Scientific Industries Reports Results for Second Quarter

Rhea-AI Summary

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.

Positive

• Record sales in Benchtop Laboratory Equipment Operations rose by 29% due to increased global demand.
• Achieved record income from operations of $568,500 for the three months ended December 31, 2020.
• Launched the new ID.Fiber Optic Kit, enhancing SBI's product offerings.

Negative

• Net loss of $612,500 for the three months ended December 31, 2020, compared to net income in 2019.
• Losses from discontinued operations amounted to $474,200 for the quarter.
• Increased operating expenses due to expansion efforts in Bioprocessing Systems Operations.

Benchtop Lab Equipment Reports Record Revenues and Earnings Company Continues to Invest In Its Bioprocessing Business

BOHEMIA, NY / ACCESSWIRE / February 23, 2021 / Scientific Industries, Inc. (OTCQB:SCND) - For the three and six months ended December 31, 2020, the Company reported a net loss of $612,500 ($.21 per basic share) and $875,800 ($.31 per basic share), compared to net income of $3,600 ($.00 per basic share) and a net loss of $52,600 ($.04 per basic share) for the three and six months ended December 31, 2019, respectively.

The Company benefited from another consecutive quarter of record sales from its core Benchtop Laboratory Equipment Operations with increased worldwide sales of its vortexers and shakers, in part due to COVID-related research and testing, and increased sales of its VIVID® automated pill counter. As a result, sales of the Benchtop Laboratory Equipment Operations increased by 29% and 26% for the three and six month periods ended December 31, 2020.

These results included losses from discontinued operations, net of tax of $474,200 and $594,900 for the three and six months ended December 31, 2020, respectively, as a result of the November 30, 2020 sale of the Company's Catalyst Research Instruments Operations. In addition, the Company's results reflected increased operating expenses due to the continued expansion of its Bioprocessing Systems Operations ("SBI"). Recently, SBI launched its new ID.Fiber Optic Kit, which uses fiber optic enabled sensors for a complete solution for pH and dissolved oxygen sensing.

The Company ended the quarter with $6,896,100 in cash and short-term investments. The Company achieved record income from operations for the three and six months ended December 31, 2020 of $568,500 and $952,400, respectively, from the Benchtop Laboratory Equipment Operations, which helped to offset the $741,800 and $1,274,100 losses from operations by SBI for the same periods.

Helena Santos, CEO stated, "Scientific Industries remains a market leader with its Genie^TM and Torbal^® products, while developing its new bioprocessing products that are such an important part of science. It is truly an exciting time at Scientific Industries."

John Moore, Chairman of Scientific Industries said, "We continue to invest aggressively in SBI. Our ID·Fiber Optic Kit is an exciting addition to our suite of products and marks an important milestone for SBI. By adding new form factors like our fiber optic sensing technology, we make it easier for scientists to unlock the bioprocessing ‘Black Box'. The easier we make it for the industry to wring inefficiencies out of the drug development process, the faster biotech companies can reduce cost of goods sold, improve speed to market of new therapies, and improve patient safety. SBI's next steps are to expand our analyte sensing platform, add instrumented culture vessels, and tie it all together with powerful data analytics tools in the near future."

About Scientific Industries

Scientific Industries is a life science tool provider. It designs, manufactures, and markets laboratory equipment, including the world-renowned Vortex-Genie^® 2 Mixer and balances; and bioprocessing systems and methods. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, and medical device manufacturers."Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including the annual report on Form 10-K."

SOURCE: Scientific Industries, Inc.

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FAQ

What were the financial results for Scientific Industries in Q2 2021?

Scientific Industries reported a net loss of $612,500 for Q2 2021, compared to a net income of $3,600 in Q2 2020.

How much did Scientific Industries earn from operations in Q2 2021?

The company achieved record income from operations of $568,500 for the three months ended December 31, 2020.

What caused the increase in sales for Scientific Industries?

Sales increased by 29% due to heightened demand for laboratory equipment driven by COVID-related research.

What new product did Scientific Industries launch recently?

The company launched the ID.Fiber Optic Kit, which enhances bioprocessing capabilities.