KOOLD reported a Q4/10 net loss of $171,000, or $0.01 per share compared to a net loss of $1.4 M, or $0.10 per share in Q3/10. KOOLD reported a net loss of $5.2 M, or $0.37 per share, in FY10 versus a net loss of $8.6 M or $0.61 per share in FY09.
Q/4/10 revenues were $7.2 M which disposable revenues of $4.8 M. The per share results for all periods had been adjusted to reflect the impact of the reverse stock split that occurred at the close of business on 8/26/10. KOOLD ended FY10 with $10.7 M in cash and short-term investments versus $10.1 M at the end of Q3/10 and $15.6 M at the end of FY09.
- For FY10, KOOLD reported revenues of $23.1 M, an increase of 17% versus revenues of $19.8 M in FY09;
- Disposable revenues for FY10 were $14.3 M versus disposable revenues of $10.6 M in FY09, an increase of 35%.
KOOLD ended Q4/10 highlighted a 78% increase over revenues from Q3/09 with strong sales of AXP® AutoXpress™ (NYSE:AXP) System bag sets and BioArchive® Systems.
- This revenue growth, combined with successes at managing operating expenses, enabled reduction of net loss quarter-over quarter by approximately $3 M and achieve near break even;
- Results for FY10 reflect a 39% reduction in their net loss year-over-year;
- KOOLD realized meaningful improvement in gross margins as disposable revenues were 62% of total revenues versus 54% a year ago;
- In Q1/11, KOOLD will record 2 non-recurring charges. These charges are expected to total approximately $200,000 and include the severance and restructuring costs associated with our 7/1/10 lay-off and an early termination fee for a facility lease being vacated.