For the third quarter ended March 31, 2010, the Company reported total revenues of $4.8 million versus total revenues of $5.1 million in the third quarter a year ago and $6.0 million in the second quarter of fiscal 2010.
The Company recorded disposable revenues of $3.0 million in the third quarter of fiscal 2010, an increase over disposable revenues of $2.9 million in the third quarter a year ago and $3.5 million in the second quarter of fiscal 2010.
For the third quarter of fiscal 2010, ThermoGenesis reported a net loss of $1.4 million, or $0.02 per share, compared with a net loss of $1.1 million, or $0.02 per share, in the same period a year ago. The results for the third quarter of fiscal 2010 compare with a net loss of $1.5 million, or $0.03 per share, in the second quarter of fiscal 2010.
"Our results for the third quarter reflect lower-than-anticipated orders for our Res-Q and MXP products through Celling Technologies, our distributor serving the orthopedic market. In addition, we ended the quarter with approximately $600,000 in AXP bag set backorders, due to the transition to a new second source manufacturer, which is now up and running. We expect to fulfill these AXP bag set backorders during the fourth fiscal quarter. The Company also recorded lower-than-expected BioArchive sales. These three events, which occurred very late in the quarter, resulted in a shortfall of approximately $2 million in revenue," Engle said.
"This impact to the third quarter has resulted in a shift in our plan to reach profitability by one quarter to the first quarter of fiscal 2011 as we now expect fourth quarter 2010 revenues will exceed $7 million, which should get us to break-even. We have a strong product backlog and the visibility of incoming orders. Additionally, we now have expanded AXP bag set production capacity and anticipated growth of our bone marrow offerings in both current and prospective markets through multiple new distribution channels," Engle added.
For the first nine months of fiscal 2010, ThermoGenesis reported revenues of $15.9 million versus $15.8 million in the same period a year ago. Disposable revenues in the first nine months of fiscal 2010 were $9.6 million, a 14 percent increase over disposable revenues of $8.4 million in the same period a year ago. The Company reported a net loss of $5.0 million, or $0.09 per share, in the first nine months of fiscal 2010 versus a net loss of $5.5 million, or $0.10 per share, in the first nine months of fiscal 2009.
"Over the past 90 days, we have established significant underpinnings for the Company's long-term growth strategy and we have completed five new and important distribution agreements during that time, including our new distribution agreement announced today with GE Healthcare for our Res-Q60 BMC (Res-Q) product used to prepare cell concentrates from bone marrow. These five new agreements cover both our bone marrow and cord blood offerings and provide us expanded reach into new geographies as we continue to build momentum in regenerative medicine," said J. Melville Engle, Chief Executive Officer of ThermoGenesis.
The previously announced distribution agreements include:
- An enhanced distribution agreement with GE Healthcare covering the AXP® AutoXpress (AXP) System.
- Exclusive, five-year agreement with Fenwal, Inc., to market the AXP and BioArchive® Systems for use in cord blood processing and storage in China, India and Japan.
- Distribution agreement covering the Res-Q and MXP MarrowXpress for bone marrow stem cell markets in India, Malaysia and Thailand with TotipotentSC.
- Agreement with CEI to market and distribute the Res-Q and MXP Systems in Mexico and Central and South American countries, including Brazil, Chile, Columbia, Costa Rica, Panama, Peru, Uruguay and Venezuela.
Company's Conference Call and Webcast
Management will host a conference call today at 2:00 PM Pacific (5 PM Eastern) to review the fiscal 2010 third quarter and first nine months fiscal results.
Conference call details: | ||
Dial-in (U.S.): | 1-800-860-2442 | |
Dial-in (International): | 1-412-858-4600 | |
Conference Name: | "ThermoGenesis" | |
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.): | 1-877-344-7529 | |
Access number (International): | 1-412-317-0088 | |
Conference ID#: | 385107 | |
THERMOGENESIS CORP. Condensed Consolidated Balance Sheets (Unaudited) | |||||
March 31, | June 30, | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $5,134,000 | $6,655,000 | |||
Short term investments | 4,992,000 | 8,976,000 | |||
Accounts receivable, net | 5,080,000 | 4,235,000 | |||
Inventories | 5,459,000 | 5,233,000 | |||
Other current assets | 208,000 | 662,000 | |||
Total current assets | 20,873,000 | 25,761,000 | |||
Equipment, net | 1,831,000 | 1,784,000 | |||
Other assets | 188,000 | 110,000 | |||
$22,892,000 | $27,655,000 | ||||
LIABILITIES AND STOCKHOLDER'S EQUITY | |||||
Current liabilities: | |||||
Accounts payable | $2,290,000 | $1,781,000 | |||
Other current liabilities | 2,717,000 | 3,057,000 | |||
Total current liabilities | 5,007,000 | 4,838,000 | |||
Long-term liabilities | 34,000 | 363,000 | |||
