ThermoGenesis Holdings, Inc. (NASDAQ:THMO) Q1 2020 Earnings Conference Call - Final Transcript
May 14, 2020 • 04:30 pm ET
Good day, everyone, and welcome to the ThermoGenesis Holdings' Conference Call and Webcast to review Financial and Operating Results for the First Quarter Ended March 31, 2020. [Operator Instructions] As a reminder, today's conference is being recorded.
At this time, I'd like to turn the conference call over to our host, Paula Schwartz of Rx Communications. Ma'am, please go ahead.
Thank you, operator. This conference call contains forward-looking statements within the meaning of the federal securities laws. The company's actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that might cause actual results to differ materially from those in the forward-looking statements, is contained in the company's periodic reports filed with the Securities and Exchange Commission.
The information presented today is time sensitive and is accurate only as of the date of this call, May 14, 2020. If any portion of this call is being rebroadcast, retransmitted or redistributed at a later date, ThermoGenesis will not be reviewing or updating this material.
Participating on today's call are Dr. Chris Xu, Chief Executive Officer; and Jeff Cauble, Chief Financial Officer.
I'd now like to turn the call over to Chris. Please go ahead, Chris.
Thank you, Paula, and thank you to everyone for joining the call this afternoon. We appreciate you taking the time to listening in.
I'm pleased to note that we continue to improve our operational and financial performance throughout the first quarter of 2020. In particular, our net revenue rose to $3.2 million, an 8% increase compared to the same quarter of 2019. While gross profit increased to $1.5 million, a 19% improvement compared to the same period last year.
Cash on hand has reached $5.7 million at the end of first quarter, which was up 78% compared to the beginning of the year and up 155% compared to the same period last year. An increased revenue, gross profit and cash on hand would demonstrate a greater financial stability of the company.
As a reminder, the company's core business competence still resides in its cutting edge automated medical devices and systems for the cell and gene therapy field. We continue to make impacts in the field with our core automated cellular processing products. It's also this technology platform as a whole that helps us to make our future fight against COVID-19 possible.
Our cellular processing platform consists of one, the CAR-TXpress Platform, based on an innovative buoyancy activated cell sorting technology or BACS. The BACS technology is a patent protected high efficiency cell sorting technology using lipid micro-bubbles. The BACS technology is a key component of the CAR-TXpress technology platform, which is intended to address the critical unmet needs for large-scale cellular processing and manufacturing of the cell-based therapeutics such as CAR-T therapies.
Two, our AXP/BioArchive platform for clinical biobanking. It is one of the best recognized brand in the field, which allows for automated processing and cryostorage of the cord blood and clinical samples.
Three, our PXP platform for point-of-care applications,