Net Loss Reduced by 56 Percent Year-Over-Year
Positive Clinical Study Results Published
RANCHO CORDOVA, Calif., Feb. 12, 2013 (GLOBE NEWSWIRE) -- ThermoGenesis Corp. (Nasdaq:KOOL), a leading supplier of enabling technologies for the processing and storage of cell therapies, today reported results for the second quarter and first six months of fiscal 2013.For the quarter ended December 31, 2012, revenues of $4.8 million were comparable to revenues in the second quarter a year ago and up substantially from revenues of $4.1 million in the prior quarter. Revenues for the second quarter of 2013 versus the same period a year ago reflect increased sales of the Company's BioArchive ® System devices, offset by declines in BioArchive disposable revenues, as well as CryoSeal product sales—which the Company divested in the first quarter of fiscal 2013. ThermoGenesis reported a net loss of $563,000, or $0.03 per share, in the second quarter of 2013, compared with a net loss of $1.3 million, or $0.08 per share, in the same period a year ago. The Company ended the quarter with $7.5 million in cash compared with $8.8 million at the end of the first quarter of 2013 and $7.9 million at the end of fiscal 2012. The Company's backlog at the end of the second quarter was approximately $714,000. "The second quarter demonstrated the value of our initiatives to improve gross margins and reduce operating expenses as we reduced our net loss by more than 50 percent versus the second quarter a year ago. On a sequential basis, revenues increased nearly $700,000 versus the first quarter of 2013, as we sold three more of our BioArchive System devices versus the prior quarter and recorded revenues from the initial shipment of our AutoXpress ® Platform (AXP) bagsets to Golden Meditech Holdings Limited in China as part of our new product purchase and distribution agreement," said Matthew Plavan, Chief Executive Officer. "We were also pleased to sign the agreement to divest the ThermoLine product line at the end of the second quarter. We anticipate closing this transaction in the third quarter, which will mark the completion of the disposition of our non-core product lines, ThermoLine and CryoSeal. Together with the $500,000 we received at the end of the second quarter for the ThermoLine product line, these divestitures have generated a total of $3.5 million in cash with $2.5 million of that received in the last six months. In addition, our restructuring and streamlining initiatives have reduced our operating and overhead expenses by more than $2 million annually, serving our goal of creating a stronger organization more focused on our core cord blood and stem cell regenerative medicine businesses," he added.