8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 8, 2007 (November 8, 2007)

THERMOGENESIS CORP.

(Exact name of registrant as specified in its charter)

Delaware	333-82900	94-3018487
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

2711 Citrus Road
Rancho Cordova, California 95742
(Address and telephone number of principal executive offices) (Zip Code)

(916) 858-5100
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02 Results of Operations and Financial Condition
	Item 9.01 Financial Statements and Exhibits
SIGNATURE
EXHIBIT 99.1

Section 2-Financial Information

Item 2.02 Results of Operations and Financial Condition

     Item 2. On November 8, 2007, ThermoGenesis Corp. issued a press release announcing its results of operations and financial condition for the quarter ended September 30, 2007. The full text of the press release is set forth in Exhibit 99.1 attached to this report.

Section 9-Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

Exhibit No.	Exhibit Description
99.1	Press release dated November 8, 2007, titled “ThermoGenesis Corp. Reports First Quarter 2008 Results”

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THERMOGENESIS CORP., a Delaware Corporation
Dated: November 8, 2007	/s/ Matthew Plavan
	Matthew Plavan,
	Chief Financial Officer

EX-99.1

Exhibit 99.1

THERMOGENESIS CORP. REPORTS
FIRST QUARTER 2008 RESULTS

COMPANY REPORTS PROGRESS ON KEY INITIATIVES

RANCHO CORDOVA, CA, (November 8, 2007)—ThermoGenesis Corp. (NASDAQ: KOOL), a leading supplier of innovative products and services that process, store, and administer therapeutic doses of adult stem cells for treatment of disease and injury, today reported results for the first quarter of fiscal 2008.

Revenues for the quarter ended September 30, 2007, were $3.6 million compared with revenues of $4.3 million for the first quarter of fiscal 2007. Total disposables revenue rose over 90 percent for the first fiscal quarter to $1.9 million as compared to $1 million in the same quarter one year ago.

The Company reported a net loss in the first quarter of $2.3 million, or $0.04 per share, versus a net loss of $1.1 million, or $0.02 per share, in the first quarter of the prior year. At September 30, 2007, the Company had $31.4 million in cash, cash equivalents and investments.

“We made significant progress in a number of areas during the quarter—including the production quality of our AXP™ AutoXpress Platform (AXP) bag sets—but our results were impacted by two factors,” said Dr. William Osgood, Chief Executive Officer.

“The first was related to false negative results in quality testing for our AXP bag sets. While we have resolved this issue, we were not able to ship roughly $275,000 in bag sets until after the end of the quarter. In the meantime, our AXP backlog at quarter end was $3.4 million and we expect to ship up to $1.4 million of this during the second quarter,” he continued.

Osgood said the second factor impacting first quarter results was three BioArchive^® System sales through its distributor GE Healthcare (GEHC), which were significantly below plan. “We are having highly productive discussions with GEHC on how to improve their sales effort and I believe we will be on a course for achieving greater BioArchive activity on a quarterly basis moving forward,” Osgood said.

“We are also pleased to have received 510(k) clearance of our AXP for cord blood processing as it ensures that we will be in full compliance with imminent FDA regulatory requirements for cord blood processing and because we believe this clearance will facilitate regulatory approval and registration efforts for the AXP outside the U.S.,” he noted.

Osgood indicated that the Company plans to launch a new version of the AXP for bone marrow processing and is preparing a 510(k) submission for this indication.

“We have had very encouraging feedback from the clinical community regarding the use of the AXP for autologous bone marrow stem cell therapeutics. In addition, data reported at the

American Association of Blood Banks meeting last month demonstrated compelling results regarding recovery of cells using the device.”

In regards to succession planning, governance and growth, on July 27, 2007, the Company appointed William Osgood as our new Chief Executive Officer (CEO), and our former Chief Executive Officer assumed the role of Chief Technology Architect. Incident to this change, we also appointed Dr. Hubert Huckel as a non-executive Chairman of the Board of Directors. We continue to pursue additional independent directors through an executive search firm retained by the Governance & Nominating Committee.

“Since assuming the CEO position, I have been implementing new strategies to enhance our financial performance. With our improved AXP bag set quality and new initiatives in the regenerative medicine arena, we are making progress on many important fronts and believe our results in the remainder of fiscal 2008 will reflect the value of our new initiatives,” Osgood noted.

During the remainder of fiscal 2008, management expects to see sequential quarterly revenue growth through a full AXP production ramp up and increased BioArchive sales. Management also expects to see quarterly revenues climb above $7 million in its fourth fiscal quarter of the year.

Company Conference Call and Webcast
Management will host a conference call today, November 8, 2007 at 2:00 PM Pacific (5:00 PM Eastern) to review the fiscal first quarter financial results and other corporate events, followed by a Q&A session. Participants are asked to call the assigned number approximately 5 minutes before the conference call begins.

Conference call details:
Dial-in (U.S.):	1-800-860-2442
Dial-in (International):	412-858-4600
Conference name:	“ThermoGenesis”

To listen to the audio web cast of the call during or after the event, please visit: http://www.thermogenesis.com/investor_relations/index.asp.

An audio replay of the conference call will be available beginning approximately two hours after completion of the call for the following five business days.

To access the reply:
Access number (U.S.):	877-344-7529
Access number (International):	412-317-0088
Conference ID#:	“385107”

About ThermoGenesis Corp.
ThermoGenesis Corp. (www.thermogenesis.com) is a leader in developing and manufacturing automated blood processing systems and disposable products that enable the manufacture, preservation and delivery of cell and tissue therapy products. These products include:

• The BioArchive^® System, an automated cryogenic device, is used by cord blood stem cell banks in more than 25 countries for cryopreserving and archiving cord blood stem cell units

for transplant. GE Healthcare is the non-exclusive global distribution partner for the BioArchive System.

• AXP^™ AutoXpress Platform (AXP™) is a proprietary, automated device and companion sterile blood processing disposable for harvesting stem cells from cord blood in a closed system. GE Healthcare is the exclusive global distribution partner for the AXP AutoXpress Platform.

• The CryoSeal^® FS System, an automated device and companion sterile blood processing disposable, is used to prepare fibrin sealants from plasma in about an hour. We received FDA approval to market the CryoSeal FS System in liver resection surgeries in July 2007. The CryoSeal FS System has received the CE-Mark. From a marketing perspective, the CE Mark is the European equivalent to an FDA approval, in that it allows sales of the product throughout the European community. Asahi Medical is the exclusive distributor for the CryoSeal System in Japan and the Company markets through independent distributors in Europe and South America.

• The Thrombin Processing Device^TM (TPD™) is a sterile blood processing disposable that prepares activated thrombin from a small aliquot of plasma in less than 30 minutes. The CE-Marked TPD is currently being marketed in Europe by Biomet, Inc., subsidiary Biomet Biologics, Medtronic, Inc. and independent distributors.

This press release, including statements regarding financial information for future periods,
contain forward-looking statements, and such statements are made pursuant to the safe harbour
provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks
and uncertainties that could cause actual outcomes to differ materially from those contemplated by
the forward-looking statements. Several factors, including timing of FDA approvals, changes in
customer forecasts, our failure to meet customers’ purchase order and quality requirements, supply
shortages, production delays, changes in the markets for customers’ products, introduction timing
and acceptance of our new products scheduled for fiscal year 2008, and introduction of competitive
products and other factors beyond our control, could result in a materially different revenue
outcome and/or in our failure to achieve the revenue levels we expect for fiscal 2008. A more
complete description of these and other risks that could cause actual events to differ from the
outcomes predicted by our forward looking statements is set forth under the caption “Risk Factors”
in our annual report on Form 10-K and other reports we file with the Securities and Exchange
Commission from time to time, and you should consider each of those factors when evaluating the
forward looking statements.

ThermoGenesis Corp.
Web site: http://www.thermogenesis.com
Contact: Matthew T. Plavan
+1-916-858-5100

THERMOGENESIS CORP.
Condensed Statements of Operations
(Unaudited)

	Three Months Ended
	September 30,
	2007			2006
Net revenues	$	3,632,000		$	4,305,000
Cost of revenues		2,423,000			2,593,000
Gross profit		1,209,000			1,712,000
Expenses:
Selling, general and administrative		2,420,000			2,312,000
Research and development		1,496,000			962,000
Total operating expenses		3,916,000			3,274,000
Interest and other income		407,000			466,000
Net loss		($2,300,000	)		($1,096,000	)
Basic and diluted net loss per common share	$	(0.04	)	$	(0.02	)
Shares used in computing per share data		55,659,508			54,903,767

THERMOGENESIS CORP.
Condensed Balance Sheets
(Unaudited)

	September 30,		June 30,
	2007		2007
ASSETS
Current assets:
Cash and cash equivalents	$	6,640,000	$	5,730,000
Short term investments		24,710,000		27,649,000
Accounts receivable, net		2,967,000		3,226,000
Inventory		5,780,000		5,046,000
Other current assets		381,000		415,000
Total current assets		40,478,000		42,066,000
Equipment, net		1,621,000		1,602,000
Other assets		109,000		122,000
	$	42,208,000	$	43,790,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,000,000	$	2,074,000
Other current liabilities		2,304,000		2,233,000
Total current liabilities		4,304,000		4,307,000
Long-term liabilities		1,498,000		1,671,000
Stockholders’ equity		36,406,000		37,812,000
	$	42,208,000	$	43,790,000