Reflect Scientific Inc. Announces Third Quarter 2020 Financial Results
OREM, Utah, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc.. (Symbol: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries, announces financial results for the third quarter and nine-month period ended September 30, 2020.
The year over year revenue for the three months ended September 30, 2020 saw a 66.5% increase from $366,431 to $610,155 and for the 9 months ended a 215% increase from $977,312 to $2,096,869. Gross margins for the 2020 third quarter were virtually unchanged at 71% compared to 72% for the same period in 2019. The complete filing can be seen at https://sec.report/otc/financial-report/262536.
Mr. Kim Boyce, CEO of Reflect Scientific Inc., remarked, “Continued strong interest in the Cryometrix ultralow temperature freezers and solvent chillers has driven our successful third quarter revenues. My expectation is that the market conditions fueling our sales will prevail well into the foreseeable future. The emergence of mRNA vaccines like COVID-19, therapeutic protein drugs and other biologicals requiring ultra-cold conditions for processing, storage or transportation will serve to create a solid revenue stream for the Cryometrix ultracold refrigeration solutions.”
About Reflect Scientific, Inc.
Reflect Scientific, Inc., based in Orem, Utah, the company 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 www.reflectscientific.com for more information. See us on Twitter @ReflectSci and LinkedIn www.linkedin.com/company/reflect-scientific.
Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company’s products, increased levels of competition for the Company, new products and technological changes, the Company’s dependence on third- party suppliers, and other risks detailed from time to time in the Company’s periodic reports.
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