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Lifeloc Technologies Inc (LCTC) delivers critical safety solutions through advanced breath alcohol testers and drug detection systems trusted by law enforcement, corporations, and regulatory bodies worldwide. This dedicated news hub provides investors and industry professionals with essential updates on technological breakthroughs, regulatory milestones, and market developments.
Access timely reports covering product innovations like the SpinDx™ drug testing platform, quarterly financial results, and strategic partnerships. Our curated collection includes press releases detailing evidential breathalyzer certifications, R&D advancements in microfluidic testing, and expansions into new safety application markets.
Key updates feature compliance with DOT/NHTSA standards, international distribution agreements, and enhancements to workplace training programs. Bookmark this page for streamlined access to operational developments impacting alcohol/drug testing accuracy and forensic device reliability.
Lifeloc Technologies (OTC PINK:LCTC) reported its 2024 fiscal year results, showing an 8% revenue decline to $8.538 million from $9.330 million in 2023. The company posted a net loss of ($1.053) million, or ($0.41) per diluted share, compared to a net profit of $205.6 thousand in 2023. Gross margin decreased to 40.4% from 43.3%.
The decline was attributed to normalized demand following 2023's pent-up demand and inflation's impact on customer budgets. The company's L-series devices (LX9 and LT7) are gaining market penetration with features like smartphone pairing and local language customization.
Lifeloc is heavily investing in SpinDx technology development, a 'Lab on a Disk' platform for rapid drug detection. Beta testing of the SpinDx saliva testing system for THC detection is planned for Q2 2025, with commercial launch projected for early 2026. To support development, the company secured a $750,000 debenture in late 2024 and an additional $75,000 in Q1 2025.
Lifeloc Technologies (OTC PINK:LCTC) has secured a $750,000 financing through a subordinated debenture agreement with Diamond Bridge Capital, LP. The deal includes a warrant to purchase 62,500 shares at $4.50 per share and carries an 8.25% annual interest rate, maturing December 31, 2030.
The funding will support growth initiatives and R&D efforts, particularly the commercialization of SpinDx technology, which aims to revolutionize drug testing by providing quick, local results within minutes at approximately $25 per test, compared to current lab testing costs of $100-$300 with longer wait times.
The company plans to launch SpinDx in Q4 2025, with ongoing efforts to reduce the prototype reader size by 25%. Lifeloc has confirmed the technology's accuracy through in-house testing with samples from Anschutz Medical Center and plans to establish beta test sites for further validation.
Lifeloc Technologies (LCTC) reported Q3 2024 financial results with net revenue of $2.087 million, down 23% from $2.696 million in Q3 2023. The company posted a quarterly net loss of $(158) thousand, or $(0.06) per share, compared to a profit of $110 thousand, or $0.04 per share in Q3 2023. Gross margin improved to 43.7% from 41.5% year-over-year. The company secured a $750,000 line of credit and raised $798,000 through a private placement of 210,000 shares at $3.80 per share. Lifeloc plans to launch its SpinDx saliva testing system for drug detection in late 2025.
Lifeloc Technologies (OTC PINK:LCTC) reported Q2 2024 financial results with net revenue of $2.387 million, a 5% increase from Q2 2023. However, the company posted a net loss of $(298) thousand, or $(0.12) per diluted share, compared to a net income of $55 thousand in Q2 2023. Gross margin declined to 41.6% from 45.7% year-over-year. R&D investment increased by 67% to $662 thousand, primarily for SpinDx development.
The company highlighted progress in its L-series devices, including the launch of LX9 units with smartphone pairing. Lifeloc is focusing on developing the SpinDx technology platform for rapid drug detection, with beta testing planned for later in 2024 and commercial launch projected for 2025. To support development, Lifeloc secured a $750,000 line of credit and raised $798,000 through a private placement of shares.
Lifeloc Technologies, Inc. (OTC PINK:LCTC), a leader in breath alcohol testing devices, has appointed Adam Kashenberg to its Board of Directors, effective July 23, 2024. Kashenberg, president and CEO of Colorado Biolabs, Inc., brings expertise in sales, social media marketing, finance, and management. He replaces Bob Greenlee, who resigned after serving since 1989.
The company also completed a private placement at $3.80 per share, raising $798,000 from EDCO Partners, LLLP, now owning 77.5% of LCTC's common stock. Additionally, LCTC secured a $750,000 line of credit with Citywide Banks on July 19, 2024.
These funds will support LCTC's ongoing R&D efforts, particularly the development of SpinDx, a saliva testing system for delta-9-THC. Beta testing is expected to begin this year, with a commercial launch targeted for 2025.
Lifeloc Technologies (OTC Pink:LCTC), a global leader in breath alcohol and drug testing devices, reported its financial results for Q1 2024. The company posted a net revenue of $2.153 million, with a net loss of $284,000, or $0.12 per share, compared to a net loss of $54,000, or $0.02 per share, in Q1 2023. Gross margins fell to 38.8% from 43.2% due to increased costs driven by inflation. R&D investments surged by 40%, primarily focused on the SpinDx platform development. Despite financial challenges, the company is optimistic about its new products, including the smartphone-compatible LX9 units and the SpinDx technology for drug detection. SpinDx, which detects various drugs including delta-9-THC, is expected to start beta testing in late 2024, with commercialization projected for 2025.
Lifeloc Technologies (LCTC) reported financial results for the fiscal year 2022, revealing net revenue of $8.482 million but a net loss of $456 thousand, or ($0.19) per diluted share. This contrasts with 2021's revenue of $7.054 million and net profit of $676 thousand, or $0.27 per diluted share. Revenue grew by 20% year-over-year, returning to pre-pandemic levels. Investment in research and development, particularly for SpinDx, alongside supply chain disruptions, contributed to the net loss. The new LX9 and LT7 devices saw a remarkable 360% sales growth in 2022, meeting advanced market standards. The future focus remains on rapid drug detection capabilities.
