Conference Call to be Held Today at
1:30 p.m. PT/4:30 p.m. ET
RANCHO
CORDOVA, Calif., Nov. 13,
2023 /PRNewswire/ -- ThermoGenesis Holdings, Inc.
(Nasdaq: THMO), a market leader in automated cell processing tools
and services in the cell and gene therapy field, today reported
financial and operating results for the third quarter ended
September 30, 2023, and provided a
corporate business update.
"In October, we were pleased to have completed the build-out of
our 35,500+ square foot, state-of-the-art facility in Sacramento, which represents the cornerstone
of our planned business expansion into a high performance,
integrated contract development and manufacturing organization
(CDMO) in the cell and gene therapy field," commented Chris Xu, Ph.D., Chief Executive Officer of
ThermoGenesis. "Our grand opening celebration was attended by
several prominent officials from the greater Sacramento area, who helped us to unveil our
twelve (12) new, ISO class-7 ReadyStart cGMP cleanroom suites and
IncuStart Wet Labs. This all-encompassing CDMO facility will
provide a flexible option, enabling companies to achieve their
anticipated milestones faster and more efficiently. Additionally,
the ability to leverage ThermoGenesis' strong expertise in
regulatory affairs and product commercialization will help
accelerate the development of our customers' products, allowing
them to focus on their science, while ThermoGenesis will manage the
regulatory and quality compliance requirements associated with
running a cGMP facility."
Financial Results for the Third Quarter Ended September 30, 2023
Net revenues for the
three months ended September 30,
2023, were $2,194,000,
compared to $2,115,000 for the
quarter ended September 30, 2022. The
increase was driven by additional AXP disposable sales in the
quarter ended September 30, 2023.
Gross profit was $395,000 or 18%
of net revenues for the three months ended September 30, 2023, compared to $437,000 or 21% of net revenues for three months
ended September 30, 2022. The
decrease was driven by excess manufacturing charges incurred as a
result of reallocating resources to the completion of the Company's
CDMO facility in the third quarter of 2023.
Selling, general and administrative expenses were $1,686,000 for the three months ended
September 30, 2023, compared to
$1,982,000 for the three months ended
September 30, 2022, a decrease of
$296,000 or 15%. The decrease was
driven primarily by lower employee benefit expenses and lower
investor relations expenses.
Research and development expenses were $266,000 for the three months ended September 30, 2023, as compared to $470,000 for the three months ended September 30, 2022, a decrease of $204,000 or 43%. The decrease was primarily due
to lower project expenses and personnel expenses during the
quarter.
Interest expense for the three months ended September 30, 2023, was $2,118,000 compared to $1,391,000, for the three months ended
September 30, 2022, an increase of
$727,000. The increase was driven by
additional amortization expense in the three months ended
September 30, 2023 as compared to the
same period in 2022.
Net loss attributable to common stockholders was $3,615,000 for the three months ended
September 30, 2023, or $(1.44) per share, based on 2,503,631 weighted
average basic and diluted common shares outstanding. This compares
to a net loss attributable to common stockholders of $3,240,000, or $(4.66) per share, based on 694,795 weighted
average basic and diluted common shares outstanding for the three
months ended September 30, 2022.
At September 30, 2023, the Company
had cash and cash equivalents totaling $4,018,000, compared with cash and cash
equivalents of $4,177,000 at
December 31, 2022.
Conference Call and Webcast Information
ThermoGenesis
will host a conference call today at 1:30
p.m. PT/4:30 p.m. ET. To
participate in the conference call, please dial 1-844-889-4331
(domestic), 1-412-380-7406 (international) or 1-866-605-3852
(Canada). To access a live webcast
of the call, please visit:
https://thermogenesis.com/investors/news-and-events/events-webcasts.
A webcast replay will also be available on ThermoGenesis'
website for three months. To access the replay, please visit:
https://thermogenesis.com/investors/news-and-events/events-webcasts.
About ThermoGenesis Holdings, Inc.
Since its inception
over 35 years ago, ThermoGenesis Holdings, Inc. has become a
leading developer and marketer of a range of commercialized,
automated technologies for CAR-T and other cell-based therapies,
clinical biobanking, point-of-care applications, and automation for
immuno-oncology, including its semi-automated, functionally closed
CAR-TXpress™ platform, which streamlines the manufacturing process
for the emerging CAR-T immunotherapy market. The Company has
recently shifted its focus to the research, development, and
manufacturing of immunotherapies and regenerative medicine
solutions, with the goal of becoming a high-performance, integrated
contract development and manufacturing organization (CDMO),
specializing in cell and gene therapy. For more information about
ThermoGenesis, please visit: www.thermogenesis.com.
For more information about the new ReadyStart and IncuStart
facility please visit: www.readystartcleanrooms.com
and www.incustartwetlabs.com
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. The forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements
contained herein. When used in this press release, the words
"anticipate," "believe," "estimate," "expect" and similar
expressions as they relate to the Company or its management are
intended to identify such forward-looking statements. Actual
results, performance or achievements could differ materially from
the results expressed in or implied by these forward-looking
statements. Readers should be aware of important factors that, in
some cases, have affected, and in the future could affect, actual
results to differ materially from those expressed in any
forward-looking statements made by or on behalf of the Company.
These factors include without limitation, the ability to obtain
capital and other financing in the amounts and at the times needed
to launch new products and services and grow our CDMO business,
market acceptance of new products and services, the nature and
timing of regulatory approvals for both new products and existing
products for which the Company proposes new claims, realization of
forecasted revenues, expenses and income, initiatives by
competitors, price pressures, failure to meet FDA regulated
requirements governing the Company's products and operations
(including the potential for product recalls associated with such
regulations), risks associated with initiating manufacturing for
new products, failure to meet Foreign Corrupt Practice Act
regulations, legal proceedings, risks associated with expanding
into the Company's planned CDMO business, uncertainty associated
with the COVID-19 pandemic and other potential pandemics, and other
risk factors listed from time to time in our reports with the
Securities and Exchange Commission ("SEC"), including, in
particular, those set forth in ThermoGenesis Holdings' Form 10-K
for the year ended December 31,
2022.
Company Contact:
Wendy Samford
916-858-5191
ir@thermogenesis.com
Investor Contact:
Paula Schwartz, Rx Communications
917-322-2216
pschwartz@rxir.com
|
Financials
|
|
|
|
ThermoGenesis
Holdings, Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
September
30,
2023
|
|
December 31,
2022
|
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$4,018,000
|
|
$4,177,000
|
|
|
Accounts
receivable, net
|
|
368,000
|
|
1,865,000
|
|
|
Inventories
|
|
1,821,000
|
|
3,334,000
|
|
|
Prepaid
expenses and other current assets
|
|
718,000
|
|
1,508,000
|
|
|
Total current assets
|
|
6,925,000
|
|
10,884,000
|
|
|
|
|
|
|
|
|
|
Inventories,
non-current
|
|
772,000
|
|
1,003,000
|
|
|
Equipment and leasehold
improvements, net
|
|
2,523,000
|
|
1,254,000
|
|
|
Right-of-use operating
lease assets, net
|
|
190,000
|
|
372,000
|
|
|
Right-of-use operating
lease assets – related party, net
|
|
3,213,000
|
|
3,550,000
|
|
|
Goodwill
|
|
781,000
|
|
781,000
|
|
|
Intangible assets,
net
|
|
1,262,000
|
|
1,286,000
|
|
|
Other assets
|
|
255,000
|
|
256,000
|
|
|
Total assets
|
|
$15,921,000
|
|
$19,386,000
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$591,000
|
|
$820,000
|
|
|
Other
current liabilities
|
|
8,299,000
|
|
10,689,000
|
|
|
Total current liabilities
|
|
8,890,000
|
|
11,509,000
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities
|
|
3,768,000
|
|
4,554,000
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
3,263,000
|
|
3,323,000
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$15,921,000
|
|
$19,386,000
|
|
|
ThermoGenesis
Holdings, Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Net revenues
|
$2,194,000
|
|
$2,115,000
|
|
$7,039,000
|
|
$7,807,000
|
|
Cost of
revenues
|
1,799,000
|
|
1,678,000
|
|
5,070,000
|
|
5,491,000
|
|
|
|
|
|
|
|
|
|
Gross profit
|
395,000
|
|
437,000
|
|
1,969,000
|
|
2,316,000
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
1,686,000
|
|
1,982,000
|
|
5,346,000
|
|
5,665,000
|
|
Research
and development
|
266,000
|
|
470,000
|
|
955,000
|
|
1,317,000
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
1,952,000
|
|
2,452,000
|
|
6,301,000
|
|
6,982,000
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(1,557,000)
|
|
(2,015,000)
|
|
(4,332,000)
|
|
(4,666,000)
|
|
|
|
|
|
|
|
|
|
Other
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(2,118,000)
|
|
(1,391,000)
|
|
(6,689,000)
|
|
(3,572,000)
|
|
Other income
(expenses)
|
22,000
|
|
3,000
|
|
27,000
|
|
(1,000)
|
|
Loss on retirement of
debt
|
(87,000)
|
|
--
|
|
(326,000)
|
|
--
|
|
Total
other expense
|
(2,183,000)
|
|
(1,388,000)
|
|
(6,988,000)
|
|
(3,573,000)
|
|
|
|
|
|
|
|
|
|
Net loss
|
(3,740,000)
|
|
(3,403,000)
|
|
(11,320,000)
|
|
(8,239,000)
|
|
|
|
|
|
|
|
|
|
Loss attributable to
noncontrolling interests
|
(125,000)
|
|
(163,000)
|
|
(359,000)
|
|
(402,000)
|
|
Net loss attributable
to common stockholders
|
$(3,615,000)
|
|
$(3,240,000)
|
|
$(10,961,000)
|
|
$(7,837,000)
|
|
|
|
|
|
|
|
|
|
ThermoGenesis
Holdings, Inc.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
(Unaudited)
|
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
|
|
|
|
Cash flows from
operating activities:
|
$(1,678,000)
|
|
$(6,101,000)
|
|
|
|
|
|
Cash flows from
investing activities:
|
(1,541,000)
|
|
(308,000)
|
|
|
|
|
|
Cash flows from
financing activities:
|
3,061,000
|
|
3,037,000
|
|
|
|
|
|
Effects of foreign
currency rate changes on cash and cash equivalents
|
(1,000)
|
|
(5,000)
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
(159,000)
|
|
(3,377,000)
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
4,177,000
|
|
7,280,000
|
|
Cash and cash
equivalents at end of period
|
$4,018,000
|
|
$3,903,000
|
|
|
|
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content:https://www.prnewswire.com/news-releases/thermogenesis-holdings-announces-third-quarter-2023-financial-results-and-provides-corporate-update-301986487.html
SOURCE ThermoGenesis Holdings, Inc.