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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: http://www.thermogenesis.com/investors-webcasts-and-calls.aspx.
Replay
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
----------- -----------
ASSETS
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
Expenses:
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
liabilities:
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. (http://www.thermogenesis.com/) 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: http://www.thermogenesis.com/
Contact: Investor Relations
+1-916-858-5107, or
DATASOURCE: ThermoGenesis Corp.
CONTACT: Investor Relations of ThermoGenesis Corp., +1-916-858-5107,
Web Site: http://www.thermogenesis.com/