THERMOGENESIS Corp. (KOOL, Financial) filed Quarterly Report for the period ended 2012-09-30.
Thermogenesis Corporation has a market cap of $14 million; its shares were traded at around $0.82 with and P/S ratio of 0.7.
The Company s gross profit was $1,626,000 or 39% of net revenues for the three months ended September 30, 2012, compared to $1,999,000 or 41% of net revenues for the corresponding fiscal 2012 period. The decrease in gross profit percentage is primarily due to an increase in warranty costs associated with the BioArchive device.
Net cash used in operating activities for the three months ended September 30, 2012 was $777,000. Accounts payable utilized cash of $982,000 in part due to paying off some large vendors and accounts receivable generated $1,043,000 of cash primarily due to collections from prior revenues.
We believe our currently available cash and cash equivalents and cash generated from operations will be sufficient to satisfy our operating and working capital requirements for at least the next twelve months. However, we may be required to seek additional capital during the next 12 months if we are not be able to maintain compliance with, or obtain forbearance of, our financial covenants. See Part I Item 1-Business, Cord Blood Registry Systems, Inc. set forth in our annual report on Form 10-K for fiscal year ended June 30, 2012. Our ability to fund our longer-term cash needs is subject to various risks, many of which are beyond our control. Further, with current performance trends, we intend to focus on potential near term business opportunities, which may include possible product line acquisitions, technology or strategic partner arrangements, any of which may have potential for near term revenue growth. In addition, should we change distributors and take on the responsibility for maintaining significant product inventory levels for certain end user customers, we may need to raise additional funding. Should we require additional funding, such as additional capital investments, we may need to raise the required additional funds through bank borrowings or public or private sales of debt or equity securities. We cannot assure that such funding will be available in needed quantities or on terms favorable to us, if at all. See Part I Item 1A – Risk Factors set forth in our annual report on Form 10-K for fiscal year ended June 30, 2012.
Our cancelable backlog at September 30, 2012 was $694,000. Our backlog consists of product orders for which a customer purchase order has been received and is scheduled for shipment within the next twelve months. Orders are subject to cancellation or rescheduling by the customer, sometimes with a cancellation charge. Due to timing of order placement, product lead times, changes in product delivery schedules and cancellations, and because sales will often reflect orders shipped in the same quarter received, our backlog at any particular date is not necessarily indicative of sales for any succeeding period.
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Thermogenesis Corporation has a market cap of $14 million; its shares were traded at around $0.82 with and P/S ratio of 0.7.
Highlight of Business Operations:
Revenues for the three months ended September 30, 2012, were $4,122,000 compared to $4,859,000 for the three months ended September 30, 2011, a decrease of $737,000 or 15%. BioArchive device, disposable and AXP disposable revenues decreased this quarter. There were three fewer BioArchive devices sold during the current quarter than in the prior year quarter. The global economy has tightened capital budgets. In addition, the rate at which cord blood samples are being stored by our public cord blood bank customers has declined. Together, these factors continue to impact our BioArchive device sales and our cord blood disposable sales.The Company s gross profit was $1,626,000 or 39% of net revenues for the three months ended September 30, 2012, compared to $1,999,000 or 41% of net revenues for the corresponding fiscal 2012 period. The decrease in gross profit percentage is primarily due to an increase in warranty costs associated with the BioArchive device.
Net cash used in operating activities for the three months ended September 30, 2012 was $777,000. Accounts payable utilized cash of $982,000 in part due to paying off some large vendors and accounts receivable generated $1,043,000 of cash primarily due to collections from prior revenues.
We believe our currently available cash and cash equivalents and cash generated from operations will be sufficient to satisfy our operating and working capital requirements for at least the next twelve months. However, we may be required to seek additional capital during the next 12 months if we are not be able to maintain compliance with, or obtain forbearance of, our financial covenants. See Part I Item 1-Business, Cord Blood Registry Systems, Inc. set forth in our annual report on Form 10-K for fiscal year ended June 30, 2012. Our ability to fund our longer-term cash needs is subject to various risks, many of which are beyond our control. Further, with current performance trends, we intend to focus on potential near term business opportunities, which may include possible product line acquisitions, technology or strategic partner arrangements, any of which may have potential for near term revenue growth. In addition, should we change distributors and take on the responsibility for maintaining significant product inventory levels for certain end user customers, we may need to raise additional funding. Should we require additional funding, such as additional capital investments, we may need to raise the required additional funds through bank borrowings or public or private sales of debt or equity securities. We cannot assure that such funding will be available in needed quantities or on terms favorable to us, if at all. See Part I Item 1A – Risk Factors set forth in our annual report on Form 10-K for fiscal year ended June 30, 2012.
Our cancelable backlog at September 30, 2012 was $694,000. Our backlog consists of product orders for which a customer purchase order has been received and is scheduled for shipment within the next twelve months. Orders are subject to cancellation or rescheduling by the customer, sometimes with a cancellation charge. Due to timing of order placement, product lead times, changes in product delivery schedules and cancellations, and because sales will often reflect orders shipped in the same quarter received, our backlog at any particular date is not necessarily indicative of sales for any succeeding period.
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