Reflect Scientific Inc. Releases Second Quarter 2021 Financials
Reflect Scientific, Inc. (RSCF) reported strong financial results for Q2 2021. Revenue rose to $707,133, up 40.5% from $502,906 in Q2 2020. Gross profit increased to $471,954, reflecting effective cost management as operating expenses decreased to $301,173 from $405,811 year-over-year. The company is focused on R&D, introducing new cryogenic products while maintaining a healthy cash position. Challenges from pandemic-related shipping issues have been managed effectively, and the overall performance has been positively received by the CEO.
- Revenue increased to $707,133, up 40.5% year-over-year from $502,906.
- Gross profit rose to $471,954, indicating improved operational efficiency.
- Operating expenses decreased to $301,173 from $405,811, showcasing cost control.
- Cash position improved, allowing for reinvestment into marketing and sales.
- None.
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OREM, Utah, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for biotechnology, pharmaceutical, and transportation industries, today announced financial results for the second quarter of 2021.
Mr. Boyce, CEO of Reflect Scientific Inc., commented, “Revenues were up second quarter year over year, we kept expenses under control, and our R&D budget has done its job creating new cryogenic products for the marketplace. Our cash position has increased, and spending on R&D is down, giving Reflect the ability to invest in new marketing and sale programs. The pandemic has caused some shipping issues; however, we have addressed them head-on. I am pleased with our second quarter performance.”
The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three months ended June 30, 2021 and 2020:
| Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Increase (Decrease) | ||||||
| Revenue | $ | 707,133 | $ | 502,906 | $ | 204,227 | ||
| Cost of Goods Sold | 235,179 | 122,538 | 112,641 | |||||
| Gross Profit | 471,954 | 380,368 | 91,586 | |||||
| Operating expenses: | ||||||||
| Salaries and wages | 146,116 | 212,119 | (66,003 | ) | ||||
| Research and development expense | 19,456 | 76,772 | (57,316 | ) | ||||
| General and administrative expense | 133,601 | 116,920 | 16,681 | |||||
| Total operating expenses | 301,173 | 405,811 | (104,638 | ) | ||||
| Income (loss) from operations | 170,781 | (25,443 | ) | 196,224 | ||||
| Other income (expense) | - | (11 | ) | 11 | ||||
| Net income (loss) | $ | 170,781 | $ | (25,454 | ) | $ | 196,235 | |
About Reflect Scientific, Inc.
Reflect Scientific, Inc., based in Orem, Utah, develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific’s products are low-temperature freezers and refrigerated systems for laboratory, transportation, and computer server room uses. Visit www.reflectscientific.com for more information. See us on Twitter @ReflectSci and LinkedIn www.linkedin.com/company/reflect-scientific.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of the Company that are contained in the OTC Markets Group, LLC under the trading symbol “RSCF” and related prior filings by the Company that are referenced therein and contained in the EDGAR Archives of the Securities and Exchange Commission under the heading “Disclosure,” including those identified in such filings as “forward-looking statements.”
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