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ThermoGenesis Reports 15 Percent Increase in First Quarter Revenues; Improved Bottom Line

RANCHO CORDOVA, Calif., Nov. 5 /PRNewswire-FirstCall/ -- ThermoGenesis Corp. (Nasdaq: KOOL), a leading supplier of innovative products for processing and storing adult stem cells, today reported results for the first quarter of fiscal 2010.

For the quarter ended September 30, 2009, the Company reported revenues of $5.2 million, a 15 percent increase over revenues of $4.5 million in the first quarter a year ago. The Company said the key contributors to the growth in revenues included an increase of approximately $0.5 million, or 40%, in sales of AXP(TM) AutoXpress(TM) (AXP(TM)) disposables over the prior year quarter and new product sales of the MarrowXpress(TM) (MXP(TM)) and Res-Q(TM)60 BMC (Res-Q) Systems.

Total disposable revenues in the first quarter of fiscal 2010 increased over 40% to $3.0 million versus $2.1 million in the first quarter of fiscal 2009.

The Company reported an 18% reduction in its net loss to $2.2 million, or $0.04 per share, in the first quarter of fiscal 2010, versus a net loss of $2.7 million, or $0.05 per share, in the same period of fiscal 2009. ThermoGenesis ended the first quarter of fiscal 2010 with $13.1 million in cash and short-term investments, compared with $15.6 million at the end of fiscal 2009.

"We are pleased with the direction of the leading indicators of our quarterly performance, including revenue growth, an improved bottom line and the success of our new products, the MXP and Res-Q Systems, in generating promising new revenues," noted J. Melville Engle, Chief Executive Officer of ThermoGenesis. "We are now on track to turning this business around and I remain optimistic we will achieve break even in the third quarter and profitability in the fourth quarter of fiscal 2010."

"We are particularly encouraged by the initial market experience of the MXP and Res-Q as they have been able to deliver high stem cell yields on a consistent basis. In addition, we have continued to enhance our quality control efforts and strengthen the management team. Our most recent additions include Jorge Artiles as Vice President, Chief Quality and Regulatory Affairs Officer, and Hal Baker as Vice President Commercial Operations. Both of these executives bring extensive major company experience and significant expertise to ThermoGenesis and will play important roles in our product quality and market expansion initiatives," he added.

Company's Conference Call and Webcast

Management will host a conference call today at 2:00 PM Pacific (5:00 PM Eastern) to review the fiscal first quarter financial results.

The call can be accessed by dialing 1-800-860-2442 within the U.S. or 1-412-858-4600 outside the U.S. and referencing, "ThermoGenesis." Mr. J. Melville Engle, Chief Executive Officer and Mr. Matthew T. Plavan, Executive Vice President, Chief Operating Officer and Chief Financial Officer will host the call to discuss the first quarter results and other corporate events, followed by a Q&A session. Participants are asked to call the assigned number approximately 5 minutes before the conference call begins.

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


A replay of the conference call will be available two hours after the call for the following five business days by dialing 1-877-344-7529 within the U.S. or 1-412-317-0088 outside the U.S. and entering the following account number when prompted '385107'.

Financial Statements

                                ThermoGenesis Corp.
                 Condensed Consolidated Balance Sheets (Unaudited)

                                               September 30,      June 30,
                                                   2009            2009
                                                -----------     -----------
    Current assets:
      Cash and cash equivalents                  $2,743,000      $6,655,000
      Short term investments                     10,377,000       8,976,000
      Accounts receivable, net                    4,463,000       4,235,000
      Inventories                                 5,290,000       5,233,000
      Other current assets                          403,000         662,000
                                                -----------     -----------

        Total current assets                     23,276,000      25,761,000

    Equipment, net                                1,903,000       1,784,000
    Other assets                                    108,000         110,000
                                                -----------     -----------

                                                $25,287,000     $27,655,000
                                                ===========     ===========

    Current liabilities:
      Accounts payable                           $1,567,000      $1,781,000
      Other current liabilities                   3,075,000       3,057,000
                                                -----------     -----------

        Total current liabilities                 4,642,000       4,838,000

    Long-term liabilities                           218,000         363,000

    Stockholders' equity                         20,427,000      22,454,000
                                                -----------     -----------

                                                $25,287,000     $27,655,000
                                                ===========     ===========

                                ThermoGenesis Corp.
            Condensed Consolidated Statements of Operations (Unaudited)

                                                    Three Months Ended
                                                       September 30,
                                                    2009            2008
                                                -----------     -----------

    Product and other revenues                   $5,193,000      $4,502,000

    Cost of product and other revenues            3,636,000       3,222,000
                                                -----------     -----------

      Gross profit                                1,557,000       1,280,000


      Selling, general and administrative         2,163,000       2,447,000

      Research and development                    1,594,000       1,600,000
                                                -----------     -----------

        Total operating expenses                  3,757,000       4,047,000

    Interest and other income, net                   11,000          88,000

    Net loss                                    ($2,189,000)    ($2,679,000)
                                                ===========     ===========

    Per share data:

    Basic and diluted net loss per common share      ($0.04)         ($0.05)
                                                ===========     ===========

    Shares used in computing per share data      56,092,960      56,027,960
                                                ===========     ===========

                                ThermoGenesis Corp.
            Condensed Consolidated Statements of Cash Flows (Unaudited)

                                                   Three Months Ended,
                                                       September 30,
                                                    2009           2008
                                                -----------     -----------

    Cash flows from operating activities:
      Net loss                                 ($2,189,000)    ($2,679,000)
      Adjustments to reconcile net loss to
       net cash used in operating activities:
        Depreciation and amortization               111,000         120,000
        Stock based compensation expense            162,000         123,000
        Loss on impairment of equipment              26,000              --
        Accretion of discount on short-term
         investments                                 (1,000)        (76,000)
        Net change in operating assets and
          Accounts receivable, net                 (228,000)      1,800,000
          Inventories                               (57,000)       (856,000)
          Prepaid expenses and other current
           assets                                   259,000           1,000
          Other assets                                2,000           6,000
          Accounts payable                         (214,000)     (1,555,000)
          Accrued payroll and related expenses     (209,000)       (149,000)
          Deferred revenue                         (154,000)       (240,000)
          Other current liabilities                 237,000         569,000
                                                -----------     -----------

        Net cash used in operating activities    (2,255,000)     (2,936,000)
                                                -----------     -----------

    Cash flows from investing activities:
      Capital expenditures                         (256,000)       (105,000)
      Purchase of investments                    (1,499,000)     (3,982,000)
      Maturities of investments                      99,000       9,000,000
                                                -----------     -----------

        Net cash (used in) provided by
         investing activities                    (1,656,000)      4,913,000
                                                -----------     -----------

    Cash flows from financing activities:
      Payments on capital lease obligations          (1,000)         (3,000)
                                                -----------     -----------
        Net cash used in financing activities        (1,000)         (3,000)
                                                -----------     -----------
    Net (decrease) increase in cash and cash
     equivalents                                 (3,912,000)      1,974,000

    Cash and cash equivalents at beginning
     of period                                    6,655,000       4,384,000
                                                -----------     -----------
    Cash and cash equivalents at end of
     period                                      $2,743,000      $6,358,000
                                                ===========     ===========

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® 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.
  • AXP® AutoXpress(TM) Platform (AXP), a proprietary family of automated devices that includes the AXP and the MXP(TM) MarrowXpress and companion sterile blood processing disposables for harvesting stem cells in closed systems. 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 except for Central and South America, China (except Hong Kong), Russia/CIS and Japan, where ThermoGenesis markets through independent distributors. The MXP is used for isolating stem cells from bone marrow.
  • The Res-Q(TM) 60 BMC (Res-Q), a point of care system that is designed for bone marrow stem cell processing. This product was launched in July 2009.
  • The CryoSeal® FS System, an automated device and companion sterile blood processing disposable, is used to prepare fibrin sealants from plasma in about an hour. The CryoSeal FS System is approved in the U.S. for liver resection surgeries. The CryoSeal FS System has received the CE-Mark which 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.

This press release contains forward-looking statements, and such statements are made pursuant to the safe harbor 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 years 2010, 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 2010. 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
                               +1-916-858-5107, or

SOURCE ThermoGenesis Corp.

SOURCE ThermoGenesis Corp.
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