0.07 per share, in the first six months of fiscal 2008, versus a net loss of $3.1 million, or $0.06 per share, in the same period a year ago.

Consistent with prior guidance, the Company said that during the remainder of fiscal 2008, management expects to see continued sequential quarterly revenue growth through a full AXP production ramp and strong BioArchive sales. Management also expects quarterly revenues will exceed $7 million in the fourth fiscal quarter of 2008.

Company Conference Call and Webcast

Management will hold a conference call today, February 6, at 2:00 p.m., Pacific Standard Time (5:00 p.m., Eastern Standard Time) to review the second fiscal quarter financial results and other corporate events, followed by a Q&A session. Participants are asked to call the assigned number approximately five minute before the conference begins.

Conference call details:

Dial-in (U.S.): 1-800-860-2442

Dial-in (International): 412-858-4600

Conference name: "ThermoGenesis"

To listen to the audio webcast of the call during or after the event, please visit:

An audio replay of the conference call will be available beginning approximately two hours after completion of the call for the following five business days.

To access the reply:

Access number (U.S.): 877-344-7529

Access number (International): 412-317-0088

Conference ID#: "385107"

About ThermoGenesis Corp.

ThermoGenesis Corp. ( is a leader in developing and manufacturing automated blood processing systems and disposable products that enable the manufacture, preservation and delivery of cell and tissue therapy products. These products include:

-- The BioArchive(R) System, an automated cryogenic device, is used by

cord blood stem cell banks in more than 25 countries for

cryopreserving and archiving cord blood stem cell units for

transplant. GE Healthcare is the non-exclusive global distribution

partner for the BioArchive System.

-- AXP(TM) AutoXpress Platform (AXP(TM)) is a proprietary family of

automated devices that includes the AXP and the MarrowXpress(TM) and

companion sterile blood processing disposable for harvesting stem

cells in a closed system. The AXP device is used for the processing

of cord blood. GE Healthcare is the exclusive global distribution

partner for the AXP cord blood product. The MarrowXpress is used

for isolating stem cells from bone marrow. ThermoGenesis sells the

MarrowXpress directly to global customers.

-- The CryoSeal(R) FS System, an automated device and companion sterile

blood processing disposable, is used to prepare fibrin sealants from

plasma in about an hour. We received FDA approval to market the

CryoSeal FS System in liver resection surgeries in July 2007. The

CryoSeal FS System has received the CE-Mark. From a marketing

perspective, the CE Mark is the European equivalent to an FDA

approval, in that it allows sales of the product throughout the

European community. Asahi Medical is the exclusive distributor for

the CryoSeal System in Japan and the Company markets through

independent distributors in Europe and South America.

-- The Thrombin Processing Device(TM) (TPD(TM)) is a sterile blood

processing disposable that prepares activated thrombin from a small

aliquot of plasma in less than 30 minutes. The CE-Marked TPD is

currently being marketed in Europe by Biomet, Inc., subsidiary

Biomet Biologics, Medtronic, Inc. and independent distributors.


Condensed Balance Sheets


December 31, 2007 June 30, 2007


Current assets:

Cash and cash equivalents $3,796,000 $5,730,000

Short term investments 26,695,000 27,649,000

Accounts receivable, net 3,103,000 3,226,000

Inventories, net 5,105,000 5,046,000

Other current assets 211,000 415,000

Total current assets 38,910,000 42,066,000

Equipment, net 1,694,000 1,602,000

Other assets 77,000 122,000

$40,681,000 $43,790,000


Current liabilities:

Accounts payable $1,640,000 $2,074,000

Other current liabilities 2,532,000 2,233,000

Total current liabilities 4,172,000 4,307,000

Long-term liabilities 1,327,000 1,671,000

Stockholders' equity 35,182,000 37,812,000

$40,681,000 $43,790,000


Condensed Statements of Operations


Three Months Ended Six Months Ended

December 31, December 31,

2007 2006 2007 2006

Net revenues $5,487,000 $3,716,000 $9,119,000 $8,021,000

Cost of revenues 3,577,000 2,927,000 6,000,000 5,520,000

Gross profit 1,910,000 789,000 3,119,000 2,501,000


Selling, general


administrative 2,357,000 2,300,000 4,777,000 4,612,000

Research and

development 1,617,000 973,000 3,113,000 1,935,000

Total operating

expenses 3,974,000 3,273,000 7,890,000 6,547,000

Interest and other

income 347,000 454,000 754,000 920,000

Net loss ($1,717,000) ($2,030,000) ($4,017,000) ($3,126,000)

Basic and diluted

net loss per

common share ($0.03) ($0.04) ($0.07) ($0.06)

Shares used in

computing per share

data 55,701,175 55,140,675 55,680,342 55,022,221


Condensed Statements of Cash Flows


Six Months Ended

December 31,

2007 2006

Cash flows from operating activities:

Net loss ($4,017,000) ($3,126,000)

Adjustments to reconcile net loss to net

cash used in operating activities:

Depreciation and amortization 265,000 228,000

Stock based compensation expense 1,121,000 582,000

Accretion of discount on short-term

investments (564,000) (690,000)

Net change in operating assets and liabilities:

Accounts receivable, net 123,000 376,000

Inventories, net (191,000) (1,542,000)

Other current assets 204,000 138,000

Other assets 45,000 (15,000)

Accounts payable (434,000) 618,000

Accrued payroll and related expenses (9,000) 74,000

Deferred revenue (332,000) (373,000)

Other current liabilities 304,000 109,000

Net cash used in operating activities (3,485,000) (3,621,000)

Cash flows from investing activities:

Capital expenditures (225,000) (165,000)

Purchase of investments (23,482,000) (25,533,000)

Maturities of investments 25,000,000 36,000,000

Net cash provided by investing

activities: 1,293,000 10,302,000

Cash flows from financing activities:

Payments on capital lease obligations (8,000) (11,000)

Exercise of stock options and warrants 266,000 1,028,000

Net cash provided by financing activities 258,000 1,017,000

Net (decrease)/increase in cash and cash

equivalents (1,934,000) 7,698,000

Cash and cash equivalents at beginning of

period 5,730,000 3,527,000

Cash and cash equivalents at end of period $3,796,000 $11,225,000

This press release, including statements regarding financial information for future periods, contain forward-looking statements, and such statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual outcomes to differ materially from those contemplated by the forward-looking statements. Several factors, including timing of FDA approvals, changes in customer forecasts, our failure to meet customers' purchase order and quality requirements, supply shortages, production delays, changes in the markets for customers' products, introduction timing and acceptance of our new products scheduled for fiscal year 2008, and introduction of competitive products and other factors beyond our control, could result in a materially different revenue outcome and/or in our failure to achieve the revenue levels we expect for fiscal 2008. A more complete description of these and other risks that could cause actual events to differ from the outcomes predicted by our forward- looking statements is set forth under the caption "Risk Factors" in our annual report on Form 10-K and other reports we file with the Securities and Exchange Commission from time to time, and you should consider each of those factors when evaluating the forward looking statements.

ThermoGenesis Corp.

Web site:

Contact: Investor Relations

916-858-5107, or

SOURCE ThermoGenesis Corp.
Copyright©2008 PR Newswire.
All rights reserved

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