Digipath Announces Record Earnings of $292,533 for Recent Quarter Ended June 30
- Increased revenue and gross margins
- Positive industry sign with increased sample flow
- Pending approval for sale of assets
Lab Operations has Seen a Consistent Uptick in Sample Flow
LAS VEGAS, NV, Aug. 29, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire- Digipath, Inc. (OTCQB: DIGP) (“DIGP” or the “Company”), a service-oriented independent analytical testing laboratory, focused on the cannabis and hemp markets, today announced that Revenues and Gross Margins increased over the same period last year based on results for the three month period ending June 30, 2023.’
Third Quarter Fiscal Year 2023 Company Highlights
- At the corporate level, our earnings for the 3rd quarter this year were
$292,533 versus ($576,733) in the same quarter last year. - At the lab level, our revenues were
$787,549 in the last quarter versus$680,275 in the previous year and net income was$231,795 versus ($44,777) last year.
Management Comment
“We are thrilled with the increased revenue over the past year,” said Stone Douglass, Chairman of Digipath. “We have definitely seen an increase in sample flow from both old and new customers which is also a good sign for the industry,” Douglass added.
“Our goal was to build on last year’s momentum and increase revenues all around,” Todd Denkin, President of Digipath Labs, said. “We like to keep our clients happy with best-in-class customer service, our 3-day turnaround, free DNA removal, and our top-notch scientific staff. And we use the same philosophy to attract new brands, cultivators, and producers to experience the Digipath difference,” Denkin added.
Digipath, Inc. had previously signed an agreement with DPL Nevada, LLC to sell the assets of Digipath Labs, Inc., its testing subsidiary. DPL’s owners currently own Delta Verde Labs of Arizona. Both independent cannabis and hemp testing laboratories are highly dedicated to best-in-class compliance testing and white glove customer service. The sale is subject to approval from the Nevada Cannabis Control Board (CCB) and other customary conditions.
Once the CCB approves the transaction and the sale is completed, Digipath Labs’ operations in Las Vegas will remain the same while Digipath, Inc., the public holding company, will change its name and will actively seek to acquire a new business.
About Digipath, Inc. (OTCQB: DIGP)
Digipath, Inc., supports the cannabis industry’s best practices for reliable testing, data acquisition, formulations, and new canna-tech to the cannabis industry.
About Digipath Labs, Inc.
Digipath Labs provides pharmaceutical-grade analysis and testing to the cannabis industry to ensure producers, consumers and patients know exactly what is in the cannabis they ingest and to help maximize the quality of its client’s products through analysis, research, development, and standardization.
Information about Forward-Looking Statements
This press release contains “forward-looking statements” that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company's need for additional funding, the demand for the Company's products, governmental regulation of the cannabis industry, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other risks that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Digipath, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Corporate Contact:
Digipath, Inc.
(702) 209-2429
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