ThermoGenesis Reports First Quarter 20...( RANCHO CORDOVA Calif. Nov. 6 /- T...),Health

RANCHO CORDOVA, Calif., Nov. 6 /PRNewswire-FirstCall/ -- ThermoGenesis Corp. (Nasdaq: KOOL), a leading supplier of innovative products and services that process and store adult stem cells, today reported results for the first quarter of fiscal 2009.

Revenues for the quarter ended September 30, 2008, were $4.5 million, a 24 percent increase over revenues of $3.6 million in the first quarter a year ago. Disposable revenues were $2.1 million versus $1.9 million in the first quarter of fiscal 2008.

The Company reported a net loss of $2.7 million, or $0.05 per share, compared with a net loss of $2.3 million, or $0.04 per share, in the same period a year ago. The results for both periods include stock-based compensation expense of $123,000 and $628,000, respectively.

The company's results for the quarter reflect an accrual of $520,000 included in cost of revenues resulting from a voluntary recall of certain lots of AXP disposable bag sets as they may contain particulates that may be released into the sterile, non-pyrogenic fluid path. This recall was not a result of any reports of patient safety issues. The Company's recall plan is being filed this week and is subject to approval by the FDA. The Company believes that it has adequately accrued for the costs related to this plan, but the estimate may change depending on the discussions with the FDA. As part of the recall plan, the Company will provide customers a blood filter to be used, as necessary, with any bag already processed.

The Company ended the first quarter of fiscal 2009 with $22.3 million in cash and short-term investments, compared to $25.3 million at the end of fiscal 2008. Total backlog at the end of the first quarter of fiscal 2009 was $1.8 million, ve
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