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RANCHO CORDOVA, Calif., Sept. 20, 2012 (GLOBE NEWSWIRE) -- ThermoGenesis Corp. (Nasdaq:KOOL), a leading supplier of enabling technologies for the processing, storage and administration of cell therapies, today reported results for the fourth quarter and all of fiscal 2012.
For the quarter ended June 30, 2012, revenues were $4.5 million versus $5.4 million in the fourth quarter a year ago and $4.9 million in the prior quarter. The decline in year-over-year revenues was attributable to decreased sales of BioArchive
® System devices, reflecting the continuing softness in worldwide capital equipment purchase activity. Total disposable sales were higher in the fourth quarter of fiscal 2012 totaling $3.3 million compared to $3.0 million a year ago and $2.9 million in the prior quarter. ThermoGenesis reported a net loss of $738,000, or $0.04 per share, in the fourth quarter of 2012, $430,000 less than the net loss of $1.2 million, or $0.07 per share, in the same period a year ago.
The Company ended the year with $7.9 million in cash compared to $8.5 million at the end of the third quarter and $12.3 million at the end of fiscal 2011. In August 2012, the Company received $2 million in cash related to the sale of assets of the CryoSeal
® Fibrin Sealant System (CryoSeal) product line. This payment will be reflected in the Company's balance sheet at September 30, 2012. The Company's backlog at the end of the fourth quarter was $1.5 million.
"Over the past several months, the Company has realized a number of important milestones in its growth strategy, beginning with our recent product purchase and distribution agreement for the AXP
® (AXP) System with Golden Meditech Holdings Limited, which is affiliated with China Cord Blood Corporation—the first and largest umbilical cord blood bank operating in China," said Matthew Plavan, Chief Executive Officer of ThermoGenesis.
Under the five-year agreement, Golden Meditech will have annual minimum purchase commitments and exclusive distribution rights for the AXP System—used for the processing of stem cells from cord blood—in the People's Republic of China (excluding Hong Kong and Taiwan) and in Singapore, Indonesia, India and the Philippines once relevant approvals have been obtained in each respective region where they have not yet occurred.