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/
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