RANCHO CORDOVA, Calif., Feb. 6 /PRNewswire-FirstCall/ -- ThermoGenesis Corp. , a leading supplier of innovative products and services that process and store adult stem cells for treatment of disease and injury, today reported results for the second quarter and first six months of fiscal 2008.
Revenues for the quarter ended December 31, 2007, were $5.5 million. This compares with revenues of $3.7 million for the second quarter of fiscal 2007 and $3.6 million for the first quarter of fiscal 2008. Total disposable revenues were $2.6 million, a 44 percent increase over disposable revenues of $1.8 million in the second quarter a year ago.
The Company reported a net loss of $1.7 million, or $0.03 per share, in the second quarter of fiscal 2008, versus a loss of $2.0 million, or $0.04 per share, in the second quarter a year ago. At December 31, 2007, ThermoGenesis had $30.5 million in cash, cash equivalents and short-term investments. Total cancellable backlog at the end of the second fiscal quarter was $3.9 million, a 50 percent increase over the $2.6 million in cancellable backlog a year ago.
“As we discussed in our January 10th update news release, the primary growth drivers during the quarter were increased AXP(TM) AutoXpress Platform (AXP) bag set shipments, improved BioArchive(R) System sales and growth in CryoSeal(R) FS System and disposable sales,” noted Dr. William Osgood, the Company’s Chief Executive Officer.
Osgood said the Company’s results reflect its success in addressing AXP bag set production quality. In addition, the Company shipped 8 BioArchive devices during the quarter which compares to 3 devices shipped in the prior year same quarter, bringing the total number of installed BioArchive devices world-wide to 166.
With respect to the Company’s strategy to expand into new regenerative medicine markets, Osgood noted, “Our newest initiative in this regard is the MarrowXpress(TM), a version of our AutoXpress(TM) Platform targeted to the processing of bone marrow. Our initial focus will be in the use of bone marrow stem cells in the treatment of critical limb ischemia and myocardial ischemia. We are in the process of preparing a 510 (k) submission and CE Mark application.”
Separately, the Company announced today the creation of a wholly-owned subsidiary, Vantus(TM) Inc. a veterinary stem cell laboratory services company. Its initial focus will be the harvesting, processing and preservation of equine stem cells for use in treatment of orthopedic injuries in the performance equine market. The Company is also close to completing a formal collaboration with the Center for Equine Health and Stem Cell Regenerative Medicine Group at the University of California, Davis, School of Veterinary Medicine.
“We are making meaningful progress across our entire business, as well as hitting key milestones in our regenerative medicine strategy. We remain optimistic about our long-term prospects and the value of our technology to facilitate our growth initiatives,” Osgood said.
For the first six months of fiscal 2008, ThermoGenesis reported revenues of $9.1 million versus $8.0 million in the same period a year ago. Disposable revenues were $4.5 million versus $2.8 million, a 61% increase. The Company reported a net loss of $4.0 million, or $0.07 per share, in the first six months of fiscal 2008, versus a net loss of $3.1 million, or $0.06 per share, in the same period a year ago.
Consistent with prior guidance, the Company said that during the remainder of fiscal 2008, management expects to see continued sequential quarterly revenue growth through a full AXP production ramp and strong BioArchive sales. Management also expects quarterly revenues will exceed $7 million in the fourth fiscal quarter of 2008.
Company Conference Call and Webcast
Management will hold a conference call today, February 6, at 2:00 p.m., Pacific Standard Time (5:00 p.m., Eastern Standard Time) to review the second fiscal quarter financial results and other corporate events, followed by a Q&A session. Participants are asked to call the assigned number approximately five minute before the conference begins.
To listen to the audio webcast of the call during or after the event, please visit: http://www.thermogenesis.com/investor_relations/index.asp.
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.
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:
This press release, including statements regarding financial information for future periods, contain forward-looking statements, and such statements are made pursuant to the safe harbour 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 year 2008, 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 2008. 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.
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CONTACT: Investor Relations of ThermoGenesis Corp., +1-916-858-5107,
ir@thermogenesis.com
Web site: http://www.thermogenesis.com/
