SCIENTIFIC INDUSTRIES INC - SCND STOCK NEWS

Scientific Industries (OTCQB:SCND) reported a record performance in fiscal 2021 with net revenues of $9.8 million, a 26% increase from fiscal 2020. Gross profit rose by 28% to $5.0 million. Despite this growth, the company faced a net loss of $3.67 million (or $(1.15) per share), largely due to increased operating expenses linked to the integration of the Aquila Biolabs acquisition. Cash and cash equivalents surged by 70% to $13.4 million, indicating strong liquidity and support for future operations.

Scientific Industries (OTCQB:SCND) will present at the Lytham Partners Fall 2021 Investor Conference on October 5, 2021 at 4:15 PM ET. A live webcast will be accessible on their website and archived for later viewing. The event runs from October 5-7, 2021, during which management will also engage in virtual one-on-one meetings. Interested parties can arrange meetings via Lytham Partners. The company specializes in life science tools, manufacturing equipment used in research across various fields.

Scientific Industries (OTCQB: SCND) has appointed Dr. Jürgen Schumacher to its Board of Directors. Dr. Schumacher, a seasoned entrepreneur with over 35 years in the biotech sector, co-founded Qiagen AG and has significant experience in advising and investing in biotech startups. John Moore, Chairman of Scientific Industries, expressed enthusiasm for Dr. Schumacher's extensive industry expertise, highlighting its potential to enhance the company’s innovations in bioprocessing. SBI, a subsidiary of Scientific Industries, focuses on developing tools for cell culture and therapy production.

Scientific Industries (OTCQB: SCND) has acquired aquila biolabs GmbH, a German developer of smart sensors and data analytics for bioprocessing. This acquisition aims to enhance its technology portfolio and position the company as a leader in the bioprocessing industry, targeting a market worth $1.2 billion annually. John Moore, SBI's President, stated that the merger creates a new digital platform for improved biopharmaceutical workflows. The deal, advised by KeyBanc Capital Markets, was financed through an equity private placement.

Scientific Industries, Inc. (OTCQB:SCND) reported a net loss of $612,500 for the three months ended December 31, 2020, compared to net income in the prior year. However, the company achieved record sales from its Benchtop Laboratory Equipment Operations, with a 29% increase in sales due to COVID-related demand. Despite losses from discontinued operations and increased expenses from the Bioprocessing Systems Operations (SBI), the company ended the quarter with $6.9 million in cash. The launch of the new ID.Fiber Optic Kit represents a significant advance in SBI’s product line.

Scientific Bioprocessing, Inc. (SBI), a subsidiary of Scientific Industries, Inc. (OTCQB:SCND), has launched the ID·Fiber Optic Kit, an innovative sensing solution that provides real-time, non-invasive monitoring of pH and dissolved oxygen levels in cell cultures. This breakthrough product aims to enhance bioprocessing efficiency, facilitating quicker drug development and improved patient safety. SBI plans to expand its platform further with additional sensing technologies and data analytics tools, marking a significant step towards transforming the bioprocessing 'Black Box' into an accessible system.

Scientific Industries (OTCQB: SCND) reported a net loss of $263,300 for the quarter ending September 30, 2020, compared to a loss of $56,200 in the same period last year. Total revenues increased by 7.6% to $2,156,300, driven by record sales of Benchtop Laboratory Equipment, particularly vortexers and shakers related to COVID-19 research. However, the expansion in Bioprocessing resulted in higher operational losses of $532,300. The Company expects growth from new sensor technologies and a new distribution partner in Canada.

Scientific Industries (OTCQB:SCND) reported a net loss of $703,300 for the year ending June 30, 2020, translating to ($0.46) per share, compared to a net income of $645,600 or $0.43 per share in 2019. Revenues declined by 16% to $8,570,300 due to COVID-19 related order reductions, particularly in Q4. Increased operating expenses were attributed to product development and restructuring costs. However, the company is optimistic about recovery, citing improving revenue trends and demand, and successfully closed a $6.1 million equity capital raise.

Scientific Industries (OTCQB:SCND) is set to engage in a virtual presentation at the October 2020 Lytham Partners Virtual Investor Growth Conference on October 7, 2020, at 4:00 p.m. ET. A webcast will be available on the company's investor relations page and can also be accessed via Lytham Partners' website.

Additionally, management will conduct virtual one-on-one meetings, which can be arranged through Lytham Partners.

Scientific Industries specializes in laboratory equipment and bioprocessing systems, serving various research sectors.