Conference Call to be Held Today at
1:30 p.m. PT/4:30 p.m. ET
RANCHO
CORDOVA, Calif., May 15, 2023
/PRNewswire/ -- ThermoGenesis Holdings, Inc. (Nasdaq: THMO), a
market leader in automated cell processing tools and services in
the cell and gene therapy field, today reported financial and
operating results for the first quarter ended March 31, 2023 and provided a corporate strategic
update.
"During the first quarter, we continued to make progress in
building out our 35,500+ square foot state-of-the-art facility in
Sacramento, which is a significant
part of our transition into a high performance, integrated contract
development and manufacturing organization ("CDMO") in the cell and
gene therapy field," commented Chris
Xu, Ph.D., Chief Executive Officer of ThermoGenesis. "The
twelve (12) class-7 ReadyStart cGMP cleanrooms that we are building
out are designed to meet the highest scientific, quality, and
regulatory requirements and will be ideal for early-stage companies
looking to jump-start their development efforts and/or scale up in
the same facility. This turnkey solution, leveraging our
proprietary cell processing technologies, such as the CAR-TXpress™
platform, and our existing in-house regulatory expertise is
intended to eliminate a tremendous resource burden for early-stage
resident companies and should greatly accelerate the development
cycle for next-generation cell and gene therapies. Bolstered by our
March 2023 $3.0 million private placement, we expect the
ReadyStart cGMP Suites to be available in the second or third
quarter of this year, and if fully leased out, are expected to
generate $10 million to $16 million in annual revenue."
Financial Results for the First Quarter Ended March 31, 2023
Net revenues. Net revenues for the three months
ended March 31, 2023, were
$2.6 million, compared to
$2.7 million for the first quarter
ended March 31, 2022, a decrease of
$0.1 million.
Gross profit. Gross profit for the three months
ended March 31, 2023, improved to
$1.1 million, or 43% of net revenue,
compared to $0.9 million, or 35% of
net revenue for the three months ended March
31, 2022, an increase of $0.2
million.
Selling, general and administrative expenses. Selling,
general and administrative expenses were $1.8 million for the three months ended
March 31, 2023, as compared to
$1.7 million for the three months
ended March 31, 2022, an increase of
$0.1 million.
Research and development expenses. Research and
development expenses were $0.3
million for the three months ended March 31, 2023, as compared to $0.5 million for the three months ended
March 31, 2022, a decrease of
$0.2 million.
Interest expense. Interest expense for the three
months ended March 31, 2023, was
$3.9 million compared to $0.8 million for the three months ended
March 31, 2022, an increase of
$3.1 million. The increase was driven
by non-cash debt amortization expense of approximately $3.5 million in the quarter ended March 31, 2023.
Net loss. For the three months ended March 31, 2023, the Company reported a
comprehensive loss attributable to common stockholders of
$5.1 million, or $(4.07) per share, based on 1,249,576 weighted
average basic and diluted common shares outstanding. This compares
to a comprehensive net loss of $1.9
million, or $(6.63) per share,
based on 288,003 weighted average basic and diluted common shares
outstanding for the three months ended March
31, 2022.
Liquidity and capital resources. At March 31, 2023, the Company had cash and cash
equivalents totaling $5.9 million,
compared with cash and cash equivalents of $4.2 million at December
31, 2022.
Conference Call and Webcast Information
ThermoGenesis
will host a conference call today at 1:30
p.m. PT/4:30 p.m. ET. To
participate in the conference call, please dial 1-844-889-4331
(domestic), 1-412-380-7406 (international) or 1-866-605-3852
(Canada). To access a live webcast
of the call, please visit:
https://thermogenesis.com/investors/news-and-events/events-webcasts.
A webcast replay will also be available on ThermoGenesis'
website for three months. To access the replay, please visit:
https://thermogenesis.com/investors/news-and-events/events-webcasts.
About ThermoGenesis Holdings, Inc.
ThermoGenesis
Holdings, Inc. develops, commercializes, and markets a range of
automated technologies for CAR-T and other cell-based therapies.
The Company currently markets a full suite of solutions for
automated clinical biobanking, point-of-care applications, and
automation for immuno-oncology, including its semi-automated,
functionally closed CAR-TXpress™ platform, which streamlines
the manufacturing process for the emerging CAR-T immunotherapy
market. For more information about ThermoGenesis, please
visit: www.thermogenesis.com.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. The forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements
contained herein. When used in this press release, the words
"anticipate," "believe," "estimate," "expect" and similar
expressions as they relate to the Company or its management are
intended to identify such forward-looking statements. Actual
results, performance or achievements could differ materially from
the results expressed in or implied by these forward-looking
statements. Readers should be aware of important factors that, in
some cases, have affected, and in the future could affect, actual
results to differ materially from those expressed in any
forward-looking statements made by or on behalf of the Company.
These factors include without limitation, the ability to obtain
capital and other financing in the amounts and at the times needed
to launch new products and grow our CDMO business, market
acceptance of new products, the nature and timing of regulatory
approvals for both new products and existing products for which the
Company proposes new claims, realization of forecasted revenues,
expenses and income, initiatives by competitors, price pressures,
failure to meet FDA regulated requirements governing the Company's
products and operations (including the potential for product
recalls associated with such regulations), risks associated with
initiating manufacturing for new products, failure to meet Foreign
Corrupt Practice Act regulations, legal proceedings, risks
associated with expanding into the Company's planned CDMO business,
uncertainty associated with the COVID-19 pandemic, and other risk
factors listed from time to time in our reports with the Securities
and Exchange Commission ("SEC"), including, in particular, those
set forth in ThermoGenesis Holdings' Form 10-K for the year ended
December 31, 2022.
Company Contact:
Wendy Samford
916-858-5191
ir@thermogenesis.com
Investor Contact:
Paula Schwartz, Rx Communications
917-322-2216
pschwartz@rxir.com
Financials
ThermoGenesis
Holdings, Inc.
Condensed
Consolidated Balance Sheets
|
|
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$5,854,000
|
|
$4,177,000
|
|
|
Accounts
receivable, net
|
|
955,000
|
|
1,865,000
|
|
|
Inventories
|
|
3,426,000
|
|
3,334,000
|
|
|
Prepaid
expenses and other current assets
|
|
734,000
|
|
1,508,000
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
10,969,000
|
|
10,884,000
|
|
|
|
|
|
|
|
|
|
Inventories,
non-current
|
|
778,000
|
|
1,003,000
|
|
|
Equipment and leasehold
improvements, net
|
|
1,931,000
|
|
1,254,000
|
|
|
Right-of-use operating
lease assets, net
|
|
315,000
|
|
372,000
|
|
|
Right-of-use operating
lease assets – related party, net
|
|
3,443,000
|
|
3,550,000
|
|
|
Goodwill
|
|
781,000
|
|
781,000
|
|
|
Intangible assets,
net
|
|
1,278,000
|
|
1,286,000
|
|
|
Other assets
|
|
256,000
|
|
256,000
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$19,751,000
|
|
$19,386,000
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$934,000
|
|
$820,000
|
|
|
Other
current liabilities
|
|
9,537,000
|
|
10,689,000
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
10,471,000
|
|
11,509,000
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities
|
|
4,268,000
|
|
4,554,000
|
|
|
|
|
|
|
|
|
|
ThermoGenesis Holdings,
Inc. stockholders' equity
|
|
6,081,000
|
|
4,296,000
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
(1,069,000)
|
|
(973,000)
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$19,751,000
|
|
$19,386,000
|
|
ThermoGenesis
Holdings, Inc.
Condensed
Consolidated Statements of Operations
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
|
Net revenues
|
$2,572,000
|
|
$2,663,000
|
|
|
|
|
|
|
Cost of
revenues
|
1,467,000
|
|
1,723,000
|
|
|
|
|
|
|
Gross profit
|
1,105,000
|
|
940,000
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
Selling,
general and administrative
|
1,844,000
|
|
1,693,000
|
|
|
|
|
|
|
Research
and development
|
306,000
|
|
456,000
|
|
|
|
|
|
|
Total operating
expenses
|
2,150,000
|
|
2,149,000
|
|
|
|
|
|
|
Loss from
operations
|
(1,045,000)
|
|
(1,209,000)
|
|
|
|
|
|
|
Interest
expense
|
(3,903,000)
|
|
(823,000)
|
|
Loss on retirement of
debt
|
(239,000)
|
|
--
|
|
Other income /
(expense)
|
5,000
|
|
(4,000)
|
|
|
|
|
|
|
Net loss
|
(5,182,000)
|
|
(2,036,000)
|
|
|
|
|
|
|
Loss attributable to
noncontrolling interests
|
(96,000)
|
|
(126,000)
|
|
|
|
|
|
|
Net loss attributable
to common stockholders
|
$(5,086,000)
|
|
$(1,910,000)
|
|
|
|
|
|
|
ThermoGenesis
Holdings, Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
Net
cash used in operating activities
|
$(615,000)
|
|
$(4,159,000)
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Net cash used in investing
activities:
|
(771,000)
|
|
(65,000)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Net
cash provided by financing activities:
|
3,061,000
|
|
594,000
|
|
|
|
|
|
|
|
|
Effects of foreign
currency rate changes on cash and cash equivalents
|
--
|
|
2,000
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
1,675,000
|
|
(3,628,000)
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
4,177,000
|
|
7,280,000
|
Cash and cash
equivalents at end of period
|
$5,852,000
|
|
$3,652,000
|
|
|
|
|
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content:https://www.prnewswire.com/news-releases/thermogenesis-holdings-announces-first-quarter-2023-financial-results-and-provides-corporate-update-301825092.html
SOURCE ThermoGenesis Holdings, Inc.