ACCESS Newswire
23 Feb 2021, 19:31 GMT+10
Benchtop Lab Equipment Reports Record Revenues and Earnings Company Continues to Invest In Its Bioprocessing Business
BOHEMIA, NY / ACCESSWIRE / February 23, 2021 / Scientific Industries, Inc. (OTCQB:SCND) - For the three and six months ended December 31, 2020, the Company reported a net loss of $612,500 ($.21 per basic share) and $875,800 ($.31 per basic share), compared to net income of $3,600 ($.00 per basic share) and a net loss of $52,600 ($.04 per basic share) for the three and six months ended December 31, 2019, respectively.
The Company benefited from another consecutive quarter of record sales from its core Benchtop Laboratory Equipment Operations with increased worldwide sales of its vortexers and shakers, in part due to COVID-related research and testing, and increased sales of its VIVID® automated pill counter. As a result, sales of the Benchtop Laboratory Equipment Operations increased by 29% and 26% for the three and six month periods ended December 31, 2020.
These results included losses from discontinued operations, net of tax of $474,200 and $594,900 for the three and six months ended December 31, 2020, respectively, as a result of the November 30, 2020 sale of the Company's Catalyst Research Instruments Operations. In addition, the Company's results reflected increased operating expenses due to the continued expansion of its Bioprocessing Systems Operations ('SBI'). Recently, SBI launched its new ID.Fiber Optic Kit, which uses fiber optic enabled sensors for a complete solution for pH and dissolved oxygen sensing.
The Company ended the quarter with $6,896,100 in cash and short-term investments. The Company achieved record income from operations for the three and six months ended December 31, 2020 of $568,500 and $952,400, respectively, from the Benchtop Laboratory Equipment Operations, which helped to offset the $741,800 and $1,274,100 losses from operations by SBI for the same periods.
Helena Santos, CEO stated, 'Scientific Industries remains a market leader with its GenieTM and Torbal® products, while developing its new bioprocessing products that are such an important part of science. It is truly an exciting time at Scientific Industries.'
John Moore, Chairman of Scientific Industries said, 'We continue to invest aggressively in SBI. Our ID·Fiber Optic Kit is an exciting addition to our suite of products and marks an important milestone for SBI. By adding new form factors like our fiber optic sensing technology, we make it easier for scientists to unlock the bioprocessing ‘Black Box'. The easier we make it for the industry to wring inefficiencies out of the drug development process, the faster biotech companies can reduce cost of goods sold, improve speed to market of new therapies, and improve patient safety. SBI's next steps are to expand our analyte sensing platform, add instrumented culture vessels, and tie it all together with powerful data analytics tools in the near future.'
About Scientific Industries
Scientific Industries is a life science tool provider. It designs, manufactures, and markets laboratory equipment, including the world-renowned Vortex-Genie® 2 Mixer and balances; and bioprocessing systems and methods. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, and medical device manufacturers.'Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including the annual report on Form 10-K.'
SOURCE: Scientific Industries, Inc.
Get a daily dose of Hawaii Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hawaii Telegraph.
More InformationZURICH, Switzerland: The U.S. saw an extraordinary rise in wealth last year, with more than 1,000 people crossing into millionaire...
THE HAGUE, Netherlands: The city that prides itself on being a beacon of peace and justice—home to institutions like the International...
BUENOS AIRES, Argentina: Since taking office in December 2023, Argentine President Javier Milei has implemented sweeping austerity...
LEMBATA, Indonesia: Indonesia's Mount Lewotobi Laki Laki erupted dramatically on June 18, generating substantial ash and smoke plumes....
MADRID, Spain: A routine oversight by Spain's power grid operator, REE, has been identified as the trigger behind the large-scale blackout...
WASHINGTON, DC - In a bid to defuse speculation, U.S. President Donald Trump says he will make his decision on whether to have the...
SAO PAULO, Brazil: Brazil is taking confident steps to restore its dominance in global poultry exports after declaring its commercial...
NEW YORK, New YorK - U.S. stocks closed mixed on Friday, with gains and losses modest, as investors and traders weighed up the escalation...
WASHINGTON, D.C.: Retail sales dropped sharply in May as consumer spending slowed after a strong start to the year, primarily due to...
WASHINGTON, D.C.: Mitsubishi Motors is the latest automaker to raise prices in the United States, joining a growing list of car companies...
INDIANAPOLIS, Indiana: Eli Lilly is making a bold play in cardiovascular gene therapy, announcing plans to acquire its partner Verve...
BEIJING/WELLINGTON: New Zealand's Prime Minister Christopher Luxon commenced his visit to China on June 17, seeking to strengthen trade...