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ThermoGenesis Reports 35 Percent Increase in First Quarter 2011 Revenues, Adds Strategic Advisor and Inks China Distribution Deal With Nanshan Memorial Medical Institute
Date:11/4/2010

he Company ended the first quarter of fiscal 2011 with $10.2 million in cash versus $10.7 million in cash at the end of fiscal 2010.

"For the fifth consecutive quarter, we have improved our bottom line performance.  We reduced our net loss by $2.1 million in the first quarter of fiscal 2011 compared to the first quarter of fiscal 2010. Absent the severance, restructuring and lease termination charges, we would have achieved a profitable quarter," said J. Melville Engle, Chairman and Chief Executive Officer.

"Our year-over-year revenue growth was driven by a 73 percent increase in AXP® AutoXpress™ (AXP) System bag set revenues.  However, it should be noted that AXP disposable sales were higher than the prior year same quarter by $1.2 million, due primarily to GE Healthcare (GEHC) increasing their inventory levels approximately $1.0 million to meet certain customer requirements.  We do not expect these inventory accumulations to continue into next quarter.  Without the inventory build, total sales would have been approximately $6.0 million, an increase of 15 percent versus a year ago," he said.

The Company also said it filed an updated 510(k) submission seeking market clearance from the FDA for the use of its Res-Q technology in the preparation of platelet rich plasma (PRP) from peripheral blood. In mid-October, ThermoGenesis announced a PRP cardiovascular license and distribution agreement for Res-Q with BioParadox, Inc., a newly-formed regenerative medicine company focusing on point-of-care cardiovascular therapies.

"The agreement with BioParadox places us squarely in the emerging field of PRP and is an important milestone in our initiative to create novel applications for our proprietary Res-Q technology," Engle said.

Company Awarded Federal Grant The Company also announced today that, on October 29th, it was awarded $244,000 in federal grant funding from the Department of Health and Human Service
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SOURCE ThermoGenesis Corp.
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Related medicine technology :

1. ThermoGenesis Corp. to Announce First Quarter Fiscal 2011 Results on November 4, 2010
2. ThermoGenesis Announces Platelet Rich Plasma (PRP) Res-Q Cardiovascular Licensing Agreement
3. ThermoGenesis Announces Fourth Quarter Revenues of $7.2 Million; Reduces Net Loss to $171,000
4. ThermoGenesis Regains Compliance With NASDAQ Listing Rules
5. ThermoGenesis Announces Reverse Stock Split Effective on NASDAQ Capital Market August 27, 2010
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8. ThermoGenesis Announces National Institute of Health Grant
9. ThermoGenesis Announces MXP Involvement in New Regenerative Medicine Initiatives
10. IRIDEX Reports Improved Third Quarter 2010 Financial Results
11. Genoptix Reports Operating Results for the Third Quarter and First Nine Months of 2010
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