Reflect Scientific Inc. Releases Second Quarter 2022 Financials
Reflect Scientific, Inc. (RSCF) reported its financial results for Q2 2022, with revenue at $555,615, down $151,518 from $707,133 in Q2 2021. The cost of goods sold decreased by $39,358, leading to a gross profit of $359,794, which fell by $112,160 year-over-year. Operating expenses totaled $281,669, down $19,656, resulting in a net income of $78,125, compared to a loss of $92,656 in the same period last year. Supply chain disruptions impacted product availability, but the CEO expects improvements by Q3.
- Net income of $78,125, a significant recovery from a loss of $92,656 in Q2 2021.
- Decrease in operating expenses by $19,656 from the previous year.
- Revenue declined by $151,518 compared to Q2 2021.
- Gross profit decreased by $112,160 year-over-year.
- Supply chain issues affected product availability, posing ongoing risks.
OREM, Utah, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries, today announced financial results for the second quarter of 2022.
“The supply chain issues plaguing U.S industries have recently affected some of the Reflect products. Although we anticipated much of the shipping delays and parts availability, we were finally hit with some shortages. We have been diligently researching workarounds and replacements. I do not expect this situation to extend past the third quarter.” stated Mr. Kim Boyce, CEO of Reflect Scientific.
The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three months ended June 30, 2022 and 2021:
| Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Increase (Decrease) | |||||
| Revenue | $ | 555,615 | $ | 707,133 | $ | (151,518 | ) |
| Cost of Goods Sold | 195,821 | 235,179 | (39,358 | ) | |||
| Gross Profit | 359,794 | 471,954 | (112,160 | ) | |||
| Operating expenses: | |||||||
| Salaries and wages | 159,565 | 146,116 | 13,449 | ||||
| Research and development expense | 18,329 | 19,456 | (1,127 | ) | |||
| General and administrative expense | 103,775 | 135,601 | (31,826 | ) | |||
| Total operating expenses | 281,669 | 301,173 | (19,656 | ) | |||
| Income (loss) from operations | 78,125 | 170,781 | (92,656 | ) | |||
| Net income (loss) | $ | 78,125 | $ | 170,781 | $ | (92,656 | ) |
About Reflect Scientific, Inc.
Based in Orem, Utah, Reflect Scientific 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 reflectscientific.com for more information. See us on Twitter @ReflectSci and on LinkedIn at 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.”
FAQ
What are Reflect Scientific's Q2 2022 financial results?
What was the net income for Reflect Scientific in Q2 2022?
How did supply chain issues affect Reflect Scientific?
What were the operating expenses for Reflect Scientific in Q2 2022?
