KOOL reported Q1/11 net loss of $68K or ($0.00) per share.
Q1/11 revenues were $7M with a cost of revenues of $4.4M. Gross profit was $2.6M. KOOL recorded disposable revenues of $4.4M. R&D expenses were $725K with SG&A clocking in at $1.94M. Total operating expenses were $2.65M. Included in the results were approximately $160K in severance and restructuring costs and an early termination fee related to a facility lease. The per share results for all periods have been adjusted to reflect the impact of the reverse stock split that occurred at the close of business on 8/26/10. Shares used in computing per share data were 14.23M. Absent the severance, restructuring and lease termination charges, KOOL would have achieved a profitable quarter. It should be noted that AXP disposable sales were higher than the prior year and same quarter by $1.2M, due primarily to GE Healthcare (GEHC) increasing their inventory levels approximately $1M to meet certain customer requirements;
- Reported a 35% increase in Q1/11 revenues;
- Ended Q1/11 with $10.2M in cash;
- KOOL was awarded $244K in a QTDP grant through the PPAC Act.
- KOOL filed an updated 510(k) submission seeking market clearance from the FDA for the use of its Res-Q technology in the preparation of platelet rich plasma (PRP) from peripheral blood.
- In mid-October, KOOL announced a PRP cardiovascular license and distribution agreement for Res-Q with BioParadox, Inc., a newly-formed regenerative medicine company focusing on point-of-care cardiovascular therapies;
- KOOL has engaged an investment bank for strategic advisory services to evaluate opportunities to accelerate its business development reach and activities;
- J. Melville Engle was named Chairman of the Board and Chief Executive Officer at the October board meeting, replacing Hubert (Huck) Huckel, MD, who became Chairman, Emeritus;
- In a separate release 11/4/10, KOOL announced it has signed a comprehensive distribution agreement with Nanshan Memorial Medical Institute (Nanshan), a progressive regenerative medicine company covering China and Hong Kong. Nanshan distributes medical products and has operated multiple, large healthcare facilities including hospitals, stem cell banks and research centers.