RANCHO CORDOVA, Calif., Feb. 9, 2012 /PRNewswire/ -- ThermoGenesis Corp. (NASDAQ: KOOL), a leading supplier of innovative products and services that process and store adult stem cells, today reported results for the second quarter of fiscal 2012.
For the quarter ended December 31, 2011, the Company reported sales of $4.8 million. This compares to revenues of $5.9 million in the second quarter a year ago and $4.9 million in the prior quarter. Disposable sales in the second quarter of fiscal 2012 were $3.5 million, compared to $3.4 million a year ago and $3.5 million in the prior quarter. ThermoGenesis reported a net loss of $1.3 million, or $0.08 per share, in the second quarter of fiscal 2012, compared to a net loss of $486,000, or $0.03 per share, in the same period a year ago.
"Although our BioArchive sales were noticeably affected by the continuing debt crisis versus the quarter a year ago, we are pleased with our progress along the strategic front, having signed a major development and distribution deal with Arthrex, and having published positive clinical data regarding the safety and efficacy of our Res-Q bone marrow concentration system," said Matthew Plavan the Company's Chief Executive Officer.
The Company ended the quarter with $8.7 million in cash compared with $12.3 million at the end of fiscal 2011.
For the first six months of fiscal 2012, ThermoGenesis reported revenues of $9.6 million compared to revenues of $12.9 million in the first six months of fiscal 2011. The Company reported a net loss of $2.5 million, or $0.15 per share, compared to a net loss of $554,000, or $0.04 per share, in the same period a year ago.
Plavan noted the Company had recently realized several important milestones, including:
- Signing a five-year collaboration with Arthrex, Inc., under which ThermoGenesis, in consultation with Arthrex's on staff clinicians, has developed two line extensions of Res-Q®, specifically formulated to produce a proprietary composition of platelet rich plasma (PRP) and bone marrow concentrate. Arthrex has global exclusive distribution rights for this proprietary, private-labeled product. The Company expects to record initial revenues from this agreement in its fourth fiscal quarter.
- Receiving approval of the AXP® AutoXpress® Platform (AXP) from India's Ministry of Health.
- Being selected by Canadian Blood Services to provide the BioArchive System for a new public cord blood bank that will commence operations a year from now.
- Presenting data from Critical Limb Ischemia and long bone fracture clinical evaluations using concentrates prepared by the Res-Q that demonstrate initial positive outcomes.
On January 30, 2012, the Company announced it had implemented changes in management responsibilities to maximize its progress toward its strategic goals. Plavan was named Chief Executive Officer and a member of the board of directors, while retaining his position as Chief Financial Officer. He replaced J. Melville Engle, who retired from his position as Chairman and Chief Executive Officer. The Company also eliminated eight additional positions.
"As we indicated at that time, our board of directors believed structural changes were necessary if the Company was going to achieve its short-term objectives and be positioned for long-term growth. These changes are designed to recalibrate our resources to current revenues and the cadence of new market opportunities, while continuing to support our product quality and development, customer service and business development initiatives," Plavan said.
Company's Conference Call and Webcast
Management will hold a conference call today at 2 p.m., Pacific (5 p.m., Eastern) to review the fiscal 2012 second quarter results.
Conference call details:
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
An audio replay of the conference call will be available beginning approximately two hours after completion of the call for the following five business days.
To access the replay:
Access number (U.S.):
Access number (Internationally)
About ThermoGenesis Corp.
ThermoGenesis Corp. (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 include:
- The BioArchive® System, an automated cryogenic device, 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/PRP (Res-Q), a point-of-care system designed for the preparation of cell concentrates, including stem cells, from bone marrow aspirates and whole blood for platelet rich plasma (PRP).
- The CryoSeal® FS System, an automated device and companion sterile blood processing disposable, 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. 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 and foreign regulatory 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 year 2012, 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 2012. 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.
Cash and cash equivalents
Accounts receivable, net
Other current assets
Total current assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Other current liabilities
Total current liabilities
Condensed Consolidated Statements of Operations
Three Months Ended,
Six Months Ended,
Cost of revenues
Selling, general and administrative
Research and development
Total operating expenses
Interest and other income, net
Basic and diluted net loss per common share
Shares used in computing per share data
Condensed Consolidated Statements of Cash Flows
Six Months Ended
Cash flows from operating activities:
Adjustments to reconcile net loss to net
Depreciation and amortization
Stock based compensation expense
Gain on disposal of equipment
Net change in operating assets and liabilities:
Accounts receivable, net
Other current assets
Other current liabilities
Net cash used in operating activities
Cash flows from investing activities:
Proceeds from sale of equipment
Net cash used in investing activities:
Cash flows from financing activities:
Exercise of stock options
Payments on capital lease obligations
Net cash provided by financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
SOURCE ThermoGenesis Corp.