Executives at Rancho Cordova-based ThermoGenesis Corp. on Tuesday reported a doubling of quarterly revenue and predicted profits by next year.
ThermoGenesis brought in $7.2 million for the three months ended June 30, up 104 percent from a year earlier. The growth was driven by a near tripling of sales of the company's leading product, a single-use unit used in storing stem cells from blood.
However, quarterly losses dropped only 5 percent, to $2.5 million, or 4 cents per share. Research and development costs grew by just over $1 million as the company launched a new line of business aimed at using stem cells to treat horses.
In a conference call with investors, Chief Executive William Osgood anticipated revenue will grow more than 30 percent in the coming year while costs will flatten, leading the company to break even by the middle of 2009.
"Our technologies are in perfect alignment with regenerative medicine's advances," he said.
ThermoGenesis was founded in 1987 and has not been profitable since 1994. Osgood took over company leadership last summer, replacing founder and longtime CEO Philip Coelho.
ThermoGenesis shares closed up 7 cents, or 4.6 percent, at $1.60 in trading Tuesday on the Nasdaq. The company announced its earnings after markets closed Tuesday.
Call The Bee's Jim Downing, (916) 321-1065.
What You Should Know About Comments on Sacbee.com
Sacbee.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. (See our full terms of service here.)
Here are some rules of the road:
• Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "report abuse" button to notify the moderators. Responding to the comment will only encourage bad behavior.
• Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.
• Do not attack other users; focus your comments on issues, not individuals.
• Stay on topic. Only post comments relevant to the article at hand. If you want to discuss an issue with a specific user, click on his profile name and send him a direct message.
• Do not copy and paste outside material into the comment box.
• Don't repeat the same comment over and over. We heard you the first time.
• Do not use the commenting system for advertising. That's spam and it isn't allowed.
• Don't use all capital letters. That's akin to yelling and not appreciated by the audience.
You should also know that The Sacramento Bee does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "report abuse" button to submit those comments for moderator review. You also may notify us via email at feedback@sacbee.com. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.
If you submit a comment, the user name of your account will appear along with it. Users cannot remove their own comments once they have submitted them, but you may ask our staff to retract one of your comments by sending an email to feedback@sacbee.com. Again, make sure you note the headline on which the comment is made and tell us your profile name.
About Comments
Reader comments on Sacbee.com are the opinions of the writer, not The Sacramento Bee. If you see an objectionable comment, click the "report abuse" button below it. We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. Flagrant or repeat violators will be banned. See more about comments here.