ThermoGenesis Holdings Inc (NASDAQ: THMO) was a top gainer in yesterday’s session, closing the day with gains of 116.45%. This came after the company announced strong results for the year 2019.

The company announced that in the year, its net revenues rose by 35% compared to a year earlier to hit $13 million. The company also announced that gross profits for the year increased by 156% compared to a year ago to hit $5.7 million. The company further announced that its operating expenses decreased by 77% compared to a year earlier to $10.4 million.

The company also announced that in the 2019 financial year, it launched the AXP II system. This is an automated, fully closed cell separation system that can be used in isolating, collecting and storing hematopoietic stem cell from cord and peripheral blood. The company also announced that it had approval in Canada for its PXP system used in automated bone marrow processing.  It also announced that it had entered a supply agreement with Orthohealing Center Management.

The company further announced that it was through with the launch of its X-Series cell processing reagents. There are many other developments that it made in 2019 including a deal with Corning Incorporated for the supply of X-series products, from which it got an upfront pay of $2 million.

Commenting on the results, CEO Chris Xu stated that all through 2019, the company not only grew revenues, but also made several strategic steps to strength the company’s position in cell processing and manufacturing.

From its price action, THMO is in an early uptrend. The stock opened at $3.61 and traded between a low of $2.70 and a high of $7.80, before closing at $5. Volumes in the day stood at 5.33 million.

About ThermoGenesis Holdings Inc

ThermoGenesis Holdings Inc is a developer and marketer of chimeric antigen receptor automated technologies. It is based in Ranch Cordova, California.