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Revenues for the quarter ended June 30, 2008, were $7.2 million, a 104percent increase over revenues of $3.5 million in the fourth quarter a yearago. Disposable revenues in the quarter were $4.2 million, nearly triple the$1.5 million in disposable revenue for the fourth quarter of fiscal 2007.
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The Company reported a net loss of $2.5 million, or $0.04 per share,versus a net loss of $2.6 million, or $0.05 per share, in the fourth quarterof fiscal 2007. The results for both periods include stock-based compensationexpense of $303,000 and $482,000, respectively.
The Company ended fiscal 2008 with $25.3 million in cash, cash equivalentsand short-term investments. Total backlog at the end of the fourth quarterwas $2.3 million. This compares with $2.2 million in the same period a yearago.
"ThermoGenesis ended fiscal 2008 in very strong fashion with revenuegrowth in the quarter driven primarily by demand for our AXP(TM) AutoXpressPlatform (AXP(TM)) disposable bagsets and our continued ability to improvemanufacturing yields," said Dr. William Osgood, the Company's Chief ExecutiveOfficer. "In addition, we benefited from an increase in sales of ourBioArchive(R) System having sold a record nine units in the fourth fiscalquarter".
"Our growth in revenues for the quarter," he continued, "was offset at thebottom line by a $1.0 million dollar increase in Research and Developmentspending year-over-year related to our veterinary stem cell initiative andsalary and stock compensation charges for the newly created position ChiefTechnology Architect. In addition, interest income declined $265,000 versuslast year due to decreased cash balances and declining interest rates."
Osgood noted that the Company has achieved several important milestonesrecently, including receiving a CE-Mark enabling commercial sales of itsMarrowXpress(TM), or MXP(TM), in Europe, and authorization from the FDA toinitiate commercial sales of the device in the U.S. The MXP is used forconcentrating stem cells from bone marrow at both the point-of-care and in alaboratory setting.
"In addition, we have appointed more than a dozen new distributors for ourBioArchive System following the restructuring of our agreement with GEHealthcare, giving us distributor relationships in nearly all of our keyinternational markets. Many of these distributors previously sold one or moreof our offerings-including the BioArchive-and have established relationshipsin their markets," Osgood noted.
Osgood said the Company realized a number of key accomplishments in itsgrowth strategy during fiscal 2008, including:
"Because of our accomplishments over the past year, ThermoGenesis is wellpositioned to achieve a ramp in growth and increase its presence in key areasof regenerative medicine. In addition to implementing programs that aredesigned to expand our cord blood business, we have a number of product andmarket development initiatives underway that we expect will begin tocontribute initial revenues from new stem cell markets during the currentfiscal year," Osgood commented.
For all of fiscal 2008, ThermoGenesis reported revenues of $21.9 million,a 31 percent increase over revenues of $16.8 million in fiscal 2007. TheCompany reported a net loss of $9.2 million, or $0.16 per share, compared witha net loss of $6.8 million, or $0.12 per share, in fiscal 2007. The resul
