SCIENTIFIC INDUSTRIES INC - SCND STOCK NEWS

Scientific Industries, Inc. (OTCQB:SCND) announced its financial results for the six-month transition period ended December 31, 2022, highlighting a 9% decline in net revenues to $5.2 million compared to the previous year. The company launched its VIVID Lite pill counter and reported a 20% increase in unit sales of the VIVID line. However, gross profit decreased to $2.3 million (44.2% margin) from $2.9 million (50.7% margin) due to the loss of royalty income. Total operating expenses rose slightly to $6.4 million, leading to a net loss of $4.08 million ($0.58 per share). The company underwent a restatement of previous financial statements, clarifying that these adjustments had no impact on cash flows or operations.

Scientific Industries, Inc. (OTCQB:SCND) will present at the Maxim Group's Healthcare IT Virtual Conference on January 25, 2023, at 2:00 p.m. ET. John Moore, the Chairman, will join a panel discussion on Digital Delivery of HC Products & Research Management. Interested attendees can register at m-vest.com.

The company will also participate in the Lytham Partners 2023 Investor Select Conference on January 31, 2023, hosting one-on-one meetings. Contact Lytham Partners for arrangements at 1x1@lythampartners.com.

Scientific Industries (OTCQB: SCND) has launched the VIVID LITE, an affordable automated pill counting product utilizing patented photo optical technology. This device accommodates all pill types, enhances counting accuracy, and is manufactured in the U.S. Additionally, the VIVID ONE has been rebranded and upgraded with a faster counting engine and cloud-based software for pharmacy management. CEO Helena Santos expressed confidence in their transition to a leader in digitally simplified pharmacy solutions, while President Karl Nowosielski highlighted the product's cost-saving benefits for independent pharmacists.

Scientific Industries (OTCQB: SCND) reported its first quarter financial results for fiscal year 2023, ending September 30, 2022. Total net revenues decreased by 7% to $2.7 million compared to the previous year. Despite a 50% increase in bioprocessing product sales, the overall revenue decline was driven by a 4% reduction in laboratory equipment sales. The company recorded a net loss of $1.292 million (or $0.18 per share), slightly higher than the net loss of $1.209 million in Q1 2022. The VIVID product line witnessed a significant 75% sales increase, while cash and equivalents fell to $7.7 million.

Scientific Industries (OTCQB:SCND) will release its financial results for the first fiscal quarter of 2023, ending September 30, 2022, on November 15, 2022, before market open. The company will conduct a conference call on the same day at 4:30 PM Eastern Time to discuss these results. Scientific Industries is recognized for its innovative laboratory equipment, including the Vortex-Genie^® 2 Mixer and products under its DOTS bioprocessing platform, aimed at enhancing research efficiency in various laboratory settings.

Scientific Industries (OTCQB:SCND) reported fiscal 2022 results with net revenues of $11.4 million, up 16% from fiscal 2021. The Bioprocessing Systems segment saw revenues of $1.4 million, a remarkable 100% increase. Gross profit rose to $5.7 million, reflecting a 14% increase. However, the company recorded a net loss of $5.6 million or $(0.85) per share, widening from the prior year's loss of $(3.6 million). Cash and investments decreased to $9.4 million and working capital fell by 13%.

Scientific Industries (OTCQB:SCND) plans to file its Form 10-K reporting financial results for the fiscal year ending June 30, 2022, on September 29, 2022, before market open. An investor call is scheduled for September 30, 2022, at 11:00 AM Eastern Time to discuss these results. The call can be accessed via phone or live webcast. Scientific Industries specializes in laboratory equipment and bioprocessing solutions, focusing on innovation within the life sciences sector.