Scientific Industries Reports Financial Results for Third Quarter of Fiscal Year 2022
- Bioprocessing Continues to Report Strong Revenue Growth
- Continued Focus On Driving Digitally Simplified Bioprocessing Growth
- Investor Call to be held May 18th at 4:30 p.m. Eastern Time
BOHEMIA, NY / ACCESSWIRE / May 17, 2022 / Scientific Industries, Inc. (OTCQB:SCND), a life sciences tool provider, and a developer of digitally simplified bioprocessing products, yesterday reported financial results for the three and nine month periods ended March 31, 2022.
Fiscal 2022 vs. Fiscal 2021 Third Quarter and Nine Months Financial Highlights:
- Net revenues were $2.9 million and $8.6 million, an increase of $0.4 million or 14.2%, and $1.4 million, or 19.0%, for the three and nine month periods ended March 31, 2022.
- Bioprocessing Systems Operations revenues were $0.4 million and $1.2 million, an increase of $0.3 million or 201.1%, and $0.7 million or 162.1%, for the three and nine month periods ended March 31, 2022.
- Gross profit was $1.5 million, or 54.0% and $4.5 million, or 51.8% for the three and nine month periods ended March, 31, 2022.
- Benchtop Laboratory Equipment EBITDA was $0.2 million and $1.1 million, a decrease of $0.2 million, or (50.0%), and $0.2 million, or (15.3%), for the three and nine month periods ended March 31, 2022.
- Cash and cash equivalents and investments were $11.8 million, as of March 31, 2022.
- Working capital was $16.4 million, as of March 31, 2022.
Management Discussion
Helena Santos, Chief Executive Officer of Scientific Industries, stated, “I am pleased with our third quarter results, as we achieved solid net revenue growth of 14.2% to $2.9 million. These results were driven by business growth in our Bioprocessing Systems Operations of 201.1% for the quarter and 3% business growth from our core Benchtop Laboratory Equipment Operations despite significant vendor supply chain disruptions, particularly in the beginning of the quarter, which led to some production inefficiencies. Our Bioprocessing Systems Operations continued their integration efforts, and implementation of their growth strategies.”
John Moore, Chairman of Scientific Industries said, “We are encouraged by the strong revenue growth and future prospects of our Bioprocessing Systems Operations. We are highly focused on delivering Digitally Simplified Bioprocessing to our customers, as we rollout out our new sensor platform. Our goal is to become a leading provider of real-time monitoring with smart sensors, actuators and data analytics for cell culture and bioprocessing to improve yields and time-to-market.
We also successfully raised $3 million of capital primarily from new shareholders which provides us additional funding for product development and the growth of the Bioprocessing Systems Operations. This is an exciting time for Scientific Industries and I want to thank our team for their hard work and dedication.”
2022 Third Quarter and Nine Months Financial Review
Net revenues for the three and nine month periods ended March 31, 2022 increased $356,300, or 14.2% and $1,378,400, or 19%, to $2,864,900 and $8,623,500 from $2,508,600 and $7,245,100 for the three and nine month periods ended March 31, 2021, fueled by product revenues generated by the Bioprocessing Systems Operations during the current year three and nine month periods, principally from products of aquila biolabs GmbH, the Company’s German subsidiary, acquired in April 2021.
Gross profit for the three and nine month periods ended March 31, 2022, increased $183,700, or 13.5% and $643,200 or 16.8% to $1,546,600 and $4,468,900 from $1,362,900 and $3,825,700 for the comparable periods in 2021. The gross profit percentage decreased to 54.0% and 51.8% for the three and nine month periods ended March 31, 2022 from 54.3% and 52.8% for the comparable periods in 2021.
For the three month period ended March 31, 2022, the Company posted a loss from continuing operations before income tax benefit of $1,844,600, which approximated the prior year three month loss amount of $1,830,200, and a loss from continuing operations before income tax benefit of $4,698,200 for the nine month period ended March 31, 2022 compared to a loss of $2,205,200 for the prior year nine month period, primarily due to operating expenses of the Bioprocessing Systems Operations including of the Company’s German operations.
As a result of the above, the Company reflected a net loss of $1,535,000, $(0.23 per share) and $3,640,300, $(0.56 per share) for the three and nine month periods ended March 31, 2022, compared to a net loss of $1,435,600, $(0.50 per share) and $2,311,400, $(0.81 per share) for the three and nine month periods ended March 31, 2021, respectively.
Conference Call Details
Scientific Industries will conduct a conference call to discuss financial results for the third quarter of fiscal 2022 on Wednesday, May 18, 2022, at 4:30 P.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/KNqP7LEOkda
A replay of the call will be available through May 25, 2022, at (877) 344-7529 or (412) 317-0088 (international), replay access code: 7889568, 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. It designs, manufactures, and markets laboratory equipment, including the world-renowned Vortex-Genie® 2 Mixer and Torbal® balances, and bioprocessing systems under the product name Cell Growth Quantifier and Liquid Injection System. 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 a broad portfolio of state-of-the-art bioprocess sensors and actuators as well as innovative data analytics software, SBI helps scientists and engineers in bioprocessing to monitor and control critical process parameters and product quality attributes. SBI is a subsidiary of Scientific Industries Inc. (SCND-OTCQB) 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
info@scientificindustries.com
or:
Joe Dorame
Lytham Partners, LLC
Phone: (602)889-9700
SCND@lythampartners.com
-FINANCIAL TABLES FOLLOW-
SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| 31-Mar-22 | 30-Jun-21 | |||||||
|
ASSETS
|
(Unaudited) | |||||||
|
Cash and Cash Equivalents
|
$ | 4,068,000 | $ | 9,675,200 | ||||
|
Investment Securities
|
7,768,600 | 3,744,600 | ||||||
|
Other Current Assets
|
6,555,300 | 5,011,300 | ||||||
|
Intangibles Assets and Goodwill
|
6,611,700 | 6,953,200 | ||||||
|
Other Long Term Assets
|
5,523,200 | 3,622,100 | ||||||
|
Total Assets
|
$ | 30,526,800 | $ | 29,006,400 | ||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
|
Current Liabilities
|
$ | 2,002,500 | $ | 2,286,800 | ||||
|
Long-Term Liabilities
|
1,388,100 | 494,800 | ||||||
|
Shareholders’ Equity
|
27,136,200 | 26,224,800 | ||||||
|
Total Shareholders’ Equity & Liabilities
|
$ | 30,526,800 | $ | 29,006,400 | ||||
SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
| 3 months | 3 months | 9 months | 9 months | |||||||||||||
| 31-Mar-22 | 31-Mar-21 | 31-Mar-22 | 31-Mar-21 | |||||||||||||
|
Revenues
|
$ | 2,864,900 | $ | 2,508,600 | $ | 8,623,500 | $ | 7,245,100 | ||||||||
|
Gross Profit
|
1,546,600 | 1,362,900 | 4,468,900 | 3,825,700 | ||||||||||||
|
Operating Expenses
|
3,288,900 | 3,221,700 | 9,580,400 | 6,124,600 | ||||||||||||
|
Loss From Operations
|
(1,742,300 | ) | (1,858,800 | ) | (5,111,500 | ) | (2,298,900 | ) | ||||||||
|
Total Other Income (Expense), Net
|
(102,300 | ) | 28,600 | 413,300 | 93,700 | |||||||||||
|
Loss From Continuing Operations Before Income Tax (Benefit)
|
(1,844,600 | ) | (1,830,200 | ) | (4,698,200 | ) | (2,205,200 | ) | ||||||||
|
Total Income tax benefit
|
(317,200 | ) | (378,200 | ) | (1,054,500 | ) | (472,300 | ) | ||||||||
|
Loss From Continuing Operations
|
(1,527,400 | ) | (1,452,000 | ) | (3,643,700 | ) | (1,732,900 | ) | ||||||||
|
Gain (Loss) From Discontinued Operations, Net of Tax
|
(7,600 | ) | 16,400 | 3,400 | (578,500 | ) | ||||||||||
|
Net Loss
|
(1,535,000 | ) | (1,435,600 | ) | (3,640,300 | ) | (2,311,400 | ) | ||||||||
|
Comprehensive Loss
|
(199,200 | ) | – | (95,600 | ) | – | ||||||||||
|
Total Comprehensive Loss
|
$ | (1,734,200 | ) | $ | (1,435,600 | ) | $ | (3,735,900 | ) | $ | (2,311,400 | ) | ||||
|
Basic Loss Per Common Share:
|
||||||||||||||||
|
Continuing Operations
|
$ | (0.23 | ) | $ | (0.51 | ) | $ | (0.56 | ) | $ | (0.61 | ) | ||||
|
Discontinued Operations
|
$ | – | $ | 0.01 | $ | – | $ | (0.20 | ) | |||||||
|
Consolidated Operations
|
$ | (0.23 | ) | $ | (0.50 | ) | $ | (0.56 | ) | $ | (0.81 | ) | ||||
|
Weighted average number of outstanding shares (basic):
|
6,633,901 | 2,861,607 | 6,544,112 | 2,861,376 | ||||||||||||
SOURCE: Scientific Industries, Inc.
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