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Applied DNA Sciences reported a 294% revenue growth in Q3 2021, reaching $1.7 million, driven by their safeCircle COVID-19 testing program and product sales, particularly the Linea Assay Kit. However, revenues decreased by 36% from the previous quarter. Total operating expenses rose to $4.5 million, leading to a net loss of $3.5 million or $0.46 per share. The company is optimistic about a new COVID-19 testing services contract and the potential EUA for their Linea Mutation Panel. Cash reserves improved to $12.2 million.
Applied DNA Sciences (NASDAQ: APDN) announced an amendment to its Master Services Agreement, doubling its maximum value for COVID-19 Assay Kits. The agreement ensures continued access for a customer’s surveillance testing program, with a purchase order for 16,000 tests supporting in-person graduation ceremonies in May 2021. CEO Dr. James A. Hayward emphasized the importance of proactive monitoring amid increasing vaccination rates and new virus variants. The Linea™ COVID-19 Assay Kit is FDA EUA authorized for specific respiratory specimens, aiding in the detection of SARS-CoV-2.
Applied DNA Sciences (NASDAQ: APDN) announced the issuance of United States Patent No. 10,920,274 for methods of authenticating objects using nucleic acid-coated submicron particles. The patent enhances the company's strong intellectual property portfolio, which now includes 92 issued patents and 40 pending applications. Dr. James Hayward, President and CEO, emphasized the patent's importance for their CertainT® platform in combating counterfeit pharmaceuticals and nutraceuticals. Applied DNA continues to focus on their LinearDNA™ platform across various markets, including diagnostics and anti-counterfeiting.
Applied DNA Sciences, Inc. (NASDAQ:APDN) reports a 158% increase in daily average tests for its safeCircle™ pooled surveillance testing service in January 2021 compared to December 2020, due to expanding contracts and new clients.
The Company plans to scale up production of its Linea™ COVID-19 Assay Kit in response to increased demand and recent FDA alerts highlighting its diagnostic capabilities for SARS-CoV-2 mutations. With 33 clients, including educational institutions and local governments, Applied DNA expects to enhance revenue through its CLEARED4 partnership, streamlining COVID-19 testing solutions.
Applied DNA Sciences announced that its Linea™ COVID-19 Assay Kit is one of only two tests recognized by the FDA for identifying specific SARS-CoV-2 mutations, including the U.K. variant B.1.1.7. This distinction highlights the Assay Kit's multi-target design, which maintains sensitivity despite some genetic variations. The FDA's safety communication indicates that this kit can assist in detecting and tracking COVID-19 variants more effectively. The Assay Kit is authorized for use in various respiratory specimens, aiding public health efforts against COVID-19.
Applied DNA Sciences (NASDAQ: APDN) anticipates fiscal Q1 2021 revenues between $1.3 million and $1.6 million, significantly up from $314,000 in Q4 2020. This growth is attributed to the safeCircle™ COVID-19 testing program and sales of the Linea™ COVID-19 Assay Kit. The company reports strong client acquisition and ongoing demand, including a recent contract with Suffolk County worth up to $2 million. Full financial results are expected in mid-February.
Applied DNA Sciences (APDN) reported financial results for the fiscal year and quarter ending September 30, 2020. Revenues fell 64% year-over-year to $1.9 million, primarily due to a drop in service and product revenues linked to the pandemic. The net loss applicable to common stockholders widened to $13 million, or $3.32 per share. The company has focused on developing COVID-19 related diagnostics and vaccines, securing partnerships and contracts, particularly with Stony Brook University Hospital. Cash reserves stood at $7.8 million at fiscal year-end, with ongoing efforts to address supply chain security.
Applied DNA Sciences, Inc. (NASDAQ: APDN) announced that its subsidiary, Applied DNA Clinical Laboratories (ADCL), has been awarded a COVID-19 surveillance testing program with Suffolk County, valued at up to $2 million. This 6-month contract may extend based on testing demand. The initiative will provide County employees access to efficient testing, crucial for managing the ongoing pandemic. ADCL's partnership with CLEARED4 enhances program automation and compliance with health regulations, while the safeCircle™ program uses pooled testing to identify infections rapidly.
