Net loss of $486K or $0.03 per share
For Q2/11 (ended 12/31/10), KOOL reported revenues of $5.9M with disposable revenues of $3.4M. Backlog at the end of Q2/11 was approximately $750K. Contributing to the improved bottom line performance in Q2/11 was a 6% increased gross margins (40% compared to 34% in 2010). The gross profit was $2.35M. G&A Expenses were $2.33M while R&D logged in at $744K. Interest and other income was $265K. Total operating expense was $3.1M. This improvement is due to lower contract manufacturing and overhead costs. KOOL expects this trend to continue as its sales of disposables increase and further manufacturing efficiencies and scale are achieved and expects gross margins to migrate to the 55 to 60 % range over the long term. Included in the results are $200K in strategic advisory fees and approximately $100K in non-cash, stock-based compensation expenses attributable to restricted stock related to a distribution agreement with the Nanshan Memorial Medical Institute. Revenues in Q2/11 benefited from growth in the bone marrow business, which was offset in part by softness in US and European cord blood collections due to the economic environment. Operating loss dropped as a result of increased gross margins. The loss per share was based on 14.05M shares.
- KOOL ended Q@/11 with $10.2M in cash and cash equivalents.