THERMOGENESIS Corp. (KOOL, Financial) filed Quarterly Report for the period ended 2008-12-31.
THERMOGENESIS CORP. designs markets and sells products and devices which utilize its proprietary thermodynamic technology for the processing of biological substances (THERMOGENESIS Proprietary Technology) including thecryopreservation thawing and harvesting of blood components. THERMOGENESIS Corp. has a market cap of $35.86 million; its shares were traded at around $0.6903 with and P/S ratio of 1.63. THERMOGENESIS Corp. had an annual average earning growth of 8.4% over the past 5 years.
Research and development expenses for the three months ended December 31, 2008, were $1,298,000 compared to $1,617,000 for the corresponding fiscal 2008 period, a decrease of $319,000 or 20%. The decrease is primarily due to a decrease in stock compensation expense of $400,000 as the restricted stock awarded to the Companys former Chief Technology Architect fully vested in April 2008. This decrease was offset by an increase in expenses associated with the Vantus subsidiary of $100,000, which was formed in February 2008.
Selling, general and administrative expenses were $5,120,000 for the six months ended December 31, 2008, compared to $4,777,000 for the comparable fiscal 2008 period, an increase of $343,000 or 7%. The increase is primarily due to a severance accrual of $370,000 to the Companys former Chief Executive Officer and an increase in governance fees driven by an increase of two independent directors over the prior year as well as having installed an independent Chairman of the Board of $100,000 offset by a decrease in stock compensation expense of $200,000.
Research and development expenses for the six months ended December 31, 2008, were $2,898,000 compared to $3,113,000 for the corresponding fiscal 2008 period, a decrease of $215,000 or 7%. The decrease is primarily due to a decrease in stock compensation expense of $680,000 as the restricted stock awarded to the Companys former Chief Technology Architect fully vested in April 2008 and a decrease of $130,000 in payments made to UC Davis in connection with a collaboration agreement to develop stem cell treatments. This decrease was offset by an increase in expenses associated with the Vantus subsidiary of $290,000 and an increase in salaries and benefits of $248,000 primarily due to hiring a new Vice President of Research and Development in August 2008 and other personnel.
At December 31, 2008, the Company had cash, cash equivalents and short-term investments of $18,786,000 and working capital of $25,551,000. This compares to cash, cash equivalents and short-term investments of $25,287,000 and working capital of $29,978,000 at June 30, 2008. The cash was used to fund operations, capital expenditures and other strategic initiatives of the Company. In addition to product revenues, the Company has primarily financed operations through the private and public placement of equity securities and has raised approximately $108,000,000, net of expenses, through common and preferred stock financings and option and warrant exercises.
Net cash used in operating activities for the six months ended December 31, 2008 was $6,424,000, primarily due to the net loss of $4,374,000 which included the accretion of discount on short-term investments of $130,000, offset by depreciation and stock based compensation expense of $244,000 and $228,000, respectively. Accounts payable used $2,122,000 of cash due to paying vendors for purchases made late in the prior fiscal year, primarily for disposable products.
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THERMOGENESIS CORP. designs markets and sells products and devices which utilize its proprietary thermodynamic technology for the processing of biological substances (THERMOGENESIS Proprietary Technology) including thecryopreservation thawing and harvesting of blood components. THERMOGENESIS Corp. has a market cap of $35.86 million; its shares were traded at around $0.6903 with and P/S ratio of 1.63. THERMOGENESIS Corp. had an annual average earning growth of 8.4% over the past 5 years.
Highlight of Business Operations:
Revenues for the three months ended December 31, 2008 were $6,126,000 compared to $5,487,000 for the three months ended December 31, 2007, an increase of $639,000 or 12%. The increase in revenues was driven by the AXP and BioArchive disposables. Revenues generated from AXP disposables increased $814,000 due to higher volume and price increases. Additionally, revenues from BioArchive disposables increased $388,000 over the quarter ended December 31, 2007 primarily due to increased sales of manual processing bag sets in new accounts and competitive conversion in Southeast Asia and Latin America. The increases were offset by a decrease in revenues from CryoSeal disposables of $310,000. The Companys largest CryoSeal distributors are in countries that have been affected by a decline in domestic currencies against the strengthening dollar. Additionally in the second quarter of fiscal 2008, we had revenues of $110,000 to our distributor in Brazil for an initial order for the government production of fibrin sealant.Research and development expenses for the three months ended December 31, 2008, were $1,298,000 compared to $1,617,000 for the corresponding fiscal 2008 period, a decrease of $319,000 or 20%. The decrease is primarily due to a decrease in stock compensation expense of $400,000 as the restricted stock awarded to the Companys former Chief Technology Architect fully vested in April 2008. This decrease was offset by an increase in expenses associated with the Vantus subsidiary of $100,000, which was formed in February 2008.
Selling, general and administrative expenses were $5,120,000 for the six months ended December 31, 2008, compared to $4,777,000 for the comparable fiscal 2008 period, an increase of $343,000 or 7%. The increase is primarily due to a severance accrual of $370,000 to the Companys former Chief Executive Officer and an increase in governance fees driven by an increase of two independent directors over the prior year as well as having installed an independent Chairman of the Board of $100,000 offset by a decrease in stock compensation expense of $200,000.
Research and development expenses for the six months ended December 31, 2008, were $2,898,000 compared to $3,113,000 for the corresponding fiscal 2008 period, a decrease of $215,000 or 7%. The decrease is primarily due to a decrease in stock compensation expense of $680,000 as the restricted stock awarded to the Companys former Chief Technology Architect fully vested in April 2008 and a decrease of $130,000 in payments made to UC Davis in connection with a collaboration agreement to develop stem cell treatments. This decrease was offset by an increase in expenses associated with the Vantus subsidiary of $290,000 and an increase in salaries and benefits of $248,000 primarily due to hiring a new Vice President of Research and Development in August 2008 and other personnel.
At December 31, 2008, the Company had cash, cash equivalents and short-term investments of $18,786,000 and working capital of $25,551,000. This compares to cash, cash equivalents and short-term investments of $25,287,000 and working capital of $29,978,000 at June 30, 2008. The cash was used to fund operations, capital expenditures and other strategic initiatives of the Company. In addition to product revenues, the Company has primarily financed operations through the private and public placement of equity securities and has raised approximately $108,000,000, net of expenses, through common and preferred stock financings and option and warrant exercises.
Net cash used in operating activities for the six months ended December 31, 2008 was $6,424,000, primarily due to the net loss of $4,374,000 which included the accretion of discount on short-term investments of $130,000, offset by depreciation and stock based compensation expense of $244,000 and $228,000, respectively. Accounts payable used $2,122,000 of cash due to paying vendors for purchases made late in the prior fiscal year, primarily for disposable products.
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