Q3/10 Results, ThermoGenesis (KOOL)
Revenues were $4.764 M. The net loss for Q3/10 was $1.365 M or $0.02 per share. For Q3/10, total revenues of $4.8 M (versus $6 M million in Q2/10). For Q3/10, KOOL reported total revenues of $4.8 M versus $6 M in Q2/10; recording disposable revenues of $3 M in Q3/10 versus $3.5 M in Q2/10. Results for the Q3/10 reflect lower than anticipated orders for Res-Q and MXP products through Celling Technologies, the distributor serving the orthopedic market. KOOL ended the Q with approximately $600 k in AXP bag set backorders, due to the transition to a new 2nd source manufacturer. KOOL “expects” to fulfill AXP bag set backorders during Q4/10 and also recorded lower than expected BioArchive sales.
Operating expenses were $2.8 M (compared to $2.935 M in Q3/09. SG&A expenses were $1.722 M and R&D costs of $1.08 M remained flat for the same period of Q3/09. Current liabilities modestly increased to 5 M from $4.83 M as of Q3/09. KOOL ended Q3/10 with $5.134 M in cash and cash equivalents plus $5.08 M in accounts (net) receivables.
For the first 9 months of FY10, KOOL reported revenues of $15.9 M. Disposable revenues in the first 9 months of fiscal 2010 were $9.6 M. KOOL reported a net loss of $5 M or $0.09 per share, in the first 9 months of fiscal 2010.
Distribution agreements include:
- Exclusive, 5 year agreement with Fenwal, Inc., to market the AXP and BioArchive® Systems for use in cord blood processing and storage in China, India and Japan,
- Distribution agreement covering the Res-Q and MXP™ MarrowXpress™ for bone marrow stem cell markets in India, Malaysia and Thailand with TotipotentSC,
- Agreement with CEI to market and distribute the Res-Q and MXP Systems in Mexico and Central and South American countries, including Brazil, Chile, Columbia, Costa Rica, Panama, Peru, Uruguay and Venezuela,
- KOOL also announced it had signed a new and enhanced AXP distribution deal with GE Healthcare. The contract, which runs through July 2012, includes requirements for incremental funding for marketing and market research by GE Healthcare. The agreement also provides incentives for both parties related to sales success, product quality and delivery.
