EXHIBIT 99
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THERMOGENESIS CORP. ANNOUNCES
FOURTH QUARTER AND YEAR END RESULTS
Three (3) Essential Milestones Completed for the Company: AXPTM Development,
Completion of CryoSeal(R) US Pivotal Trial Enrollment and TPDTM European Launch
Rancho Cordova, California (September 9, 2005) - ThermoGenesis Corp. (Nasdaq:
KOOL) today announced results for its fourth quarter and year ended June 30,
2005. Net revenues for the quarter ended June 30, 2005 were $3,099,000, a
reduction of 15% compared to $3,636,000 for the fourth quarter of fiscal 2004.
For the year ended June 30, 2005, the Company's net revenues were $10,177,000, a
reduction of 13% compared to $11,646,000 for the prior year. Lower revenues
resulted from the delay in passage of the National Cord Blood Stem Cell Bill and
later than anticipated launch of the AXP blood component processing device.
Gross profit for the fourth quarter was $904,000 or 29% of net revenues, a
decrease compared to $1,244,000 or 34% for the fourth quarter ended June 30,
2004. For the year ended June 30, 2005, the gross profit decreased to $3,088,000
or 30% compared to $3,802,000 or 33% for the prior year. This reduction in gross
profit was due to a lower percentage of higher margin BioArchive(R) units sold
and the loss of service revenues with higher margin.
Net loss for the quarter ended June 30, 2005, was $2,383,000 or $0.05 per basic
and diluted share, compared to a $1,097,000 net loss or $0.02 per basic and
diluted share for the quarter ended June 30, 2004. For the year ended June 30,
2005, the net loss was $8,220,000 or $0.18 per basic and diluted share, compared
to $4,777,000 or $0.11 per basic and diluted share for the year ended June 30,
2004. The combination of R&D expenses for completing the development of the AXP
and expediting costs for completing enrollment for the CryoSeal PMA clinical
trials; both contributed significantly to increased loss this past quarter and
year end. R&D expenses for the year ended June 30, 2005 were $5,673,000, an
increase of $2,201,000 or 63% compared to $3,472,000 in prior year.
For the year ended June 30, 2005, the BioArchive product line generated
$7,130,000 in revenues, a decrease of $615,000 or 8% as compared to $7,745,000
in prior year. BioArchive disposables continued to grow in FY2005, increasing by
11% over prior year. In spite of this continued disposable growth, the Company
sold only 21 devices in the year ended June 30, 2005, versus 26 in the year
ended June 30, 2004. The sale of BioArchive devices outside the U.S. is heavily
dependent on government funding, which can be erratic. Included in the 26
devices shipped in the prior year were five units to Japan. There were no
BioArchive devices shipped to Japan in fiscal 2005.
For the year ended June 30, 2005, ThermoLine service revenue was $140,000, a
decrease of $690,000 or 83% compared to $830,000 in prior year. The decrease is
primarily due to a reduction in freezer units covered under a service contract
with ZLB, formerly Aventis, and also the termination of the service contract as
of October 31, 2004.
Kevin Simpson, President and COO commented, "We anticipate the launch of the
CryoSeal in U.S., the TPD in Europe, and AXP worldwide to positively affect both
our revenues and gross profit over the next 12 to 18 months. We are pleased with
the reception and early feedback on both the AXP and TPD and look for both of
these products to make quick adoption in the market place."
The Company reported a cash balance of $9,568,000 and working capital of
$13,085,000 at June 30, 2005 compared to $16,612,000 of cash and $19,798,000 of
working capital at June 30, 2004.
Company Conference Call
Management will host a conference call today, September 9, 2005 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 when prompted `370990'.
About ThermoGenesis Corp.
ThermoGenesis Corp. is a leader in enabling technologies for cell therapeutics.
The Company's 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 a critical enabling technology for
cryogenic archiving of stem cells for transplant, while its CryoSeal FS System
is used to prepare hemostatic and adhesive surgical sealants from the patient's
blood in about an hour. 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.
Matthew Plavan: (916) 858-5100
or visit the web site at www.thermogenesis.com
THERMOGENESIS CORP.
Condensed Statements of Operations
Unaudited
Three Months Ended Years Ended
June 30, June 30,
2005 2004 2005 2004
---------------- ------------------ ---------------- ----------------
Net revenues $3,099,000 $3,636,000 $10,177,000 $11,646,000
Cost of revenues 2,195,000 2,392,000 7,089,000 7,844,000
---------------- ------------------ ---------------- ----------------
Gross profit 904,000 1,244,000 3,088,000 3,802,000
---------------- ------------------ ---------------- ----------------
Gross profit % 29% 34% 30% 33%
Expenses:
Selling, general and administrative 1,605,000 1,412,000 5,837,000 5,174,000
Research and development 1,732,000 968,000 5,673,000 3,472,000
---------------- ------------------ ---------------- ----------------
Total operating expenses 3,337,000 2,380,000 11,510,000 8,646,000
Interest and other income, net 50,000 39,000 202,000 67,000
---------------- ------------------ ---------------- ----------------
Net loss ($2,383,000) ($1,097,000) ($8,220,000) ($4,777,000)
================ ================== ================ ================
Basic and diluted net loss per common
share ($0.05) ($0.02) ($0.18) ($0.11)
================ ================== ================ ================
Shares used in computing per share data 45,859,348 44,650,439 45,427,047 41,779,818
================ ================== ================ ================
THERMOGENESIS CORP.
Condensed Balance Sheets
Unaudited
June 30, June 30,
2005 2004
--------------------------- --------------------------
ASSETS
Current assets:
Cash and cash equivalents $9,568,000 $16,612,000
Accounts receivable, net 2,917,000 3,107,000
Inventory 3,280,000 2,470,000
Other current assets 469,000 582,000
--------------------------- --------------------------
Total current assets 16,234,000 22,771,000
Equipment, net 1,184,000 1,146,000
Other assets 48,000 197,000
--------------------------- --------------------------
$17,466,000 $24,114,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,791,000 $1,709,000
Other current liabilities 1,358,000 1,264,000
--------------------------- --------------------------
Total current liabilities 3,149,000 2,973,000
Long-term liabilities 286,000 173,000
Stockholders' equity 14,031,000 20,968,000
--------------------------- --------------------------
$17,466,000 $24,114,000
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