ThermoGenesis Holdings (THMO) Reports Q1 Revenues Miss

ThermoGenesis Holdings (NASDAQ: THMO) reported Q1 revenue for the quarter came in at $1.5 million versus the consensus estimate of $2.66 million.

"Our continued commitment to develop and improve upon our broad line of automated tools for the cell and gene therapy field was exemplified by the first quarter launch of the FDA registered 510(k) device, PXP-LAVARE System," stated Chris Xu, Ph.D., Chief Executive Officer of ThermoGenesis. "This GMP compliant, optional cell reformation accessory, designed for use along with the PXP-1000 System, is an important addition to our full suite of novel, highly efficient cell processing systems, designed to help meet the critical needs of the emerging and promising new field of cell and gene therapy."

Dr. Xu continued, "Cell and gene therapies have become one of the fastest growing sectors in medicine, with over 1,000 clinical trials currently underway in CAR-T cell therapy alone. There is a significant unmet need for manufacturing of these therapies due to both the high cost and limited global capacity. Our high efficiency, semi-automated CAR-TXpress™ platform can potentially reduce the manufacturing costs associated with CAR-T and other cell and gene therapies by up to 70%. With this in mind, we are committed to leveraging our unique and proprietary CAR-TXpress platform to transition from a device-only company to one focused on providing cell-based contract development and manufacturing (CDMO) services."

Jeff Cauble, Chief Financial Officer of ThermoGenesis, added, "Although our revenues remain affected by the COVID-19 pandemic, recently we have seen an increase in inquiries for orders. We ended the first quarter with $10 million cash on hand, which is a 75% increase over the same period last year and strengthens the Company's financial position."

For earnings history and earnings-related data on ThermoGenesis Holdings (THMO) click here.

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