RANCHO CORDOVA, Calif., Sept. 12, 2011 /PRNewswire/ -- ThermoGenesis Corp. (NASDAQ: KOOL), a leading supplier of innovative products and services that process and store adult stem cells in the practice of regenerative medicine, reported results for the fourth quarter and all of fiscal 2011.
For the quarter ended June 30, 2011, the Company reported revenues of $5.4 million, compared to $7.2 million in the fourth quarter a year ago and $5.2 million in the prior quarter. Disposable sales in the fourth quarter of fiscal 2011 were $3.0 million, compared with $4.8 million in the same period a year ago and $3.0 million in the prior quarter. ThermoGenesis reported a net loss of $1.2 million, or $0.07 per share, in the fourth quarter of 2011, versus a net loss of $171,000, or $0.01 per share, in the same period a year ago.
For fiscal 2011, ThermoGenesis reported sales of $23.4 million compared with revenues of $23.1 million in fiscal 2010. Disposable sales in fiscal 2011 were $13.8 million, compared with $14.3 million for fiscal 2010. The Company reported a net loss of $2.6 million, or $0.17 per share, compared with a net loss of $5.2 million, or $0.37 per share, in fiscal 2010. The Company ended fiscal 2011 with $12.3 million in cash and cash equivalents versus $13.5 million at the end of the third quarter of 2011 and $10.7 million at the end of fiscal 2010. Backlog at the end of fiscal 2011 was $1.1 million.
"We are pleased to report a $2.6 million reduction in our annual net loss, or an improvement of 51 percent versus 2010. We accomplished this despite nominal growth in revenues year-over-year. We realized measurable improvements in gross margins due to operating efficiencies and lower supplier costs, and a more than $1 million decline in operating expenses. Our performance for the quarter reflected the continued softness in the U.S. and European cord blood markets. This was partially offset by an increase in Res-Q® (Res-Q) System disposable revenues," said J. Melville Engle, Chairman and Chief Executive Officer of ThermoGenesis.
"During the quarter, we achieved two important milestones in our program to increase the market presence for our Res-Q technology. These included FDA clearance of our 510(k) submission for the preparation of autologous platelet rich plasma (PRP), and the commercial launch of Res-Q for bone marrow indications in India. Also during the quarter, we made an initial shipment of AXP® AutoXpress Platform (AXP) and disposables to our Latin American distributor, which are being placed with customers in Mexico and Brazil," he stated.
"Despite a challenging market environment, fiscal 2011 was marked by a number of major accomplishments, particularly our increased presence in China where we have a number of distributor and customer relationships with leading regenerative medicine companies. We also initiated several clinical evaluations for our products, including studies involving Res-Q in China and India. With respect to our financial performance, we realized continued improvement in gross margins and operating expense levels, and strengthened our balance sheet by raising approximately $4 million of growth capital through an offering of stock and warrants," Engle noted.
"We are looking forward to achieving other key milestones in our long-term growth strategy during fiscal 2012. There is growing interest in our cord blood and bone marrow technologies, particularly in important international markets where we have strong partnerships with market leaders. Our plan is to leverage these strong technology assets for adoption in a wider range of indications, through the development of new products and strategic partnerships and joint ventures. At the same time, we will continue to position the company for profitability, while maintaining a strong balance sheet to support our initiatives," he added.
The Company said that it expects revenues for the first two quarters of fiscal 2012 will be relatively consistent with those of the fourth quarter 2011.
