ThermoGenesis Holdings, Inc. (NASDAQ:THMO) Q2 2020 Earnings Conference Call - Preliminary Transcript

Aug 14, 2020 • 04:30 pm ET

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ThermoGenesis Holdings, Inc. (NASDAQ:THMO) Q2 2020 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good day, and welcome to the ThermoGenesis Holdings' Conference Call and Webcast to Review Financial and Operating Results for the Second Quarter Ended June 31, 2020. As a reminder, all participants will be in listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to our host, Paula Schwartz of Rx Communications. Please go ahead.

Executive
Paula Schwartz

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, August 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.

Executive
Chris Xu

Thank you, Paula, and thank you to everyone for joining the call this afternoon. We appreciate you taking the time to listening in. During the second quarter of 2020, we continued to execute on our strategy to become a market leader in automated cell processing tools for the cell and gene therapy field. Notably, we were pleased to have achieved a major commercial milestone with the launch of our proprietary X-SERIES cell processing platform by our exclusive global distributor, Corning Life Sciences, under the ThermoGenesis and Corning dual brand. We are excited to have Corning as our partner, and we believe this partnership will make a meaningful impact on market penetration and revenue of the X-SERIES.

As a reminder, our core competence comes from our ability to develop a range of cutting edge, automated medical devices, and systems for use in the cell gene therapy. Namely, first, the CAR-TXpress platform based on our patent protected buoyancy activated cell sorting technology or BACS. Second, that the globally recognized AXP/BioArchive platform for clinical biobanking, which allows for automated processing and cryostorage of the cord blood and clinical samples. And third, the PXP platform for point-of-care applications, namely automated processing of our autologous peripheral blood and bone marrow derived stem cells at the point-of-care. Importantly, that the platform allows for simultaneous isolation of convalescent plasma and immune cells, which is important for fighting against COVID-19. As many other companies have recently reported, our core business has also been affected by the global COVID-19 pandemic. In particular, it has had a significant impact on the cord blood industry as a whole. Resulting fewer cord blood units we installed globally during this time. Additionally, with many countries and states on lockdown, some customers opted to consume their existing safety