ThermoGenesis Reports Record Quarterly Revenues of $7.2 Million; Full Year Revenues Increase ...(/p Condensed Consolidated S...)

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Years Ended

June 30,

2008 2007

Cash flows from operating activities:

Net loss ($9,181,000) ($6,776,000)

Adjustments to reconcile net loss to

net cash used in operating activities:

Depreciation and amortization 543,000 549,000

Stock based compensation expense 1,921,000 1,094,000

Accretion of discount on short-term

investments (918,000) (1,257,000)

Loss on sale/retirement of equipment 238,000 31,000

Net change in operating assets

and liabilities:

Accounts receivable (2,750,000) 547,000

Inventories (200,000) (2,309,000)

Other current assets 48,000 47,000

Other assets 51,000 (34,000)

Accounts payable 2,112,000 143,000

Accrued payroll and related expenses 39,000 108,000

Deferred revenue (633,000) (231,000)

Other current liabilities 279,000 326,000

Net cash used in operating activities (8,451,000) (7,762,000)

Cash flows from investing activities:

Purchase of short-term investments (44,336,000) (51,420,000)

Maturities of investments 52,000,000 60,500,000

Capital expenditures (514,000) (621,000)

Net cash provided by investing<
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