"As we indicated in our announcement on July 30, 2007, fourth quarter revenues were impacted by quality issues related to AXP disposables and lower than expected sales of our BioArchive System through our distributor GE Healthcare (GEHC). However, we maintain a very solid backlog of AXP disposables and BioArchive orders totaling $4.8 million as of today and believe we are acutely focused on addressing AXP manufacturing issues with our current provider, and bringing on-line our second source manufacturer Nipro Corporation. I am also delighted that the backlog for AXP disposables has increased significantly during the current quarter. In addition, we are working closely with GEHC to get our BioArchive sales effort back on track and we are cautiously optimistic that this quarter's BioArchive sales will exceed those of the prior quarter," he added.
Osgood said that since assuming the CEO position, he has been conducting a strategic review of the Company and implementing initiatives that will generate revenue growth and move the Company to profitability.
"ThermoGenesis possesses a number of important assets, including excellent technology, a solid market presence in the cord blood arena, strong clinical relationships and meaningful financial resources to support our initiatives. Because of factors such as increased government funding, growing appreciation for the benefits of cord blood stem cells and favorable clinical outcomes, it has become clear to me that the best approach to maximize the value of these attributes is the development of innovative products and services that address the use of adult stems cells for the treatment of disease and injury," he said.
"As a result," he continued, "going forward we will focus on growing
our share of the cord blood market, positioning the Company to have a
|SOURCE ThermoGenesis Corp.|
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