Total Revenues Exceed $11 Million
Bioprocessing Division Begins to Generate Product Sales
BOHEMIA, NY / ACCESSWIRE / September 29, 2022 / Scientific Industries, Inc. (OTCQB:SCND), a life sciences tool provider, and a developer of digitally simplified bioprocessing products, today reported financial results for its fiscal year ended June 30, 2022 ("Fiscal 2022").
Financial Highlights - Fiscal 2022 Compared to Fiscal 2021:
- Net revenues were $11.4 million in Fiscal 2022, an increase of $1.6 million, or 16%, compared to $9.8 million in Fiscal 2021
- Net revenues for Bioprocessing Systems were $1.4 million in Fiscal 2022, an increase of $0.7 million, or 100%, compared to $0.7 million in Fiscal 2021
- Net revenues for Benchtop Laboratory Equipment were $10.0 million for Fiscal 2022, an increase of $1.0 million, or 11%, compared to $9.0 million in Fiscal 2021
- Gross profit was $5.7 million in Fiscal 2022, an increase of $0.7 million, or 14%, versus $5.0 million in Fiscal 2021
- Cash and cash equivalents and investments were $9.4 million in Fiscal 2022, versus $13.4 million in Fiscal 2021
- Working capital was $14.0 million in Fiscal 2022, a decrease of $2.1 million, or 13%, compared to $16.1 million in Fiscal 2021
Management Discussion
Helena Santos, Chief Executive Officer of Scientific Industries, stated, "We are delighted by the financial performance for fiscal 2022, driven by the continued sales momentum from Genie and Torbal brand products, particularly the market acceptance of our VIVID automated pill counter. Additionally, we accomplished important operational achievements within our Brioprocessing business - generating over a million dollars in sales while completing a full integration of the acquired German operation and achieving remarkable progress in enhancing the product development pipeline."
John Moore, Chairman of Scientific Industries and Scientific Bioprocessing, Inc., ("SBI"), said, "Fiscal 2022 was a year of tremendous progress as we advanced our vision of creating digitally simplified bioprocessing with our newly introduced DOTS platform. We are in the process of creating a new category of real-time smart sensors and systems for cell culture and bioprocessing laboratory workflows driving operational efficiencies and improved yields. We continue to make positive strides in developing key research collaborations, as we have our DOTS platform at six of the top 15 academic synthetic biology pilot plants in the U.S."
"Subsequent to the end of the fourth quarter, we received very positive feedback indicating growing acceptance of the DOTS platform. This is an important indicator for the potential of future revenue growth as we continue to introduce greater efficiencies to the bioprocessing function in the months and years to come," concluded Mr. Moore.
Fiscal 2022 Financial Review
Net revenues for fiscal 2022 increased $1,625,300, or 16.6% to $11,400,500 from $ 9,775,200 for fiscal 2021, reflecting increases of $937,500 and $687.800 in net sales of Benchtop Laboratory Equipment Operations and Bioprocessing Systems Operations. Driving sales for the year was in part due to continued COVID-19 related research and testing, increased sales of the VIVID automated pill counter, and the increase in Bioprocessing' revenues was primarily due to a full year of sales of products from Aquila biolabs GmbH, which was acquired by the Company in the fourth quarter of Fiscal 2021. The gross profit for fiscal 2022 was 50.3%, approximating fiscal 2020's gross profit of 50.9%.
The Company realized a loss from continuing operations before income tax benefit of $5,648,800 for fiscal 2022 compared to a loss of $3,110,000 for fiscal 2021, primarily due to increased operating expenses of its Bioprocessing Systems Operations. reflecting a significant increase in personnel and related costs, across all departments which include product development, administration, and sales and marketing; partially offset by the profits generated by the Benchtop Laboratory Equipment Operations.
As a result, the Company reflected a net loss of $5,644,400 (or $(0.85) per share) for fiscal 2022 compared to a net loss of $3,672,500 (or $(1.15) per share) for fiscal 2021 based on a weighted average number of shares outstanding of 6,637,471 shares and 3,189,602 shares for fiscal years 2022 and 2021, respectively.
Conference Call Details
Scientific Industries will conduct a conference call to discuss financial results for fiscal year 2022 on Friday, September 30, 2022, at 11:00 A.M. ET. Interested parties can access the conference call by dialing (877) 270-2148 or (412) 902-6510 (international). A webcast of the call will be available on the Company's Investor Relations page at https://www.scientificindustries.com/investor-relations/ or at https://app.webinar.net/AnBZp0QoD5Q
A replay of the call will be available through October 7, 2022 at (877) 344-7529 or (412) 317-0088 (international), confirmation #3755814, or for 30 days at https://www.scientificindustries.com/investor-relations/.
About Scientific Industries, Inc.
Scientific Industries (OTCQB:SCND), is a life science tool provider. The Company designs, manufactures, and markets laboratory equipment, including the world-renowned Vortex-Genie® 2 Mixer and Torbal® balances, and bioprocessing systems under its DOTS platform which features its Cell Growth Quantifier and Liquid Injection System, Flow Cells, combined with state of the art analytics. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, medical device manufacturers, and pharmacies. To learn more, visit www.scientificindustries.com.
About Scientific Bioprocessing, Inc.
Scientific Bioprocessing, Inc. ("SBI") is dedicated to pioneering digitally simplified bioprocessing by providing actionable insights from lab to production floor. With the DOTS platform, SBI offers a broad portfolio of state-of-the-art bioprocessing sensors and actuators as well as the innovative DOTS software, for sensor control and data monitoring. SBI is a subsidiary of Scientific Industries Holdings, Inc. To learn more, visit www.scientificbio.com.
Safe Harbor Statement
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, any 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 our annual report on Form 10-K.
Company Contact:
Helena R. Santos
CEO and President
Phone: 631-567-4700
hsantos@scientificindustries.com
or
Joe Dorame
Lytham Partners, LLC
Phone: (602) 889-9700
SCND@lythampartners.com
--FINANCIAL TABLES FOLLOW-
SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||
BALANCE SHEETS | ||||||||
ASSETS | ||||||||
| 30-Jun-22 | 30-Jun-21 | |||||||
Cash and Cash Equivalents | $ | 2,971,100 | $ | 9,675,200 | ||||
Investment Securities | 6,391,600 | 3,744,600 | ||||||
Other Current Assets | 6,906,600 | 5,011,300 | ||||||
Intangibles Assets and Goodwill | 6,475,200 | 6,953,200 | ||||||
Other Long Term Assets | 6,287,100 | 3,622,100 | ||||||
Total Assets | $ | 29,031,600 | $ | 29,006,400 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | $ | 2,230,200 | $ | 2,286,800 | ||||
Long-Term Liabilities | 1,239,600 | 494,800 | ||||||
Shareholders' Equity | 25,561,800 | 26,224,800 | ||||||
Total Shareholders' Equity & Liabilities | $ | 29,031,600 | $ | 29,006,400 | ||||
SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES | |||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||
| 30-Jun-22 | 30-Jun-21 | ||||
Revenues | $ | 11,400,500 | $ | 9,775,200 | |
Gross Profit | 5,736,700 | 4,975,400 | |||
Operating Expenses | 13,000,700 | 9,684,200 | |||
Loss From Operations | (7,264,000) | (4,708,800) | |||
Total Other Income, Net | 262,400 | 653,800 | |||
Loss From Continuing Operations Before Income Tax Benefit | (7,001,600) | (4,055,000) | |||
Income Tax Benefit, Current | (99,200) | - | |||
Income Tax Benefit, Deferred | (1,253,600) | (945,000) | |||
Loss from Continuing Operations | (5,648,800) | (3,110,000) | |||
Gain (Loss) from Discontinued Operations, Net of Tax | 4,400 | (562,500) | |||
Net Loss | (5,644,400) | (3,672,500) | |||
Comprehensive Loss | (96,400) | (9,200) | |||
Total Comprehensive Loss | (5,740,800) | (3,681,700) | |||
Basic and diluted loss per common share: | |||||
Continuing Operations | $ | (0.85) | $ | (0.97) | |
Discontinued Operations | $ | - | $ | (0.18) | |
Consolidated Operations | $ | (0.85) | $ | (1.15) | |
Weighted average number of outstanding shares : | 6,637,471 | 3,189,602 | |||
SOURCE: Scientific Industries, Inc.
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