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TheStreet Open House

ThermoGenesis Reports Third Quarter Fiscal 2013 Results

RANCHO CORDOVA, Calif., May 14, 2013 (GLOBE NEWSWIRE) -- ThermoGenesis Corp. (Nasdaq:KOOL), a leading supplier of enabling technologies for the processing, storage of stem cells and other biological tissues, today reported results for the third quarter and first nine months of fiscal 2013.

For the quarter ended March 31, 2013, the Company reported revenues of $4.9 million, comparable to revenues in the third quarter a year ago and compared to revenues of $4.8 million in the prior quarter. ThermoGenesis reported a net loss of $1.1 million, or $0.07 per share, in the third quarter of 2013, versus a loss of $1.8 million, or $0.11 per share, in the same period a year ago.

In a separate press release last week, the Company announced it received registration approval for its AXP System used to concentrate stem cells from cord blood from China's State Food and Drug Administration. With this approval, the Company will immediately initiate commercial distribution of the product in China, one of the world's fastest growing cord blood markets.

"We were very pleased with our top line performance for the quarter as our core business revenues, which excludes the divested CryoSeal and ThermoLine product lines, increased more than $700,000 or 19% versus the third quarter a year ago. This growth was driven by several factors, including an increase in sales of our AutoXpress ® Platform (AXP) disposables and our manual bag sets. In addition, we benefited from increased disposable sales from our products used to prepare stem cell concentrates from bone marrow, due to increased sales in the quarter to our distributor, Celling Technologies," said Matthew Plavan, Chief Executive Officer.

"This growth in our core revenues was important especially in light of the fact we have divested the CryoSeal and ThermoLine product lines, which accounted for $1 million in revenues a year ago. These divestitures have also generated $3.5 million in cash, freed up internal resources and reduced operating costs," he continued.

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