Business & Finance
ThermoGenesis Holdings reports Q2 2020 financial results
17 August 2020 -

ThermoGenesis Holdings Inc (Nasdaq: THMO), a company that deals in automated cell processing tools and services in the cell and gene therapy field, has reported its financial results for the second quarter of 30 June 2020.

The company reported net revenues for the three months ended 30 June 2020 at USD2.2m, down 48% compared to USD4.3m in the year-ago period.

The company reported a comprehensive loss attributable to common stockholders of USD6.4m or USD1.02 per share, compared to a comprehensive net loss of USD1.3m or USD0.47 per share in the year-ago period.

Chris Xu, PhD, chief executive officer of ThermoGenesis, said, 'During the last few months, we adapted our strategy to develop and market a range of solutions to fight the global pandemic. Notably, we contracted with a new manufacturer for a SARS-CoV-2 (COVID-19) IgM/IgG Antibody Test Kit which has already obtained EUA designation from the FDA and look forward to begin marketing next week. We plan to further differentiate this kit with the addition of a lateral flow immunoassay cartridge testing kit reader, now in the final stages of development, which is designed to improve the speed and accuracy of the COVID-19 antibody assay. Our research team has already filed a number of key patent applications around the reader, which allows for big data analysis, which we believe will be essential information as we continue to re-open our society and our economy.'