ThermoGenesis Reports 15 Percent Increase in First Quarter Revenues; Improved Bottom Line
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.
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'.
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 products include:
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. 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 =========== ===========
SOURCE ThermoGenesis Corp.
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