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Scientific Industries (OTCQB:SCND) reported financial results for Q1 of fiscal year 2024, ending March 31, 2024.
Net revenues decreased by 11.5% to $2.5 million from $2.8 million in the prior year period. Bioprocessing Systems Operations revenues increased by 42% to $316,100, while Benchtop Laboratory Equipment revenues decreased by 15% to $2.2 million.
Gross profit decreased by 24% to $1.0 million, with a gross margin of 42%, down from 48% in the prior year period. Operating expenses decreased by 17.7%, resulting in a reduced loss from operations of $2.05 million compared to $2.37 million in the previous year.
The company shipped its first Multi-Parameter Sensor (MPS) under the DOTS platform in April 2024 and completed an equity financing in Q1 2024. Cash, cash equivalents, and investments totaled $4.8 million as of March 31, 2024.
Scientific Industries, Inc. (OTCQB:SCND) will host an investor call on May 16, 2024, to discuss its first quarter financial results. The company plans to file Form 10Q on May 15, 2024, and issue a press release on May 16, 2024, reporting its Q1 2024 results. Interested parties can participate in the call by dialing (844) 481-2706 or (412) 317-0662 (international) or via live webcast. A replay will be available until May 23, 2024.