Scientific Industries Reports Fiscal Year 2021 Financial Results Ended June 30, 2021
- Benchtop Lab Equipment Reports Record Revenues and Earnings
- Bioprocessing Focused On Integration of Aquila Biolabs Acquisition
BOHEMIA, NY / ACCESSWIRE / October 15, 2021 / Scientific Industries, Inc. (OTCQB:SCND), a life sciences tool provider, and a developer of digitally simplified bioprocessing products, today reported financial results for its fiscal year 2021 ended June 30, 2021.
Financial Highlights - Fiscal 2021 Compared to Fiscal 2020:
- Net revenues were $9.8 million in Fiscal 2021, an increase of $2 million, or 26%, compared to $7.8 million in Fiscal 2020
- Gross profit was $5.0 million in Fiscal 2021, an increase of $1.1 million, or 28%, versus $3.9 million in Fiscal 2020
- Benchtop Laboratory Equipment EBIDTA was $1.6 million in Fiscal 2021, an increase of $1 million, or 200%, compared to $0.6 million in Fiscal 2020
- Cash and cash equivalents and investments were $13.4 million in Fiscal 2021, an increase of $5.5 million, or 70%, versus $7.9 million in Fiscal 2020
- Working capital was $16.1 million in Fiscal 2021, an increase of $5.6 million, or 53%, compared to $10.5 million in Fiscal 2020
Management Discussion
Helena Santos, Chief Executive Officer of Scientific Industries, stated, "We are pleased with the record performance from our core Benchtop Laboratory Equipment Operations, which in part, enables us to support the future growth of our Bioprocessing business. We will continue to build on our strong foundation for an exciting future at Scientific Industries."
John Moore, Chairman of Scientific Industries and President of Scientific Bioprocessing, Inc ., (" SBI"), said, "In the past year we have both focused Scientific Industries on the life science tool business, raised the proper capital to acquire aquila biolabs GmbH ("aquila"), a German bioprocessing company, and grown our bioprocessing sales force. We are now focused on expanding the bioprocessing customer base beyond the existing 250 aquila customers and investing strategically in the product roadmap which we believe will deliver even more compelling value to our customers. The smooth integration of aquila has been our primary focus during the past quarter and cross training of our sales forces. We are investing to integrate the aquila product line with our optical dissolved oxygen and pH sensors which we expect to be complete in fiscal 2022."
Fiscal 2021 Financial Review
Net revenues for fiscal 2021 increased $1,990,800, or 25.6% to $9,775,200 from $7,784,400 for fiscal 2020, reflecting an increase of $2,260,000 in net sales of Benchtop Laboratory Equipment Operations, in part related to COVID-19 related research and testing, and a decrease of $269,200 in net revenues of the Bioprocessing Systems Operations, primarily due to decreased royalties earned during the current fiscal year, with the gross profit percentage for fiscal 2021 of 50.9% approximating fiscal 2020's gross profit percentage of 50.6%. The Company realized a loss from continuing operations before income tax benefit of $4,055,000 for fiscal 2021 compared to a loss of $667,400 for fiscal 2020, primarily due to increased operating expenses of its Bioprocessing Systems Operations, which included significant amounts for product development, sales and marketing, costs related to the acquisition of aquila, and non-cash compensation expense related to stock options, partially offset by the profits generated by increased sales of the Benchtop Laboratory Equipment Operations. The results also reflected a net loss for discontinued operations of $562,500 in fiscal 2021 compared to $249,900 in fiscal 2020. On November 30, 2020, the Company sold substantially all of the assets of its Catalyst Research Instruments Operations which was operated through its wholly-owned subsidiary, Altamira Instruments, Inc.
As a result of the above, the Company reflected a net loss of $3,672,500 (or $(1.15) per share) for fiscal 2021 compared to a net loss of $703,300 (or $(0.46) per share) for fiscal 2020 based on a weighted average number of shares outstanding of 3,189,602 shares and 1,515,103 shares for fiscal years 2021 and 2020, respectively.
During the fourth quarter of the fiscal year 2021, the Company acquired aquila Biolabs, a German technology company and commenced the integration process into its Bioprocessing Systems Operations. This strategic acquisition provided the Company with the building blocks to create a new category in bioprocessing called digitally simplified bioprocessing.
Conference Call Details
Scientific Industries will conduct a conference call to discuss financial results for fiscal year 2021 on Monday, October 18, 2021, at 4:30 P.M. ET. Interested parties can access the conference call by dialing (877) 270-2148 or (412) 902-6510 (international). A webcast of the call will be available on the Company's Investor Relations page at https://www.scientificindustries.com/investor-relations/ or at https://www.webcaster4.com/Webcast/Page/2521/43280
A replay of the call will be available through October 25, 2021 at (877) 344-7529 or (412) 317-0088 (international), confirmation # 10161258, or for 30 days at https://www.scientificindustries.com/investor-relations/ .
About Scientific Industries, Inc.
Scientific Industries (OTCQB:SCND), is a life science tool provider. It designs, manufactures, and markets laboratory equipment, including the world-renowned Vortex-Genie ® 2 Mixer and Torbal ® balances, and bioprocessing systems under the product name Cell Growth Quantifier and Liquid Injection System. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, medical device manufacturers, and pharmacies. To learn more, visit www.scientificindustries.com .
About Scientific Bioprocessing, Inc.
Scientific Bioprocessing, Inc. ("SBI") is dedicated to providing state-of-the-art instruments, strategies, and technologies to expedite the production of viable cells and therapies with a streamlined process and product consistency. SBI's mission is to develop sensor technologies and instruments that make cell culture and bioprocessing work easier, experiments more reproducible, and culture conditions better suited to meet experimental objectives. SBI is a subsidiary of Scientific Industries Holdings, Inc. To learn more, visit www.scientificbio.com .
Safe Harbor Statement
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, any 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 our annual report on Form 10-K.
Company Contact:
Helena R. Santos
CEO and President
Phone: 631-567-4700
hsantos@scientificindustries.com
info@scientificindustries.com
or
Joe Dorame
Lytham Partners, LLC
Phone: (602) 889-9700
SCND@lythampartners.com
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SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED BALANCE SHEETS
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ASSETS
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| 30-Jun-21 | 30-Jun-20 | ||||||
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Cash and Cash Equivalents
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$ | 9,675,200 | $ | 7,559,700 | |||
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Investment Securities
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3,744,600 | 331,800 | |||||
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Other Current Assets
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5,011,300 | 4,845,200 | |||||
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Intangibles Assets and Goodwill
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6,953,200 | 386,000 | |||||
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Other Long Term Assets
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3,622,100 | 1,674,700 | |||||
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Total Assets
Total Assets
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$ | 29,006,400 | $ | 14,797,400 | |||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities
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$ | 2,286,800 | $ | 2,188,200 | |||
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Long-Term Liabilities
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494,800 | 887,800 | |||||
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Shareholders' Equity
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26,224,800 | 11,721,400 | |||||
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Total Shareholders' Equity & Liabilities
Total Shareholders' Equity & Liabilities
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$ | 29,006,400 | $ | 14,797,400 | |||
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SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES |
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| 30-Jun-21 | 30-Jun-20 | |||||||
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Revenues
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$ | 9,775,200 | $ | 7,784,400 | ||||
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Gross Profit
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4,975,400 | 3,937,400 | ||||||
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Operating Expenses
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9,684,200 | 4,600,900 | ||||||
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Loss from Operations
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(4,708,800) | (663,500) | ||||||
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Total Other Income (expense), Net
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653,800 | (3,900) | ||||||
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Loss From Continuing Operations Before Income Tax (Benefit)
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(4,055,000) | (667,400) | ||||||
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Income Tax (Benefit), deferred
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(945,000) | (214,000) | ||||||
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Net Loss from Continuing Operations
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(3,110,000) | (453,400) | ||||||
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Loss from Discontinued Operations, Net of Tax
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(562,500) | (249,900) | ||||||
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Net Loss
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(3,672,500) | (703,300) | ||||||
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Other Comprehensive Loss
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(9,200) | - | ||||||
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Comprehensive Loss
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(3,681,700) | (703,300) | ||||||
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Basic loss per common share:
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Continuing Operations
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$ | (0.97) | $ | (0.30) | ||||
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Discontinued Operations
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$ | (0.18) | $ | (0.16) | ||||
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Consolidated Operations
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$ | (1.15) | $ | (0.46) | ||||
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Weighted average number of outstanding shares (Basic):
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3,189,602 | 1,515,103 | ||||||
SOURCE: Scientific Industries, Inc.
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