THERMOGENESIS CORP. ANNOUNCES FOURTH QUARTER
AND YEAR END RESULTS
Company Achieves Record Quarter and Annual Revenues
Led By BioArchive(R) Sales
Rancho Cordova, California (September 10, 2004) - THERMOGENESIS CORP. (Nasdaq:
KOOL) today announced results for it's fourth quarter and year ended June 30,
2004. Net revenues for the quarter ended June 30, 2004, increased 25% to
$3,636,000, compared to $2,898,000 for the fourth quarter of fiscal 2003. For
the year ended June 30, 2004, the Company's net revenues increased 14% to
$11,646,000 compared to $10,187,000 for the prior year. The gross profit for the
fourth quarter was $1,244,000 or 34% of net revenues compared to $1,008,000 or
35% for the fourth quarter ended June 30, 2003. For the year ended June 30,
2004, the gross profit increased to $3,802,000 or 33% compared to $2,287,000 or
22% for the prior year.
Our net loss for the quarter ended June 30, 2004, was $1,097,000 or $0.02 per
basic and diluted share compared to a $991,000 net loss of $0.03 per basic and
diluted share for the quarter ended June 30, 2003. For the year ended June 30,
2004, the net loss was $4,777,000 or $0.11 per basic and diluted share, a
decrease from $5,603,000 or $0.15 per basic and diluted share for the year ended
June 30, 2003.
The Company posted it's highest revenues since it's inception, led by the
BioArchive product line which generated $7,745,000 in revenues for the year
ended June 30, 2004, an increase of $2,297,000 or 42% over the prior year. The
Company sold 26 devices in the year ended June 30, 2004, versus 20 in the year
ended June 30, 2003. The Company attributes the increase to the infusion of
government funding in Japan and Moscow and the growth of private cord blood
banking in Asia.
"The increase in the annual gross profit margin demonstrates the success of the
restructuring plan implemented in the last quarter of fiscal 2003", stated Kevin
Simpson, President and Chief Operating Officer. "This restructuring plan
included an increase in volume and selling prices of the BioArchive product
line, reduction of our in-house costs of manufacturing, and an array of cost
reduction activities to improve our operating margin."
The Company reported a cash balance of $16.6 million and working capital of
$19.8 million at June 30, 2004 compared to $6.8 million of cash and $10.4
million of working capital at June 30, 2003.
"I am very pleased with our results for fiscal 2004, specifically, our
achievement of record revenues and gross profit, and a significantly
strengthened balance sheet", said Philip Coelho, Chairman and CEO of
ThermoGenesis. "It appears that our BioArchive product platform is achieving
international market acceptance and we hope the same trend will follow the
completion of the CryoSeal US clinical trial and market launch of product
platform extensions."
Company Conference Call
Management will host a conference call today, September 10, 2004 at 11:00 AM PDT
to review the financial results and other corporate events, followed by a Q&A
session. The call can be accessed by dialing: (800) 860-2442 within the U.S. or
(412) 858-4600 outside the U.S and giving the conference name "THERMOGENESIS".
Participants are asked to call the assigned number approximately 5 minutes
before the conference call begins. A replay of the conference call will be
available two hours after the call for the following five business days by
dialing: (877) 344-7529 within the U.S. or (412) 317-0088 outside the U.S. and
entering the following account number: 323 and the following conference number:
353367.
About ThermoGenesis Corp.
After extensive research, THERMOGENESIS CORP.'s newly introduced technology
platforms lead the world in their ability to produce biological products from
single units of blood. Umbilical cord blood banks are utilizing the Company's
BioArchive System as an enabling technology for the cryogenic archiving of
hematopoietic stem cell units. The CryoSeal FS System is used to prepare
autologous hemostatic and adhesive surgical sealants from patient blood. The
CryoSeal FS System is currently undergoing a Phase III trial and is not
currently sold in the U.S. THERMOGENESIS CORP. has been a leading supplier of
state-of-the-art Ultra-Rapid Blood Plasma Freezers and Thawers to hospitals and
blood banks since 1992.
The statements contained in this release which are not historical facts are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to, certain delays beyond
the Company's control with respect to market acceptance of new technologies and
products, delays in testing and evaluation of products and other risks detailed
from time to time in the Company's filings with the Securities and Exchange
Commission.
For More Information, Contact:
THERMOGENESIS CORP.
Renee M. Ruecker: (916) 858-5100
or visit the web site at www.thermogenesis.com
THERMOGENESIS CORP.
Condensed Balance Sheets
Unaudited
June 30, June 30,
2004 2003
--------------- -----------------
ASSETS
Current assets:
Cash and cash equivalents $16,612,000 $6,815,000
Accounts receivable, net 3,107,000 2,014,000
Inventory 2,470,000 2,650,000
Other current assets 582,000 820,000
--------------- -----------------
Total current assets 22,771,000 12,299,000
Equipment, net 1,146,000 442,000
Other assets 197,000 50,000
$24,114,000 $12,791,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,709,000 $1,165,000
Other current liabilities 1,264,000 769,000
--------------- -----------------
Total current liabilities 2,973,000 1,934,000
Long-term liabilities 173,000 283,000
Stockholders' equity 20,968,000 10,574,000
--------------- -----------------
$24,114,000 $12,791,000
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