ThermoGenesis Reports First Quarter Fiscal 2013 Results

ThermoGenesis Reports First Quarter Fiscal 2013 Results

New Asian Customers Ramping Up AXP Operations

RANCHO CORDOVA, Calif., Nov. 13, 2012 (GLOBE NEWSWIRE) -- ThermoGenesis Corp.
(Nasdaq:KOOL), a leading supplier of enabling technologies for the processing,
storage and administration of cell therapies, today reported results for the
first quarter of fiscal 2013.

For the quarter ended September 30, 2012, revenues were $4.1 million versus
$4.9 million in the first quarter a year ago and $4.5 million in the prior
quarter. The decline in year-over-year revenues was primarily due to decreased
sales of the Company's BioArchive^® System devices, reflecting the continuing
softness in worldwide capital equipment purchase activity. Total disposable
sales in the first quarter of 2013 were $3.0 million versus $3.5 million in
the same period a year ago. Disposable sales were negatively impacted by
approximately $120,000 year-over-year due to a decline in sales of disposables
from its CryoSeal product line for which the Company completed a disposition
during the quarter.

ThermoGenesis reported net income of $1.0 million, or $0.06 per diluted share,
in the first quarter of 2013 versus a net loss of $1.2 million, or $0.07 per
share, in the same period a year ago. Included in the results for the first
quarter of 2013 is a gain on sale of $2.0 million related to the CryoSeal

The Company ended the quarter with $8.8 million cash compared with $7.9
million at the end of fiscal 2012. The Company's backlog at the end of first
quarter was approximately $700,000.

"We continue to advance our strategy to transform ThermoGenesis into a leading
provider of tools for stem cell therapy despite a challenging macroeconomic
environment," said Matthew Plavan, Chief Executive Officer. "We are well
positioned in the cord blood market with new distribution agreements and
enhanced customer service capabilities, and look forward to recording initial
revenues from our product purchase and distribution agreement with Golden
Meditech Holdings Limited in China before the end of calendar 2012. As a
result of these recent developments, we believe we will be able to grow
quarterly revenues on a sequential basis during fiscal 2013," he continued.

"At the same time," he continued, "we have streamlined the Company to increase
our focus on core business opportunities and enable us to better manage our
financial resources, while continuing to respond to market shifts and
longer-term opportunities, including new product development needs in
developing markets."

Conference Call and Webcast

Management will hold a conference call today at 2 p.m., Pacific (5 p.m.,
Eastern) to review the first quarter fiscal 2013 results.

Conference call details:

Dial-in (U.S.):             1-800-860-2442  
Dial-in (Internationally):  1-412-858-4600  
Conference Name:            "ThermoGenesis" 

To listen to the audio webcast of the call during or after the event, please

An audio replay of the conference call will be available beginning
approximately two hours after completion of the call for the following five
business days.

To access the replay:

Access number (U.S.):            1-877-344-7529 
Access number (Internationally)  1-412-317-0088 
Conference ID#:                  385107         

About ThermoGenesis Corp.

ThermoGenesis Corp. ( is a leader in developing and
manufacturing automated blood processing systems and disposable products that
enable the separation, preservation and delivery of cell and tissue therapy
products. These include:

  *The BioArchive^® System, an automated cryogenic device, used by cord blood
    stem cell banks in more than 30 countries for cryopreserving and archiving
    cord blood stem cell units for transplant.
  *AXP^® AutoXpress^® Platform (AXP), a proprietary family of automated
    devices that includes the AXP and the MXP^® MarrowXpress^® and companion
    sterile blood processing disposables for harvesting stem cells in closed
    systems. The AXP device is used for the processing of cord blood. The MXP
    is used for the preparation of cell concentrates, including stem cells
    from bone marrow aspirates in the laboratory setting.
  *The Res-Q^® 60 BMC/PRP (Res-Q), a point-of-care system designed for the
    preparation of cell concentrates, including stem cells, from bone marrow
    aspirates and whole blood for platelet rich plasma (PRP).

The ThermoGenesis Corp. logo is available at

   This press release contains forward-looking statements.These statements
  involve risks and uncertainties that could cause actual outcomes to differ
materially from those contemplated by the forward-looking statements. Several
 factors including timing of FDA and foreign regulatory approvals, changes in
customer forecasts, our failure to meet customers' purchase order and quality
requirements, supply shortages, production delays, changes in the markets for
 customers' products, introduction timing and acceptance of our new products
 scheduled for fiscal year 2013, and introduction of competitive products and
   other factors beyond our control could result in a materially different
revenue outcome and/or in our failure to achieve the revenue levels we expect
  for fiscal 2013.A more complete description of these and other risks that
    could cause actual events to differ from the outcomes predicted by our
 forward-looking statements is set forth under the caption "Risk Factors" in
 our annual report on Form 10-K and other reports we file with the Securities
  and Exchange Commission from time to time, and you should consider each of
        those factors when evaluating the forward-looking statements.

ThermoGenesis Corp.
Condensed Balance
                                         September 30, June 30,
                                         2012          2012
Current assets:                                        
Cash and cash equivalents                 $8,753,000    $7,879,000
Accounts receivable, net                  3,515,000     4,558,000
Inventories                               6,209,000     6,290,000
Prepaid expenses and other current assets 366,000       338,000
Total current assets                      18,843,000    19,065,000
Equipment, net                            1,634,000     1,652,000
Other assets                              325,000       363,000
                                         $20,802,000   $21,080,000
Current liabilities:                                   
Accounts payable                          $1,505,000    $2,772,000
Other current liabilities                 2,186,000     2,259,000
Total current liabilities                 3,691,000     5,031,000
Long-term liabilities                     129,000       151,000
Stockholders' equity                      16,982,000    15,898,000
                                         $20,802,000   $21,080,000

ThermoGenesis Corp.
Condensed Statements of Operations (Unaudited)
                                           Three Months Ended
                                           September 30,
                                           2012        2011
Net revenues                                $4,122,000  $4,859,000
Cost of revenues                            2,496,000   2,860,000
 Gross profit                              1,626,000   1,999,000
Selling, general and administrative        1,796,000   2,316,000
Research and development                   838,000     923,000
Gain on sale of product line               (2,000,000) --
Total operating expenses                   634,000     3,239,000
Interest and other income, net              3,000       32,000
Net income (loss)                           $995,000    ($1,208,000)
Per share data:                                        
Basic net income (loss) per common share   $0.06       ($0.07)
Diluted net income (loss) per common share $0.06       ($0.07)
Weighted average common shares outstanding:
Basic                                      16,515,846  16,363,033
Diluted                                    16,520,275  16,363,033

ThermoGenesis Corp.
Condensed Statements of Cash Flows (Unaudited)
                                                     Three Months Ended,
                                                     September 30,
                                                     2012        2011
Cash flows from operating activities:                            
Net income/(loss)                                    $995,000    ($1,208,000)
Adjustments to reconcile net loss to net cash used              
in operating activities:
Depreciation and amortization                        134,000     99,000
Stock based compensation expense                     143,000     366,000
Gain on sale of product line                         (2,000,000) ----
Net change in operating assets and liabilities:                 
Accounts receivable, net                             1,043,000   (447,000)
Inventories                                          13,000      (230,000)
Prepaid expenses and other current assets            (28,000)    105,000
Other assets                                         ----        1,000
Accounts payable                                     (982,000)   29,000
Accrued payroll and related expenses                 (26,000)    142,000
Deferred revenue                                     (15,000)    80,000
Other liabilities                                    (54,000)    (457,000)
Net cash used in operating activities                (777,000)   (1,520,000)
Cash flows from investing activities:                            
Capital expenditures                                 (295,000)   (36,000)
Proceeds from sale of product line                   2,000,000   ----
Net cash provided by (used in) investing activities  1,705,000   (36,000)
Cash flows from financing activities:                            
Repurchase of common stock                           (54,000)    ----
Net cash used in financing activities                (54,000)    ----
Net increase (decrease) in cash and cash equivalents  874,000     (1,556,000)
Cash and cash equivalents at beginning of period      7,879,000   12,309,000
Cash and cash equivalents at end of period            $8,753,000  $10,753,000

CONTACT: ThermoGenesis Corp.
         Web site:
         Contact: Investor Relations
         +1-916-858-5107, or

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