Navigation Links
ThermoGenesis Announces Fourth Quarter Revenues of $7.2 Million; Reduces Net Loss to $171,000

RANCHO CORDOVA, Calif., Sept. 14 /PRNewswire-FirstCall/ -- ThermoGenesis Corp. (Nasdaq: KOOLD), a leading supplier of innovative products and services that process and store adult stem cells, said today that revenues for the fourth quarter of fiscal 2010 were $7.2 million versus revenues of $4.0 million for the same quarter a year ago. Revenues in the third quarter of fiscal 2010 were $4.8 million.

The Company recorded disposable revenues of $4.8 million in the fourth quarter of fiscal 2010 compared to disposable revenues of $2.2 million in the fourth quarter a year ago and $3.0 million in the prior quarter.

For the quarter ended June 30, 2010, the Company reported a net loss of $171,000, or $0.01 per share, versus a net loss of $3.1 million, or $0.22 per share, in the fourth quarter a year ago. The results for the fourth quarter of fiscal 2010 compared to a net loss of $1.4 million, or $0.10 per share, in the third quarter of fiscal 2010. The per share results for all periods have been adjusted to reflect the impact of the Company's reverse stock split that occurred at the close of business on August 26, 2010.

For all of fiscal 2010, ThermoGenesis reported revenues of $23.1 million, an increase of 17 percent versus revenues of $19.8 million in fiscal 2009. Disposable revenues for fiscal 2010 were $14.3 million versus disposable revenues of $10.6 million in fiscal 2009, an increase of 35 percent. The Company reported a net loss of $5.2 million, or $0.37 per share, in fiscal 2010, versus a net loss of $8.6 million or $0.61 per share, in fiscal 2009.  The Company ended fiscal 2010 with $10.7 million in cash and short-term investments versus $10.1 million at the end of the third quarter of fiscal 2010 and $15.6 million at the end of fiscal 2009.

"ThermoGenesis ended fiscal 2010 with an excellent quarter, highlighted by a 78 percent increase over revenues from the same quarter one year ago, as we experienced strong sales of our AXP® AutoXpress™ (AXP) System bag sets and strong activity for our BioArchive® Systems. This revenue growth, combined with our success at managing operating expenses, enabled us to reduce our net loss quarter-over quarter by approximately $3 million and achieve near break even," said J. Melville Engle, Chief Executive Officer of ThermoGenesis.

"Our results for all of fiscal 2010 reflect a 17 percent growth in revenues and a 39 percent reduction in our net loss year-over-year. We generated double digit growth in key geographies and, at the same time, we realized meaningful improvement in gross margins as disposable revenues were 62 percent of total revenues versus 54 percent a year ago.

"We ended fiscal 2010 with a number of new distribution agreements in place that will drive our penetration of new geographies, such as Asia, and into expanded clinical indications, including cardiac, during fiscal 2011. In addition, we have a new second-source supplier ramped to full production, which will enable us to meet increased demand for our AXP bag sets during the year."

Engle said two key initiatives for the Company during fiscal 2011 include the initiation of new product use studies designed to demonstrate the efficacy of its bone marrow offerings, the MXP™ MarrowXpress® and Res-Q™ 60 BMC (Res-Q) Systems, and continued product innovation. "We have several bone marrow product studies planned or underway, and data regarding the successful use of these products were presented at this week's International Stem Cell Therapy European meeting," he said. "Secondly, we will be investing in the cell separation arena by adding to our device and disposable product portfolios, especially in the field of bone marrow concentration," he continued.

With respect to the financial outlook for fiscal 2011, Engle commented, "We expect to experience a double digit sales increase year-over-year, with growth in both our cord blood and bone marrow product lines. We also expect steady improvement in our gross margins and continued leverage of our operating expenses. In combination, these trends should result in a profit for the year, with increasing profit by quarter."

Engle continued, "With respect to the first quarter of fiscal 2011, we will record two non-recurring charges. These charges are expected to total approximately $200,000 and include the severance and restructuring costs associated with our July 1, 2010 lay-off and an early termination fee for a facility lease we are vacating. These two actions are part of our overall cost reduction program. Net of these one-time charges, we expect to be profitable for the first fiscal quarter."Company's Conference Call and WebcastManagement will host a conference call today at 2:00 PM Pacific (5 PM Eastern) to review the fiscal 2010 fourth quarter and full year results.Conference call details:Dial-in (U.S.):

1-800-860-2442Dial-in (International):

1-412-858-4600Conference 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 daysTo access the replay:Access number (U.S.):

1-877-344-7529Access number (Internationally):

1-412-317-0088Conference ID#:

Condensed Consolidated Balance Sheets
(Unaudited)June 30,June 30,20102009ASSETSCurrent assets: Cash and cash equivalents

$10,731,000$6,655,000 Short term investments

--8,976,000 Accounts receivable, net

6,095,0004,235,000 Inventory

5,034,0005,233,000 Other current assets

301,000662,000Total current assets

22,161,00025,761,000Equipment, net

1,701,0001,784,000Other assets

168,000110,000$24,030,000$27,655,000Current liabilities:  Accounts payable

$2,383,000$1,781,000 Other current liabilities

$3,191,0003,057,000Total current liabilities

5,574,0004,838,000Long-term liabilities

677,000363,000Stockholders' equity

17,779,00022,454,000$24,030,000$27,655,000THERMOGENESIS CORP.
Condensed Consolidated Statements of Operations
(Unaudited)Three Months Ended
June 30,Years Ended
June 30,2010200920102009Net revenues

$7,176,000$4,023,000$23,088,000$19,799,000Cost of revenues

4,700,0003,617,00015,643,00014,106,000 Gross profit

2,476,000406,0007,445,0005,693,000Expenses: Selling, general and

1,711,0002,212,0007,686,0009,249,000 Research and development

939,0001,306,0005,013,0005,222,000Total operating expenses

2,650,0003,518,00012,699,00014,471,000Interest and other income, net

3,00028,00061,000228,000Net loss

($171,000)($3,084,000)($5,193,000)($8,550,000)Basic and diluted net loss per
 common share

($0.01)($0.22)($0.37)($0.61)Shares used in computing per share

14,023,24014,023,24014,023,24014,015,115THERMOGENESIS CORP.
Condensed Consolidated Statements of Cash Flows
(Unaudited)Years Ended
June 30,20102009Cash flows from operating activities:Net loss

($5,193,000)($8,550,000)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization

492,000474,000Stock based compensation expense

518,000479,000Accretion of discount on short-term investments

(2,000)(161,000)Loss on impairment of equipment

26,000149,000Net change in operating assets and liabilities:Accounts receivable


34,000(102,000)Prepaid expenses and other current assets

361,000(295,000)Other assets

79,00012,000Accounts payable

602,000(2,405,000)Accrued payroll and related expenses

(572,000)317,000Deferred revenue

(132,000)(562,000)Other liabilities

1,156,000107,000Net cash used in operating activities

(4,428,000)(8,796,000)Cash flows from investing activities:Purchase of short-term investments

(6,741,000)(25,957,000)Maturities of investments

15,719,00038,045,000Capital expenditures

(470,000)(1,008,000)Net cash provided by investing activities

8,508,00011,080,000Cash flows from financing activities:Payments on capital lease obligations and note

(4,000)(13,000)Net cash used in financing activities

(4,000)(13,000)Net increase in cash and cash equivalents

4,076,0002,271,000Cash and cash equivalents at beginning of year

6,655,0004,384,000Cash and cash equivalents at end of year

$10,731,000$6,655,000Supplemental non-cash financing and investing
informationTransfer of inventories to equipment

$165,000--Transfer of equipment to receivables

$63,000--Transfer of equipment to other assets

$137,000$51,000About 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 include:

  • The BioArchive® System, an automated cryogenic device, is used by cord blood stem cell banks in more than 30 countries for cryopreserving and archiving cord blood stem cell units for transplant.
  • AXP® AutoXpress™ Platform (AXP), a proprietary family of automated devices that includes the AXP and the MXP™ 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. The MXP is used for the preparation of cell concentrates, including stem cells, from bone marrow aspirates in the laboratory setting.
  • The Res-Q™ 60 BMC (Res-Q), a point-of-care system that is designed for the preparation of cell concentrates, including stem cells, from bone marrow aspirates.
  • 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.

  • 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 2011, 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 and 2011.  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: http://www.thermogenesis.comContact: Investor Relations+1-916-858-5107,

    SOURCE ThermoGenesis Corp.
    Copyright©2010 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. ThermoGenesis Announces MXP Involvement in New Regenerative Medicine Initiatives
    2. ThermoGenesis Announces National Institute of Health Grant
    3. ThermoGenesis Announces Agreement for Adipose Tissue Clinical Program
    4. ThermoGenesis Names Jorge Artiles Vice President, Chief Quality and Regulatory Affairs Officer
    5. ThermoGenesis Announces Reverse Stock Split Effective on NASDAQ Capital Market August 27, 2010
    6. ThermoGenesis Regains Compliance With NASDAQ Listing Rules
    7. Dendreon Announces Publication of Phase 1 Study Highlighting Immunologic and Clinical Activity of Lapuleucel-T (Neuvenge(R)) in Advanced Breast Cancer Patients
    8. EDAP Announces Launch of Clinical Study Combining HIFU and Chemotherapy for Localized Aggressive High Risk Prostate Cancer
    9. Cephalon Announces Positive Results from a Pivotal Study of FENTORA in Opioid-tolerant Patients with Non-cancer Breakthrough Pain
    10. ADVENTRX Announces Fast Track Designation Granted By the FDA For CoFactor For the Treatment of Metastatic Colorectal Cancer
    11. DOV Pharmaceutical, Inc. Announces Successful Phase Ib Results for DOV 21,947
    Post Your Comments:
    (Date:3/30/2021)... ... March 29, 2021 , ... The University of Texas Health Science Center ... San Antonio Multispecialty and Research Hospital, a destination center for research and treatment of ... In a nod to the COVID-19 pandemic, the ceremony was held virtually. , William ...
    (Date:3/30/2021)... ... March 29, 2021 , ... Iora Health ... primary care, has partnered with Devoted Health , one of the fastest-growing ... across Maricopa County and provides seniors with the highest-quality care and experience possible, ...
    (Date:3/30/2021)... CITY (PRWEB) , ... March 29, 2021 , ... ... has joined the Vaccine Credential Initiative (VCI), a group bringing together leading health ... record of vaccination status, based on open, interoperable standards. By joining the VCI ...
    Breaking Medicine Technology:
    (Date:3/30/2021)... , ... March 29, 2021 , ... ... the 21st Century , A Virtual Workshop Presented by WCG FDAnews and Cerulean ... 4:30 pm EDT, , Are one’s SOPs written for the ...
    (Date:3/30/2021)... ... March 29, 2021 , ... According to data released ... reproductive age (13-44) in need of publicly funded contraception live in counties impacted by ... Colorado’s 64 counties have lost some of their Title X resources. , The ...
    (Date:3/30/2021)... ... March 29, 2021 , ... Health Literacy Innovations (HLI), a ... confusion due to low health literacy today announces a new partnership with the ... work with ACAP’s member Safety Net Health Plans, those that provide comprehensive health ...
    (Date:3/30/2021)... ... ... Dr. Colin Campbell is proud to announce the 1 year anniversary in their new state ... internal medicine and is a primary care specialist who has been practicing for 23 years. ... keep South Jersey healthy one patient at a time. , “Over the past year, Dr. ...
    (Date:3/30/2021)... ... March 30, 2021 , ... The COVID-19 ... and survivors; their families; and their caregivers. Crossroads4Hope is addressing the needs of ... emotional support system, MyGo2Support, which meets needs of people impacted by cancer, no ...
    Breaking Medicine News(10 mins):