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ThermoGenesis Corp. Reports First Quarter 2008 Results

Friday, November 9, 2007 General News
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RANCHO CORDOVA, Calif., Nov. 8 ThermoGenesisCorp. (Nasdaq: KOOL), a leading supplier of innovative products and servicesthat process, store, and administer therapeutic doses of adult stem cells fortreatment of disease and injury, today reported results for the first quarterof fiscal 2008.
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Revenues for the quarter ended September 30, 2007, were $3.6 millioncompared with revenues of $4.3 million for the first quarter of fiscal 2007.Total disposables revenue rose over 90 percent for the first fiscal quarter to$1.9 million as compared to $1 million in the same quarter one year ago.
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The Company reported a net loss in the first quarter of $2.3 million, or$0.04 per share, versus a net loss of $1.1 million, or $0.02 per share, in thefirst quarter of the prior year. At September 30, 2007, the Company had $31.4million in cash, cash equivalents and investments.

"We made significant progress in a number of areas during thequarter -- including the production quality of our AXP(TM) AutoXpress Platform(AXP) bag sets -- but our results were impacted by two factors," said Dr.William Osgood, Chief Executive Officer.

"The first was related to false negative results in quality testing forour AXP bag sets. While we have resolved this issue, we were not able to shiproughly $275,000 in bag sets until after the end of the quarter. In themeantime, our AXP backlog at quarter end was $3.4 million and we expect toship up to $1.4 million of this during the second quarter," he continued.

Osgood said the second factor impacting first quarter results was threeBioArchive(R) System sales through its distributor GE Healthcare (GEHC), whichwere significantly below plan. "We are having highly productive discussionswith GEHC on how to improve their sales effort and I believe we will be on acourse for achieving greater BioArchive activity on a quarterly basis movingforward," Osgood said.

"We are also pleased to have received 510(k) clearance of our AXP for cordblood processing as it ensures that we will be in full compliance withimminent FDA regulatory requirements for cord blood processing and because webelieve this clearance will facilitate regulatory approval and registrationefforts for the AXP outside the U.S.," he noted.

Osgood indicated that the Company plans to launch a new version of the AXPfor bone marrow processing and is preparing a 510(k) submission for thisindication.

"We have had very encouraging feedback from the clinical communityregarding the use of the AXP for autologous bone marrow stem cell therapeutics.In addition, data reported at the American Association of Blood Banks meetinglast month demonstrated compelling results regarding recovery of cells usingthe device."

In regards to succession planning, governance and growth, on July 27, 2007,the Company appointed William Osgood as our new Chief Executive Officer (CEO),and our former Chief Executive Officer assumed the role of Chief TechnologyArchitect. Incident to this change, we also appointed Dr. Hubert Huckel as anon-executive Chairman of the Board of Directors. We continue to pursueadditional independent directors through an executive search firm retained bythe Governance & Nominating Committee.

"Since assuming the CEO position, I have been implementing new strategiesto enhance our financial performance. With our improved AXP bag set qualityand new initiatives in the regenerative medicine arena, we are making progresson many important fronts and believe our results in the remainder of fiscal2008 will reflect the value of our new initiatives," Osgood noted.

During the remainder of fiscal 2008, management expects to see sequentialquarterly revenue growth through a full AXP production ramp up and increasedBioArchive sales. Management also expects to see quarterly revenues climbabove $7 million in its fourth fiscal quarter of the year.

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