Scientific Industries, Inc. reported its financial results for the third quarter ended September 30, 2024, showing a 7.1% increase in net revenues to $2,769,100 compared to $2,585,500 in the prior year period. This growth was driven by increased sales across all operating segments, including a 6.6% rise in Bioprocessing Systems Operations revenues to $452,500.
The company achieved a significant reduction in its net loss, which decreased by 46% to $1,180,100, or $(0.11) per share, from $2,201,100, or $(0.31) per share, in the same period last year. This improvement was primarily due to a 23.0% decrease in operating expenses, totaling $2,621,800, and a 350 basis point expansion in gross profit margin to 49.2%.
Management highlighted the DOTS MPS system as Scientific Bioprocessing Inc.'s best-selling product after only five months on the market, with successful testing in prominent pharmaceutical companies and academic labs for mammalian cell culture monitoring. Scientific Industries also announced the upcoming launch of its state-of-the-art VIVID WORKSTATION automated pill counter in the first quarter of 2025, which is expected to enhance pharmacy workflow efficiency.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.