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ThermoGenesis Reports Q2 Fiscal 2008 Results

ThermoGenesis Corp. (ThermoGenesis) has reported net revenues of $6.1 million for the second quarter of fiscal 2008, compared with the net revenues of $5.4 million in the year-ago quarter. It reported a net loss of $1.6 million or $0.03 per share, for the second quarter of fiscal 2008, compared with the net loss of $1.7 million or $0.03 per share, in the year-ago quarter.

Disposable revenues in the quarter were $3.5 million, up 35% over disposable revenues of $2.6 million in the second quarter of fiscal 2008. Disposable revenues associated with the company’s core AXP AutoXpress Platform (AXP) and BioArchive Systems offering increased by 56 percent year-over-year as AXP bag set volume in the quarter was 26,500 versus 20,000 in the second quarter a year ago.

The company’s results for the second quarter of fiscal 2009 reflect a nearly $300,000 decline in interest and other income versus a year ago, due to lower cash balances and interest rates. The results for the second quarter of 2009 also include a severance accrual of $370,000 related to the company’s former chief executive officer, while results for the second quarter of last year include approximately $400,000 in stock-based compensation expense related to restricted stock awards for the company’s former chief technology

The company ended the second quarter of fiscal 2009 with $18.8 million in cash and short-term investments compared with $25.3 million at the end of fiscal 2008. Total backlog at the end of the second quarter of fiscal 2009 was $1.7 million versus $1.8 million at the end of the first quarter of fiscal 2009.

“I am pleased with the progress we have made in our core cord blood business with the BioArchive and AXP, in particular the growth of our higher margin disposable sales, as we continue our strategic focus on generating near-term revenue growth and improving our bottom line performance,” said Matthew Plavan, chief executive officer of ThermoGenesis. “In addition, we have continued to manage our operating expenses, which are down by roughly $1 million as compared to the fourth quarter of fiscal 2008. I believe that the reorganization we have put in place since I was named Chief Executive Officer in early December will demonstrate further success in this area beginning with our third quarter results,” he added.

Plavan said that the company also continues to develop opportunities in the regenerative medicine area. “Last week, we announced two key milestones with our MarrowXpress™, or MXP™, system used to concentrate stem cells from bone marrow. These included the initial shipment of the device to Celling Technologies, a leader in the use of cell therapy for the treatment of orthopedic injuries. In addition, we announced that the MXP is being used in an important Phase II clinical trial at the University of Naples in Italy that is studying the effect of bone marrow derived mononuclear cells on patients with critical limb ischemia,” Plavan noted.

The company remains on track to release the Res-Q, its newest point-of-care processing device for bone marrow and platelet rich plasma (PRP) processing in the fourth fiscal quarter and is currently evaluating potential distribution avenues.

For the first six months of fiscal 2009, ThermoGenesis reported revenues of $10.6 million, a 17 percent increase over revenues of $9.1 million in the same period a year ago. The company reported a net loss of $4.4 million, or $0.08 per share, compared to a net loss of $4.0 million, or $0.07 per share, in the first six months of fiscal 2008. The results for the first six months of 2009 include a decline of approximately $600,000 in interest and other

With respect to fiscal 2009, the company continues to expect that revenues will increase 10-20 percent over fiscal 2008. The company also anticipates a significant reduction in its quarterly loss in the fourth fiscal quarter and a continuing quarterly trend to achieve profitability during 2010. “Based upon the success of our expense management programs and focus on revenue growth, we expect to see a continued reduction of our cash burn on our way to profitability while maintaining a strong balance sheet,” Plavan added.