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ThermoGenesis Holdings, Inc. (Nasdaq: THMO) reported a 13% increase in net revenues for 2022, reaching $10.5 million, driven by higher AXP disposable sales. However, gross profit fell to $2.7 million (26% of revenue), down from 38% due to increased manufacturing costs. The company reduced operating expenses by 15% to $7.2 million and R&D expenses by 25% to $1.7 million. Despite the improvements, a comprehensive net loss of $11.2 million was reported, with cash reserves down to $4.2 million. ThermoGenesis is transitioning to a CDMO model, launching 12 ReadyStart cGMP Suites projected to generate $10-$16 million annually.