ThermoGenesis Reports First Quarter Fiscal 2013 Results
New Asian Customers Ramping Up AXP Operations
RANCHO CORDOVA, Calif., Nov 13, 2012 (Menafn - GlobeNewswire via COMTEX) --ThermoGenesis Corp. KOOL, a leading supplier of enabling technologies for the processing, storage and administration of cell therapies, today reported results for the first quarter of fiscal 2013.
For the quarter ended September 30, 2012, revenues were 4.1 million versus 4.9 million in the first quarter a year ago and 4.5 million in the prior quarter. The decline in year-over-year revenues was primarily due to decreased sales of the Company's BioArchive(R) System devices, reflecting the continuing softness in worldwide capital equipment purchase activity. Total disposable sales in the first quarter of 2013 were 3.0 million versus 3.5 million in the same period a year ago. Disposable sales were negatively impacted by approximately 120,000 year-over-year due to a decline in sales of disposables from its CryoSeal product line for which the Company completed a disposition during the quarter.
ThermoGenesis reported net income of 1.0 million, or 0.06 per diluted share, in the first quarter of 2013 versus a net loss of 1.2 million, or 0.07 per share, in the same period a year ago. Included in the results for the first quarter of 2013 is a gain on sale of 2.0 million related to the CryoSeal transaction.
The Company ended the quarter with 8.8 million cash compared with 7.9 million at the end of fiscal 2012. The Company's backlog at the end of first quarter was approximately 700,000.
"We continue to advance our strategy to transform ThermoGenesis into a leading provider of tools for stem cell therapy despite a challenging macroeconomic environment," said Matthew Plavan, Chief Executive Officer. "We are well positioned in the cord blood market with new distribution agreements and enhanced customer service capabilities, and look forward to recording initial revenues from our product purchase and distribution agreement with Golden Meditech Holdings Limited in China before the end of calendar 2012. As a result of these recent developments, we believe we will be able to grow quarterly revenues on a sequential basis during fiscal 2013," he continued.
"At the same time," he continued, "we have streamlined the Company to increase our focus on core business opportunities and enable us to better manage our financial resources, while continuing to respond to market shifts and longer-term opportunities, including new product development needs in developing markets."
Conference Call and Webcast
Management will hold a conference call today at 2 p.m., Pacific (5 p.m., Eastern) to review the first quarter fiscal 2013 results.
Conference call details:
Dial-in (U.S.):1-800-860-2442
Dial-in (Internationally):1-412-858-4600
Conference Name:"ThermoGenesis"
To listen to the audio webcast of the call during or after the event, please visit http://services.choruscall.com/links/thermogen121113.html
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 (Internationally)1-412-317-0088
Conference ID#: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 separation, preservation and delivery of cell and tissue therapy products. These include:
--The BioArchive(R) System, an automated cryogenic device, used by cord
blood stem cell banks in more than 30 countries for cryopreserving and
archiving cord blood stem cell units for transplant.
--AXP(R) AutoXpress(R) Platform (AXP), a proprietary family of automated
devices that includes the AXP and the MXP(R) MarrowXpress(R) and
companion sterile blood processing disposables for harvesting stem cells
in closed systems. The AXP device is used for the processing of cord
blood. The MXP is used for the preparation of cell concentrates,
including stem cells from bone marrow aspirates in the laboratory
setting.
--The Res-Q(R) 60 BMC/PRP (Res-Q), a point-of-care system designed for the
preparation of cell concentrates, including stem cells, from bone marrow
aspirates and whole blood for platelet rich plasma (PRP).
The ThermoGenesis Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14120
This press release contains forward-looking statements. 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 and foreign
regulatory 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 2013, 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 2013. 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 Balance
(Unaudited)
September
30,June 30,
20122012
----------------------
ASSETS
Current assets:
Cash and cash
equivalents8,753,0007,879,000
Accounts receivable, net3,515,0004,558,000
Inventories6,209,0006,290,000
Prepaid expenses and
other current assets366,000338,000
----------------------
Total current assets18,843,00019,065,000
Equipment, net1,634,0001,652,000
Other assets325,000363,000
----------------------
20,802,00021,080,000
======================
Current liabilities:
Accounts payable1,505,0002,772,000
Other current
liabilities2,186,0002,259,000
----------------------
Total current
liabilities3,691,0005,031,000
Long-term liabilities129,000151,000
Stockholders' equity16,982,00015,898,000
----------------------
20,802,00021,080,000
======================
ThermoGenesis Corp.
Condensed Statements of Operations (Unaudited)
Three Months Ended
September 30,
20122011
-----------------------
Net revenues4,122,0004,859,000
Cost of revenues2,496,0002,860,000
-----------------------
Gross profit1,626,0001,999,000
-----------------------
Expenses:
Selling, general and
administrative1,796,0002,316,000
Research and development838,000923,000
Gain on sale of product line(2,000,000)--
-----------------------
Total operating expenses634,0003,239,000
Interest and other income, net3,00032,000
-----------------------
Net income (loss)995,000(1,208,000)
=======================
Per share data:
Basic net income (loss) per
common share0.06(0.07)
Diluted net income (loss)
per common share0.06(0.07)
Weighted average common shares outstanding:
Basic16,515,84616,363,033
Diluted16,520,27516,363,033
ThermoGenesis Corp.
Condensed Statements of Cash Flows (Unaudited)
Three Months Ended,
September 30,
20122011
-----------------------
Cash flows from operating activities:
Net income/(loss)995,000(1,208,000)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization134,00099,000
Stock based compensation expense143,000366,000
Gain on sale of product line(2,000,000)----
Net change in operating assets and
liabilities:
Accounts receivable, net1,043,000(447,000)
Inventories13,000(230,000)
Prepaid expenses and other current
assets(28,000)105,000
Other assets----1,000
Accounts payable(982,000)29,000
Accrued payroll and related expenses(26,000)142,000
Deferred revenue(15,000)80,000
Other liabilities(54,000)(457,000)
-----------------------
Net cash used in operating activities(777,000)(1,520,000)
-----------------------
Cash flows from investing activities:
Capital expenditures(295,000)(36,000)
Proceeds from sale of product line2,000,000----
-----------------------
Net cash provided by (used in)
investing activities1,705,000(36,000)
-----------------------
Cash flows from financing activities:
Repurchase of common stock(54,000)----
-----------------------
Net cash used in financing activities(54,000)----
-----------------------
Net increase (decrease) in cash and cash
equivalents874,000(1,556,000)
Cash and cash equivalents at beginning of
period7,879,00012,309,000
-----------------------
Cash and cash equivalents at end of period8,753,00010,753,000
=======================
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SOURCE: ThermoGenesis Corp.
(Logo:http://media.primezone.com/cache/21307/int/15045.jpg)
CONTACT: ThermoGenesis Corp.
Web site: http://www.thermogenesis.com
Contact: Investor Relations
1-916-858-5107, or
ir@thermogenesis.com
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