Thermogenesis Holdings Inc Financials

THMO

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2024 Currency USD FYE December

Financial Health Signals

Financial Profile 0/100

Based on FY2023 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Thermogenesis Holdings Inc has an operating margin of -91.2%, meaning the company retains $-91 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -59.1% the prior year.

Growth

Thermogenesis Holdings Inc's revenue declined 9.9% year-over-year, from $10.5M to $9.4M. This contraction results in a growth score of 0/100.

Liquidity

Thermogenesis Holdings Inc's current ratio of 0.44 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.

Cash Flow

While Thermogenesis Holdings Inc generated -$3.7M in operating cash flow, capex of $1.7M consumed most of it, leaving -$5.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Thermogenesis Holdings Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.20x

For every $1 of reported earnings, Thermogenesis Holdings Inc generates $0.20 in operating cash flow (-$3.7M OCF vs -$18.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-0.9x

Thermogenesis Holdings Inc earns $-0.9 in operating income for every $1 of interest expense (-$8.6M vs $10.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Thermogenesis Holdings Inc (THMO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$9.4M

YoY-9.9%

5Y CAGR-0.5%

10Y CAGR-6.2%

Thermogenesis Holdings Inc generated $9.4M in revenue in fiscal year 2023. This represents a decrease of 9.9% from the prior year.

EBITDA

-$7.5M

YoY-41.7%

Thermogenesis Holdings Inc's EBITDA was -$7.5M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 41.7% from the prior year.

Free Cash Flow

-$5.5M

YoY+29.0%

Thermogenesis Holdings Inc generated -$5.5M in free cash flow in fiscal year 2023, representing cash available after capex. This represents an increase of 29.0% from the prior year.

Net Income

-$18.9M

YoY-60.2%

Thermogenesis Holdings Inc reported -$18.9M in net income in fiscal year 2023. This represents a decrease of 60.2% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$2.0M

YoY-52.1%

5Y CAGR-3.6%

10Y CAGR-11.6%

Thermogenesis Holdings Inc held $2.0M in cash against $0 in long-term debt as of fiscal year 2023.

Dividends Per Share

N/A

Shares Outstanding

Thermogenesis Holdings Inc had 4M shares outstanding in fiscal year 2023. This represents an increase of 248.8% from the prior year.

Gross Margin

20.4%

YoY-5.4pp

5Y CAGR-2.2pp

10Y CAGR-15.0pp

Thermogenesis Holdings Inc's gross margin was 20.4% in fiscal year 2023, indicating the percentage of revenue retained after direct costs. This is down 5.4 percentage points from the prior year.

Operating Margin

-91.2%

YoY-32.1pp

5Y CAGR+359.1pp

10Y CAGR-74.1pp

Thermogenesis Holdings Inc's operating margin was -91.2% in fiscal year 2023, reflecting core business profitability. This is down 32.1 percentage points from the prior year.

Net Margin

-200.3%

YoY-87.6pp

5Y CAGR+223.0pp

10Y CAGR-183.1pp

Thermogenesis Holdings Inc's net profit margin was -200.3% in fiscal year 2023, showing the share of revenue converted to profit. This is down 87.6 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$1.3M

YoY-22.6%

5Y CAGR-15.7%

10Y CAGR-8.1%

Thermogenesis Holdings Inc invested $1.3M in research and development in fiscal year 2023. This represents a decrease of 22.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.7M

YoY+333.3%

5Y CAGR+7.0%

10Y CAGR+16.1%

Thermogenesis Holdings Inc invested $1.7M in capex in fiscal year 2023, funding long-term assets and infrastructure. This represents an increase of 333.3% from the prior year.

THMO Income Statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Revenue	$9.4M-9.9%	$10.5M+12.8%	$9.3M-4.6%	$9.7M-25.3%	$13.0M+34.9%	$9.7M
Cost of Revenue	$7.5M-3.3%	$7.8M+34.0%	$5.8M-31.6%	$8.5M+15.4%	$7.4M-1.7%	$7.5M
Gross Profit	$1.9M-28.7%	$2.7M-22.4%	$3.5M+177.4%	$1.3M-77.9%	$5.7M+159.7%	$2.2M
R&D Expenses	$1.3M-22.6%	$1.7M-24.9%	$2.2M-10.8%	$2.5M+3.4%	$2.4M-20.5%	$3.0M
SG&A Expenses	$7.2M-0.3%	$7.2M-14.9%	$8.5M+10.9%	$7.7M+20.4%	$6.4M-23.0%	$8.3M
Operating Income	-$8.6M-39.0%	-$6.2M+14.4%	-$7.2M+18.7%	-$8.9M-87.9%	-$4.7M+89.1%	-$43.5M
Interest Expense	$10.0M+78.6%	$5.6M-8.0%	$6.1M-22.8%	$7.9M+76.6%	$4.5M+66.1%	$2.7M
Income Tax	N/A	$0	$0	N/A	$0+100.0%	-$4.7M
Net Income	-$18.9M-60.2%	-$11.8M+0.6%	-$11.9M+29.3%	-$16.8M-66.5%	-$10.1M+75.3%	-$40.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'24	Q1'23	Q3'23	Q2'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	$2.7M+13.8%	$2.4M+9.7%	$2.2M-3.5%	$2.3M-15.1%	$2.7M+26.5%	$2.1M-30.2%	$3.0M+13.7%	$2.7M
Cost of Revenue	$1.5M-37.2%	$2.4M+35.9%	$1.8M-0.3%	$1.8M-20.9%	$2.3M+36.0%	$1.7M-19.7%	$2.1M+21.3%	$1.7M
Gross Profit	$1.2M+3263.2%	-$38K-109.6%	$395K-15.8%	$469K+19.0%	$394K-9.8%	$437K-53.5%	$939K-0.1%	$940K
R&D Expenses	$211K-35.9%	$329K+23.7%	$266K-30.5%	$383K+12.3%	$341K-27.4%	$470K+19.9%	$392K-14.0%	$456K
SG&A Expenses	$1.5M-17.4%	$1.9M+11.2%	$1.7M-7.2%	$1.8M+14.9%	$1.6M-20.3%	$2.0M-0.4%	$2.0M+17.5%	$1.7M
Operating Income	-$557K+87.0%	-$4.3M-174.8%	-$1.6M+10.0%	-$1.7M-13.3%	-$1.5M+24.2%	-$2.0M-39.7%	-$1.4M-19.3%	-$1.2M
Interest Expense	$1.5M-56.6%	$3.3M+57.8%	$2.1M+217.1%	$668K-67.3%	$2.0M+46.9%	$1.4M+2.4%	$1.4M+65.1%	$823K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$2.0M+73.7%	-$7.6M-103.2%	-$3.7M-56.0%	-$2.4M+32.9%	-$3.6M-5.0%	-$3.4M-21.5%	-$2.8M-37.6%	-$2.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

THMO Balance Sheet

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Total Assets	$11.2M-42.1%	$19.4M-6.1%	$20.7M-1.0%	$20.9M+37.1%	$15.2M+4.1%	$14.6M
Current Assets	$5.2M-52.4%	$10.9M-27.3%	$15.0M-2.2%	$15.3M+60.7%	$9.5M+10.4%	$8.6M
Cash & Equivalents	$2.0M-52.1%	$4.2M-42.6%	$7.3M+1.7%	$7.2M+126.8%	$3.2M+31.5%	$2.4M
Inventory	$1.4M-57.8%	$3.3M-37.9%	$5.4M-8.6%	$5.9M+68.7%	$3.5M-22.5%	$4.5M
Accounts Receivable	$949K-49.1%	$1.9M+154.4%	$733K-47.0%	$1.4M+8.1%	$1.3M-15.3%	$1.5M
Goodwill	N/A	$781K0.0%	$781K0.0%	$781K0.0%	$781K0.0%	$781K
Total Liabilities	$14.8M-7.8%	$16.1M-6.9%	$17.3M+15.1%	$15.0M+4.8%	$14.3M+81.4%	$7.9M
Current Liabilities	$11.8M+2.2%	$11.5M+81.3%	$6.3M+3.3%	$6.1M-8.1%	$6.7M+5.0%	$6.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$1.7M-138.8%	$4.3M+12.2%	$3.8M-34.0%	$5.8M+1402.6%	$386K-95.4%	$8.4M
Retained Earnings	-$284.2M-6.8%	-$266.2M-0.6%	-$264.7M-4.5%	-$253.3M-6.9%	-$236.9M-4.2%	-$227.4M

Metric	Q1'24	Q1'23	Q3'23	Q2'23	Q4'22	Q3'22	Q2'22	Q1'22
Total Assets	$10.1M-10.2%	$11.2M-29.5%	$15.9M-9.6%	$17.6M-9.2%	$19.4M-3.5%	$20.1M-5.8%	$21.3M+16.7%	$18.3M
Current Assets	$4.4M-16.0%	$5.2M-25.2%	$6.9M-18.1%	$8.5M-22.3%	$10.9M-5.2%	$11.5M-8.0%	$12.5M-5.4%	$13.2M
Cash & Equivalents	$1.2M-41.2%	$2.0M-50.2%	$4.0M-9.7%	$4.5M+6.5%	$4.2M+7.0%	$3.9M-2.4%	$4.0M+9.6%	$3.7M
Inventory	$1.2M-11.4%	$1.4M-22.8%	$1.8M-31.4%	$2.7M-20.3%	$3.3M-32.1%	$4.9M-10.6%	$5.5M-6.8%	$5.9M
Accounts Receivable	$1.1M+21.1%	$949K+157.9%	$368K-52.5%	$774K-58.5%	$1.9M-9.3%	$2.1M-11.0%	$2.3M+6.2%	$2.2M
Goodwill	N/A	$781K0.0%	$781K0.0%	$781K0.0%	$781K0.0%	$781K0.0%	$781K0.0%	$781K
Total Liabilities	$11.2M-24.6%	$14.8M+17.0%	$12.7M-15.5%	$15.0M-6.7%	$16.1M+1.5%	$15.8M+0.1%	$15.8M-6.9%	$17.0M
Current Liabilities	$8.3M-29.4%	$11.8M+32.3%	$8.9M-19.1%	$11.0M-4.5%	$11.5M+4.9%	$11.0M+2.6%	$10.7M-30.9%	$15.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$975K+158.5%	-$1.7M-136.3%	$4.6M+19.8%	$3.8M-10.8%	$4.3M-15.7%	$5.1M-17.5%	$6.2M+236.0%	$1.8M
Retained Earnings	-$286.0M-0.7%	-$284.2M-2.5%	-$277.2M-1.3%	-$273.5M-2.8%	-$266.2M-1.3%	-$262.8M-1.2%	-$259.5M-1.0%	-$256.8M

THMO Cash Flow Statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Operating Cash Flow	-$3.7M+48.9%	-$7.3M-10.0%	-$6.6M+54.0%	-$14.4M-341.5%	-$3.3M+53.3%	-$7.0M
Capital Expenditures	$1.7M+333.3%	$400K+330.1%	$93K+304.3%	$23K-87.4%	$182K-85.3%	$1.2M
Free Cash Flow	-$5.5M+29.0%	-$7.7M-14.4%	-$6.7M+53.4%	-$14.4M-318.8%	-$3.4M+58.1%	-$8.2M
Investing Cash Flow	-$1.7M-333.3%	-$400K-330.1%	-$93K-304.3%	-$23K+87.4%	-$182K+85.3%	-$1.2M
Financing Cash Flow	$3.3M-28.5%	$4.6M-32.9%	$6.8M-60.8%	$17.4M+314.9%	$4.2M-41.0%	$7.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'24	Q1'23	Q3'23	Q2'23	Q4'22	Q3'22	Q2'22	Q1'22
Operating Cash Flow	-$505K+75.3%	-$2.0M-713.9%	-$251K+69.1%	-$812K+31.3%	-$1.2M-18.2%	-$1.0M-6.2%	-$942K+77.4%	-$4.2M
Capital Expenditures	$20K-89.6%	$192K+6.7%	$180K-69.5%	$590K+541.3%	$92K+3.4%	$89K-42.2%	$154K+136.9%	$65K
Free Cash Flow	-$525K+76.5%	-$2.2M-418.6%	-$431K+69.3%	-$1.4M-10.0%	-$1.3M-17.0%	-$1.1M+0.6%	-$1.1M+74.1%	-$4.2M
Investing Cash Flow	-$20K+89.6%	-$192K-6.7%	-$180K+69.5%	-$590K-541.3%	-$92K-3.4%	-$89K+42.2%	-$154K-136.9%	-$65K
Financing Cash Flow	-$299K-237.8%	$217K	$0	$0-100.0%	$1.5M+56.0%	$993K-31.5%	$1.4M+144.1%	$594K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$398K	N/A	N/A	N/A	N/A	N/A	N/A	N/A

THMO Financial Ratios

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Gross Margin	20.4%-5.4pp	25.9%-11.7pp	37.6%+24.7pp	12.9%-30.7pp	43.7%+21.0pp	22.7%
Operating Margin	-91.2%-32.1pp	-59.1%+18.7pp	-77.8%+13.5pp	-91.3%-55.0pp	-36.3%+413.9pp	-450.2%
Net Margin	-200.3%-87.6pp	-112.7%+15.1pp	-127.8%+44.7pp	-172.5%-95.1pp	-77.4%+345.9pp	-423.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-168.4%-107.5pp	-60.9%-3.4pp	-57.5%+23.1pp	-80.6%-14.2pp	-66.4%+213.8pp	-280.2%
Current Ratio	0.44-0.5	0.95-1.4	2.36-0.1	2.49+1.1	1.42+0.1	1.36
Debt-to-Equity	-8.89-12.6	3.74-0.8	4.51+1.9	2.58-34.5	37.04+36.1	0.93
FCF Margin	-57.7%+15.5pp	-73.3%-1.1pp	-72.2%+75.7pp	-148.0%-121.6pp	-26.4%+58.6pp	-85.0%

Metric	Q1'24	Q1'23	Q3'23	Q2'23	Q4'22	Q3'22	Q2'22	Q1'22
Gross Margin	43.9%+45.5pp	-1.6%-19.6pp	18.0%-2.6pp	20.6%+5.9pp	14.7%-5.9pp	20.7%-10.3pp	31.0%-4.3pp	35.3%
Operating Margin	-20.3%+157.5pp	-177.8%-106.8pp	-71.0%+5.1pp	-76.1%-19.1pp	-57.1%+38.2pp	-95.3%-47.7pp	-47.6%-2.2pp	-45.4%
Net Margin	-73.1%+242.7pp	-315.8%-145.4pp	-170.5%-65.0pp	-105.5%+28.0pp	-133.5%+27.4pp	-160.9%-68.4pp	-92.5%-16.0pp	-76.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-19.8%+47.8pp	-67.7%-44.2pp	-23.5%-9.9pp	-13.6%+4.8pp	-18.4%-1.5pp	-16.9%-3.8pp	-13.1%-2.0pp	-11.1%
Current Ratio	0.52+0.1	0.44-0.3	0.780.0	0.77-0.2	0.95-0.1	1.05-0.1	1.17+0.3	0.85
Debt-to-Equity	11.46+20.3	-8.89-11.6	2.75-1.2	3.91+0.2	3.74+0.6	3.10+0.5	2.56-6.7	9.24
FCF Margin	-19.2%+73.7pp	-92.9%-73.3pp	-19.6%+42.0pp	-61.7%-14.1pp	-47.6%+3.9pp	-51.5%-15.3pp	-36.2%+122.4pp	-158.6%

Note: Shareholder equity is negative (-$1.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.44), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Thermogenesis Holdings Inc's annual revenue?

Thermogenesis Holdings Inc (THMO) reported $9.4M in total revenue for fiscal year 2023. This represents a -9.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Thermogenesis Holdings Inc's revenue growing?

Thermogenesis Holdings Inc (THMO) revenue declined by 9.9% year-over-year, from $10.5M to $9.4M in fiscal year 2023.

Is Thermogenesis Holdings Inc profitable?

No, Thermogenesis Holdings Inc (THMO) reported a net income of -$18.9M in fiscal year 2023, with a net profit margin of -200.3%.

What is Thermogenesis Holdings Inc's EBITDA?

Thermogenesis Holdings Inc (THMO) had EBITDA of -$7.5M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.

What is Thermogenesis Holdings Inc's gross margin?

Thermogenesis Holdings Inc (THMO) had a gross margin of 20.4% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.

What is Thermogenesis Holdings Inc's operating margin?

Thermogenesis Holdings Inc (THMO) had an operating margin of -91.2% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.

What is Thermogenesis Holdings Inc's net profit margin?

Thermogenesis Holdings Inc (THMO) had a net profit margin of -200.3% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.

What is Thermogenesis Holdings Inc's free cash flow?

Thermogenesis Holdings Inc (THMO) generated -$5.5M in free cash flow during fiscal year 2023. This represents a 29.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Thermogenesis Holdings Inc's operating cash flow?

Thermogenesis Holdings Inc (THMO) generated -$3.7M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.

What are Thermogenesis Holdings Inc's total assets?

Thermogenesis Holdings Inc (THMO) had $11.2M in total assets as of fiscal year 2023, including both current and long-term assets.

What are Thermogenesis Holdings Inc's capital expenditures?

Thermogenesis Holdings Inc (THMO) invested $1.7M in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.

How much does Thermogenesis Holdings Inc spend on research and development?

Thermogenesis Holdings Inc (THMO) invested $1.3M in research and development during fiscal year 2023.

How many shares does Thermogenesis Holdings Inc have outstanding?

Thermogenesis Holdings Inc (THMO) had 4M shares outstanding as of fiscal year 2023.

What is Thermogenesis Holdings Inc's current ratio?

Thermogenesis Holdings Inc (THMO) had a current ratio of 0.44 as of fiscal year 2023, which is below 1.0, which may suggest potential liquidity concerns.

What is Thermogenesis Holdings Inc's debt-to-equity ratio?

Thermogenesis Holdings Inc (THMO) had a debt-to-equity ratio of -8.89 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Thermogenesis Holdings Inc's return on assets (ROA)?

Thermogenesis Holdings Inc (THMO) had a return on assets of -168.4% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.

What is Thermogenesis Holdings Inc's cash runway?

Based on fiscal year 2023 data, Thermogenesis Holdings Inc (THMO) had $2.0M in cash against an annual operating cash burn of $3.7M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Thermogenesis Holdings Inc's debt-to-equity ratio negative or unusual?

Thermogenesis Holdings Inc (THMO) has negative shareholder equity of -$1.7M as of fiscal year 2023, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Thermogenesis Holdings Inc's Piotroski F-Score?

Thermogenesis Holdings Inc (THMO) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Thermogenesis Holdings Inc's earnings high quality?

Thermogenesis Holdings Inc (THMO) has an earnings quality ratio of 0.20x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Thermogenesis Holdings Inc cover its interest payments?

Thermogenesis Holdings Inc (THMO) has an interest coverage ratio of -0.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Thermogenesis Holdings Inc?

Thermogenesis Holdings Inc (THMO) scores 0 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.