Nanalysis Scientific Corp. (“the Company”, TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1), a leader in portable NMR machines and MRI technology for industrial and research applications announces first quarter results for the period ending on March 31, 2024, achieving 139% year-over-year revenue growth to $11.2 million in Q1.
Company Achieves Record Revenue Quarter CALGARY, AB, May 29, 2024 /PRNewswire/ - Nanalysis Scientific Corp. ("the Company", TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1), a leader in portable NMR machines and MRI technology for industrial and research applications announces first quarter results for the period ending on March 31, 2024, achieving 139% year-over-year revenue growth to $11.2 million in Q1. Chief Executive Officer, Sean Krakiwsky and Chief Financial Officer, Randall McRae will host a conference call at 5 P.M. Eastern Time today to discuss the results. A second call will be held for European investors at 8:30am Eastern Time tomorrow, May 30. All interested parties are invited to join these calls. "The momentum from the end of 2023 has carried into first quarter of 2024 and continues today," said Sean Krakiwsky, Founder and CEO of Nanalysis. "In terms of revenue, we had a strong quarter. We are also happy to report that our security service segment generated positive Adjusted EBITDA for the quarter, as previously announced, we foresee that continuing going forward. Our revenue growth, combined with ongoing cost reduction initiatives are moving us towards profitability. "Benchtop NMR sales were up significantly year-over-year, and we are seeing continued strength in in our sales pipeline. "While we are happy with our revenue results and improving margins, we are still laser focused on continuing revenue growth, improving gross margins, reducing costs further, and delivering profitability and value to shareholders." Financial highlights for the three months ended March 31, 2024:
Quarterly Trend:
Recent strategic and operational highlights during and after the first quarter of 2024 include:
Outlook "We feel that our Benchtop sales are in a good position," said Sean Krakiwsky, Founder and CEO of Nanalysis. "We believe that our prospects will only improve as we continue to develop capability across our Benchtop NMR platforms. Additionally, we continue to engage in discussions and work toward larger goals to penetrate certain verticals. Our Security Services segment will continue to grow throughout the year as we work to layer on new projects and contracts. Margins will continue to improve as we have greatly reduced the upfront training that was required and are working towards increased operational efficiency with our highly skilled team. Lastly, we are seeing some medical imaging projects on the horizon and could see some of these close in the coming quarters." Conference Call: Investors interested in participating in the live full year call can dial 1-888-664-6392 or 416-764-8659 from abroad. Investors can also access the call online through a listen-only webcast here: https://app.webinar.net/MxmDjJq1gXA or on the investor relations section of the Company's website HERE. The webcast will be archived on the Company's investor relations webpage for at least 90 days and a telephonic playback will be available for seven days after the conference call by calling 1-888-390-0541 or 416-764-8677, conference ID # 242821. Additionally, the Company will be hosting a Q&A session for its European investors at 8:30am ET tomorrow, Thursday, May 30th, which can be accessed by the following link: Join the meeting now Non-IFRS and Supplementary Financial Measures The Company prepares and reports its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, as adopted by the Canadian Accounting Standards Board ("IFRS"). However, this press release may make reference to certain non-IFRS measures including key performance indicators used by management. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses Flow-through parts revenue, Security service revenue, and Adjusted Earnings Before Interest, Tax, Depreciation and Amortization ("Adjusted EBITDA") as non-IFRS measures, which may be calculated differently by other companies. These non-IFRS measure are used to provide investors with a supplemental measure of the Company's operating performance and liquidity and thus highlight trends in the Company's business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of companies in similar industries.
Supplementary Financial Measures The Company may also use supplementary financial measures which are intended to be disclosed on a periodic basis to depict the historical or expected future financial performance, cash position, or cash flow of the Company, are not a non-IFRS measure, and are not presented in the financial statements. The measures as discussed in this press release include:
About Nanalysis Scientific Corp. (TSXV: NSCI, OTCQX: NSCIF, FRA:1N1) Nanalysis Scientific Corp. in operates two primary business segments: Scientific Equipment and Security Services. Within its Scientific Equipment business is what the Company terms "MRI and NMR for industry". The Company develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first full-feature portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens. The Company has followed-up that initial offering with new products and continues to have a strong innovation pipeline. In 2020, the Company announced the launch of its 100MHz device, the most powerful and most advanced compact NMR device ever brought to market. The Company's devices are used in many industries (oil and gas, chemical, mining, pharma, biotech, flavor and fragrances, agrochemicals, law enforcement, and more) as well as numerous government and university research labs around the world. The Company continues to exploit new global market opportunities independently and with partners. With its partners, the Company provides scientific equipment sales and maintenance services globally. In 2022 the Company was awarded a five-year, $160 million contract to provide maintenance services for passenger screening equipment in Canadian airports. This has resulted in expansion of the Company's Security Services business. The Company is providing airport security equipment maintenance services in each province and territory of Canada. In addition, the Company provides commercial security equipment installation and maintenance services to a variety of customers in North America. Notice regarding Forward Looking Statements and Legal Disclaimer This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nanalysis Scientific Corp. |
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Company Codes: Frankfurt:1N1, OTC-BB:NSCIF, OTC-PINK:NSCIF, TorontoVE:NSCI |