UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 2004
THERMOGENESIS CORP.
(Exact name of registrant as specified in its charter)
Delaware 0-16375 94-3018487
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation or
organization)
2711 Citrus Road
Rancho Cordova, California 95742
--------------------------------
(Address and telephone number of principal executive offices) (Zip Code)
(916) 858-5100
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(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Section 2 - Financial Information
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Item 2.02 Results of Operations and Financial Condition.
ThermoGenesis Corp. announced its results for the first quarter ended
September 30, 2004 on the attached press release.
Section 9 - Financial Statements and Exhibits
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Item 9.01 Financial Statements and Exhibits.
Exhibit No. Exhibit Description
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99 Press release announcing September 30, 2004 first
quarter results
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THERMOGENESIS CORP.,
a Delaware Corporation
Dated: November 9, 2004 /s/ Renee Ruecker
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Renee Ruecker,
Chief Financial Officer
[GRAPHIC OMITTED]
THERMOGENESIS CORP. ANNOUNCES FIRST QUARTER RESULTS
Revenues Increase 12% and Gross Margin Increases 32% over Prior Year -
Company Makes Key Investments in New Product Development, Clinical Trials
& Compliance with Section 404 of the Sarbanes-Oxley Act of 2002
Rancho Cordova, California (November 9, 2004) - THERMOGENESIS CORP. (Nasdaq:
KOOL) today announced results for its first quarter of fiscal 2005. Net revenues
for the quarter ended September 30, 2004 increased 12% to a first quarter record
of $2,397,000, compared to $2,143,000 for the first quarter of fiscal 2004. The
gross margin for the first quarter increased 32% to $780,000 or 33% of net
revenues compared to $589,000 or 27% of net revenues for the first quarter ended
September 30, 2003.
The net loss for the quarter ended September 30, 2004, was $1,879,000 or $0.04
per basic and diluted common share compared to $1,239,000 or $0.03 per basic and
diluted common share for the first quarter of fiscal 2003. The additional losses
resulted from significantly increased investments in research and development,
clinical and scientific affairs and compliance with Section 404 of the
Sarbanes-Oxley Act of 2002.
The increased operating expenses were used for the following:
o Engaged an outside Design and Development Engineering firm (the contract
should end by March 2005) to accelerate the development of the DACTM
System, a blood separation system which supported the FDA 510(k) filing in
October 2004.
o Upgraded and expanded our engineering capabilities by the addition of our
new Vice President of R&D and increases to our electrical, software and
mechanical engineering staff to assure that ongoing product development
efforts meet our 3-year Business Plan milestones.
o Replacing three (3) clinical sites to complete our Phase III CryoSeal(R) FS
System clinical trial 150 patient enrollment by March 31, 2005. These sites
will be operational by the end of November.
o Completing the manufacturing transfer to Kawasumi Inc. in order to
accomplish a 30-40% cost reduction for the CP-3, a CryoSeal FS processing
disposable, beginning in the third quarter of fiscal 2005.
o Expanded our European Sales staff to direct CryoSeal product sales efforts
in Europe and the Middle East.
o Engaged outside advisors in connection with Sarbanes-Oxley Section 404
compliance.
Kevin Simpson, President and Chief Operating Officer stated, "In spite of record
revenues and gross margin for this quarter, this quarterly loss is higher than
last year's due to planned investments necessary to accomplish our strategic
goal of shifting our revenues from devices to sales of high margin single-use
disposables. The market launches of the DAC System and the (Autologous) Thrombin
Processing Device (TPD) will mark significant milestones on our path towards
that goal in both the Blood Processing and Hospital Wound Care markets."
The DAC System is an innovative product which semi-automates the separation of
whole blood into components. The System allows up to six units to be processed
simultaneously. Included in the Blood processing set is a patented 25 ml
freezing bag compatible for liquid nitrogen storage in the BioArchive(R) System.
The Company has submitted an application pending FDA clearance to market the DAC
System in the United States. The Company anticipates Beta Site market launch of
the DAC in the third quarter of fiscal 2005.
The Thrombin Processing Device (TPD) is a stand-alone disposable which is
designed to produce 8.5 ml of autologous thrombin from approximately 11 ml of
patient plasma for various applications, including topical hemostasis or release
of growth factors from platelets. The Company anticipates market launch of the
TPD in Europe in the third quarter of fiscal 2005. The TPD is not available in
the United States.
Company Conference Call
Management will host a conference call today, November 9, 2004 at 11:00am PST to
review the financial results and other corporate events, followed by a Q&A
session. The call can be accessed by dialing: (800) 860-2442 within the U.S. or
(412) 858-4600 outside the U.S and giving the conference name "THERMOGENESIS".
Participants are asked to call the assigned number approximately 5 minutes
before the conference call begins. A replay of the conference call will be
available two hours after the call for the following five business days by
dialing: (877) 344-7529 within the U.S. or (412) 317-0088 outside the U.S. and
entering the following account number: 323 and the following passcode: 353367.
About ThermoGenesis Corp.
After extensive research, ThermoGenesis Corp's newly introduced technology
platforms lead the world in their ability to produce biological products from
single units of blood. Umbilical cord blood banks are utilizing the Company's
BioArchive System as a critical enabling technology for cryogenic archiving of
their samples of stem cells for transplant, while our CryoSeal FS System is used
to prepare hemostatic and adhesive surgical sealants from patient blood in about
an hour. ThermoGenesis Corp. has been a leading supplier of state-of-the-art
Ultra-Rapid Blood Plasma Freezers and Thawers to hospitals and blood banks since
1992.
The statements contained in this release which are not historical facts are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to, certain delays
beyond the Company's control with respect to market acceptance of new
technologies and products, delays in testing and evaluation of products and
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
For More Information, Contact:
THERMOGENESIS CORP.
Kevin Simpson: (916) 858-5100
or visit the web site at www.thermogenesis.com
THERMOGENESIS CORP.
Condensed Balance Sheets
(Unaudited)
September 30, June 30,
2004 2004
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ASSETS
Current assets:
Cash and cash equivalents $14,961,000 $16,612,000
Accounts receivable, net 2,257,000 3,107,000
Inventory 2,890,000 2,470,000
Other current assets 557,000 582,000
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Total current assets 20,665,000 22,771,000
Equipment, net 1,244,000 1,146,000
Other assets 198,000 197,000
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$22,107,000 $24,114,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,408,000 $1,709,000
Other current liabilities 941,000 1,264,000
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Total current liabilities 2,349,000 2,973,000
Long-term liabilities 125,000 173,000
Stockholders' equity 19,633,000 20,968,000
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$22,107,000 $24,114,000
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THERMOGENESIS CORP.
Condensed Statements of Operations
(Unaudited)
Three Months Ended
September, 30
% Increase
2004 2003 Decrease
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Net revenues $2,397,000 $2,143,000 12%
Cost of revenues 1,617,000 1,554,000 4%
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Gross profit 780,000 589,000 32%
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Expenses:
Selling, general and administrative 1,434,000 1,136,000 26%
Research and development 1,269,000 699,000 82%
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Total operating expenses 2,703,000 1,835,000 47%
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Interest and other income/expenses 44,000 7,000 529%
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Net loss ($1,879,000) ($1,239,000) 52%
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Basic and diluted net loss per common share $ (0.04) $ (0.03)
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Shares used in computing per share data 44,923,844 39,460,449
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