KOOL reported Q3/11 revenues of $5.165M minus cost of revenues of $3.145M with a gross profit of $2.02M; an increase of 8% versus revenues of $4.8M in Q3/11 and $5.9M versus Q2/11. Disposable Q3/11 revenues were $3M. The softness in the US and EU cord blood markets affected sales of AXP® AutoXpress™ (NYSE:AXP) bag sets in Q3/11, but was offset in part by solid year-over-year growth in revenues from our Res Q™60 BMC System (Res-Q) used in the preparation of cell concentrates from bone marrow aspirate at the point-of-care and sales of BioArchive® System used to store stem cells from cord blood. The AXP disposable order forecast from our distributor GE Healthcare calls for a slight dip in orders during Q4/11 versus Q3/11 due to inventory rebalancing but projects quarterly increases in orders throughout FY12 due to the positive signs of a revival in purchases from end customers. SG&A expenses were $2.15M while R&D logged in at $715K with a total operating expense of $2.86M. The cash balance at the end Q3/11 reflected approximately $4M in net proceeds from an offering of shares and warrants completed in 3/11. Q3/11 backlog was $900K. KOOL reported a net loss of $845K, or $0.06 per share, in Q3/11 versus a net loss of $1.4M, or $0.10 per share, in Q3/10, a reduction of 40%. For the first 9 months of FY11, KOOL reported revenues of $18M compared with revenues of $15.9M in the same period a year ago, an increase of 13%. Disposable revenues in the 1st 9 months of FY11 were $10.8M, a 13% increase over disposable revenues of $9.6M in the same period a year ago. KOOL reported a net loss of $1.4M, or $0.10 per share, compared with a net loss of $5M, or $0.36 per share, in the 1st 9 months of FY10, a reduction of 72%. Shares used in computing per share data were 14.84M.
- KOOL ended 3/31/11 with $13.5M in cash and cash equivalents