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ThermoGenesis Reports Third Quarter Fiscal 2013 Results



ThermoGenesis Reports Third Quarter Fiscal 2013 Results

Revenues From Core Business Increase $700,000 or 19%

RANCHO CORDOVA, Calif., May 14, 2013 (GLOBE NEWSWIRE) -- ThermoGenesis Corp.
(Nasdaq:KOOL), a leading supplier of enabling technologies for the processing,
storage of stem cells and other biological tissues, today reported results for
the third quarter and first nine months of fiscal 2013.

For the quarter ended March 31, 2013, the Company reported revenues of $4.9
million, comparable to revenues in the third quarter a year ago and compared
to revenues of $4.8 million in the prior quarter. ThermoGenesis reported a net
loss of $1.1 million, or $0.07 per share, in the third quarter of 2013, versus
a loss of $1.8 million, or $0.11 per share, in the same period a year ago.

In a separate press release last week, the Company announced it received
registration approval for its AXP System used to concentrate stem cells from
cord blood from China's State Food and Drug Administration. With this
approval, the Company will immediately initiate commercial distribution of the
product in China, one of the world's fastest growing cord blood markets.

"We were very pleased with our top line performance for the quarter as our
core business revenues, which excludes the divested CryoSeal and ThermoLine
product lines, increased more than $700,000 or 19% versus the third quarter a
year ago. This growth was driven by several factors, including an increase in
sales of our AutoXpress^® Platform (AXP) disposables and our manual bag sets.
In addition, we benefited from increased disposable sales from our products
used to prepare stem cell concentrates from bone marrow, due to increased
sales in the quarter to our distributor, Celling Technologies," said Matthew
Plavan, Chief Executive Officer.

"This growth in our core revenues was important especially in light of the
fact we have divested the CryoSeal and ThermoLine product lines, which
accounted for $1 million in revenues a year ago. These divestitures have also
generated $3.5 million in cash, freed up internal resources and reduced
operating costs," he continued.

"In addition to the increase in our core revenues, we reduced our net loss by
approximately $640,000. We continued to successfully execute our cost
management strategies during the quarter. Even with our significant bottom
line improvement in the quarter, it should be noted that operating expenses
included $619,000 in costs related to litigation and certain strategic
initiatives.

"A key event during the quarter was the addition of Crioestaminal, a leading
cord blood stem cell bank in Portugal, as a customer for our AXP System. They
are a major European cord blood bank and we are replacing a competitor's
automated system there. This customer win demonstrates the value of our
integrated distribution strategy in Europe and we hope to announce other new
customers in the region in the near future," Plavan noted.

"We were also pleased to have Dan Bessey join ThermoGenesis as our Chief
Financial Officer during the quarter. Dan brings more than 20 years of finance
and accounting experience, with strong expertise in operations, strategic
planning and M&A. In his short time here, he has made important contributions
to the Company," Plavan said.

The Company ended the quarter with $7.5 million in cash, comparable to its
cash balance at the end of the second quarter of fiscal 2013 as compared to
$7.9 million at the end of fiscal 2012. The Company's backlog at the end of
the third quarter was approximately $500,000.

For the first nine months of fiscal 2013, the Company reported revenues of
$13.8 million versus revenues of $14.5 million in the same period a year ago.
The Company reported a net loss of $689,000, or $0.04 per share, in the first
nine months of 2013, compared with a net loss of $4.2 million, or $0.26 per
share, in the same period a year ago. The results for the first nine months of
2013 included a gain on sale of $2.2 million related to the sale of the
CryoSeal and ThermoLine product lines.

Conference Call and Webcast

Management will hold a conference call today at 2 p.m., Pacific (5 p.m.,
Eastern) to review the third 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
visit http://www.thermogenesis.com/company/investor-relations/webcasts-calls/

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. (www.thermogenesis.com) 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^TM 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).

   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 Consolidated Balance Sheets
(Unaudited)
                                                  
                                     March 31,   June 30,
                                     2013        2012
ASSETS                                            
Current assets:                                   
Cash and cash equivalents            $7,521,000  $7,879,000
Accounts receivable, net             4,942,000   4,558,000
Inventories                          4,341,000   6,290,000
Other current assets                 338,000     338,000
                                                  
Total current assets                 17,142,000  19,065,000
                                                  
Equipment                            1,996,000   1,652,000
Intangible asset                     202,000     315,000
Other assets                         48,000      48,000
                                                  
                                     $19,388,000 $21,080,000
                                                  
LIABILITIES AND STOCKHOLDERS' EQUITY              
                                                  
Current liabilities:                              
Accounts payable                     $1,416,000  $2,772,000
Other current liabilities            2,322,000   2,259,000
                                                  
Total current liabilities            3,738,000   5,031,000
                                                  
Long-term liabilities                85,000      151,000
                                                  
Stockholders' equity                 15,565,000  15,898,000
                                                  
                                     $19,388,000 $21,080,000

 
 
 
THERMOGENESIS CORP.
Condensed Consolidated Statements of Operations
(Unaudited)
                                                                   
                            Three Months Ended        Nine Months Ended
                            March 31,                 March 31,
                            2013         2012         2013        2012
Net revenues                $4,892,000   $4,908,000   $13,816,000 $14,542,000
                                                                   
Cost of revenues            3,218,000    3,727,000    8,540,000   9,658,000
                                                                   
Gross profit                1,674,000    1,181,000    5,276,000   4,884,000
                                                                   
Expenses:                                                          
Sales and marketing         733,000      712,000      2,124,000   1,958,000
                                                                   
Research and development    658,000      959,000      2,210,000   2,919,000
                                                                   
General and administration  1,565,000    1,272,000    3,790,000   4,333,000
                                                                   
Gain on sale of product     (161,000)    --           (2,161,000) --
lines
                                                                   
Total operating expenses    2,795,000    2,943,000    5,963,000   9,210,000
                                                                   
Interest and other income   --           --           (2,000)     78,000
(expense), net
                                                                   
Net loss                    ($1,121,000) ($1,762,000) ($689,000)  ($4,248,000)
                                                                   
Basic and diluted net loss  ($0.07)      ($0.11)      ($0.04)     ($0.26)
per common share
                                                                   
Shares used in computing    16,526,232   16,406,366   16,521,462  16,382,477
per share data

 
 
 
THERMOGENESIS CORP.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
                                                                   
                                                      Nine Months Ended
                                                      March 31,
                                                      2013        2012
Cash flows from operating activities:                              
Net loss                                              ($689,000)  ($4,248,000)
Adjustments to reconcile net loss to net cash used in              
operating activities:
Depreciation and amortization                         400,000     388,000
Stock based compensation expense                      410,000     651,000
Loss on disposal of equipment                         7,000       --
Gain on sale of product lines                         (2,161,000) --
                                                                   
Net change in operating assets and liabilities:                    
Accounts receivable, net                              (384,000)   (871,000)
Inventories                                           994,000     20,000
Prepaid expenses and current assets                   --          189,000
Other assets                                          --          1,000
Accounts payable                                      (1,071,000) 131,000
Accrued payroll and related expenses                  (17,000)    463,000
Deferred revenue                                      (51,000)    71,000
Other liabilities                                     65,000      (59,000)
Net cash used in operating activities                 (2,497,000) (3,264,000)
                                                                   
Cash flows from investing activities:                              
Capital expenditures                                  (342,000)   (534,000)
Proceeds from sale of product lines                   2,535,000   --
Net cash (used in)/provided by investing activities:  2,193,000   (534,000)
                                                                   
Cash flows from financing activities:                              
Repurchase of common stock                            (54,000)    --
Net cash used in financing activities                 (54,000)    --
Net decrease in cash and cash equivalents             (358,000)   (3,798,000)
                                                                   
Cash and cash equivalents at beginning of period      7,879,000   12,309,000
Cash and cash equivalents at end of period            $7,521,000  $8,511,000

CONTACT: ThermoGenesis Corp.
         Web site: http://www.thermogenesis.com
         Investor Relations
         +1-916-858-5107, or
         ir@thermogenesis.com

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