ThermoGenesis Corp. (NSDQ:KOOLD) almost broke even during the fourth quarter after posting a 78 percent revenue spike.
The Rancho Cordova, Calif.-based stem-cell-storage device maker posted a net loss of $171,000, or 1 cent per diluted share, on sales of $7.2 million during the three months ended June 30. That compares with net losses of $3.1 million, or 22 cents per diluted share, on sales of $4.0 million during the same period last year.
The per share results were adjusted after ThermoGenesis went through a the company‘s August 26 reverse stock split, undertaken to prevent a de-listing from the NASDAQ exchange. Share prices had dipped below a minimum $1-per-share requirement before the reverse split.
The company also lowered its operation expenses to $2.7 million from $3.5 million, or 25 percent, by reducing administrative costs and cutting back its R&D spend.
"We ended fiscal 2010 with a number of new distribution agreements in place that will drive our penetration of new geographies, such as Asia, and into expanded clinical indications, including cardiac, during fiscal 2011," CEO J. Melville Engle said in prepared remarks.
For its entire fiscal year, ThermoGenesis recorded revenues of $23.1 million, an increase of 17 percent over 2009’s $19.8 million. The company reported a net loss of $5.2 million, or 37 cents per share, for 2010 versus net losses of $8.6 million, or 61 cents per share, for fiscal 2009.
The company hopes to demonstrate the efficacy of its bone marrow offerings, the MXP MarrowXpress and Res-Q 60 BMC systems, with new product use studies in 2011, Engle added.