EXHIBIT 99
[ThermoGenesis Corp. Logo omitted]
THERMOGENESIS CORP. ANNOUNCES
FIRST QUARTER RESULTS
Successful Thrombin Processing Device(TM) ("TPD") Market Launch
Rancho Cordova, California (November 9, 2005) - ThermoGenesis Corp. (Nasdaq:
KOOL) today announced results for its first fiscal quarter ended September 30,
2005. Net revenues for the quarter ended September 30, 2005 were $2,116,000, a
reduction of 12% compared to $2,397,000 for the first quarter of fiscal 2005.
Lower revenues in the current year were the result of one less BioArchive (R)
device sale, fewer BioArchive disposable canister sales and the loss of the ZLB
(formerly Aventis) ThermoLineTM service contract in the second fiscal quarter of
the prior year. This reduction in revenues was partially offset by sales of the
newly introduced TPD sold during the quarter to our distribution partner,
Biomet.
Gross profit for the first quarter was $587,000 or 28% of net revenues, a
decrease compared to $780,000 or 33% for the first quarter ended September 30,
2004. This reduction in gross profit was due to the loss of ThermoLine service
revenues, which had a higher margin than the overall product mix, as well as a
lower percentage of higher margin BioArchive devices and canister sales in the
overall product mix.
Net loss for the quarter ended September 30, 2005 was $2,016,000 or $0.04 per
basic and diluted share, compared to a $1,879,000 net loss or $0.04 per basic
and diluted share for the quarter ended September 30, 2004. Selling, general and
administrative expenses were $1,584,000 for the first quarter of fiscal year
2006, up from $1,434,000 in the same quarter last year. This increase is
primarily due to the Company's adoption of the fair value recognition provision
of the Statement of Financial Accounting Standard No. 123(R), Share-Based
Payments. R&D expenses were $1,073,000 for the quarter ended September 30, 2005,
compared to $1,269,000 in the same quarter last year, a reduction of $196,000.
The decrease is the result of a reimbursement of product development costs from
our strategic partner, Biomet, and a reduction in design and development
services for the AutoXpress(TM) System ("AXP(TM)") as it is near completion and
market launch.
Kevin Simpson, President and COO commented, "This was a disappointing quarter
for revenues and margin for us due to lower BioArchive sales over the prior year
comparable quarter. However, the Company has been focused on signing
distribution partners such as GE Healthcare, Biomet and Medtronic, whom we
expect will substantially expand our sales and distribution capabilities and
eventually, gross margins." Simpson added further, "This was an important
quarter for the Company in relation to the market introduction of our TPD,
having sold the product to our distribution partners Biomet and Medtronic"
The Company reported a cash balance of $8,121,000 and working capital of
$11,507,000 at September 30, 2005 compared to $9,568,000 of cash and $13,085,000
of working capital at June 30, 2005.
Company Conference Call
Management will host a conference call on November 21st at 11:00 AM PST 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 `381871'.
About THERMOGENESIS CORP.
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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.
o The BioArchive System, an automated robotic cryogenic device, is used
by major cord blood stem cell
banks in 26 countries as a key enabling technology for cryopreserving
and archiving cord blood stem cell units for transplant.
o The AutoXpress System, currently undergoing testing, is a
semi-automated robotic device and companion sterile closed blood
processing disposable, to harvest stem cells from cord blood.
o The CryoSeal(R) FS System, a semi-automated device and companion
sterile blood processing disposable, is used to prepare hemostatic and
adhesive surgical sealants from the patient's blood in about an hour.
Enrollment in a 150 patient U.S. pivotal clinical trial has been
completed and a PMA is being prepared.
o The Thrombin Processing Device (TPD) is a sterile blood processing
disposable that prepares activated thrombin from a small aliquot of
patient blood, or blood plasma in 25 minutes. The TPD market launch is
underway in Europe.
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 Balance Sheets
Unaudited
September 30, June 30,
2005 2005
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ASSETS
Current assets:
Cash and cash equivalents $8,121,000 $9,568,000
Accounts receivable, net 2,225,000 2,917,000
Inventory 3,135,000 3,280,000
Other current assets 367,000 469,000
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Total current assets 13,848,000 16,234,000
Equipment, net 1,196,000 1,184,000
Other assets 48,000 48,000
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Total Assets $15,092,000 $17,466,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,167,000 $1,791,000
Other current liabilities 1,174,000 1,358,000
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Total current liabilities 2,341,000 3,149,000
Long-term liabilities 334,000 286,000
Stockholders' equity 12,417,000 14,031,000
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Total Liabilities and Stockholders' Equity $15,092,000 $17,466,000
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THERMOGENESIS CORP.
Condensed Statements of Operations
Unaudited
Three Months Ended
September 30,
2005 2004
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Net revenues $2,116,000 $2,397,000
Cost of revenues 1,529,000 1,617,000
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Gross profit 587,000 780,000
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Gross profit % 28% 33%
Expenses:
Selling, general and administrative 1,584,000 1,434,000
Research and development 1,073,000 1,269,000
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Total operating expenses 2,657,000 2,703,000
Interest and other income, net 54,000 44,000
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Net loss ($2,016,000) ($1,879,000)
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Basic and diluted net loss per common share ($0.04) ($0.04)
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Shares used in computing per share data 45,917,502 44,923,844
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