In This Article:
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Total Revenue: $798,000, a decline of $2.1 million from $2.9 million in the prior year.
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Clinical Laboratory Service Revenue: Decreased by $1.85 million due to the conclusion of the COVID surveillance testing contract.
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Gross Profit: $245,000 or 31%, down from $1.3 million or 44% in the prior year.
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Total Operating Expenses: Decreased by $500,000 to $3.6 million from $4.1 million in the prior year.
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Operating Loss: $3.3 million compared to $2.9 million in the prior year.
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Adjusted EBITDA: Negative $3.2 million, a decrease of $1.1 million from negative $2.1 million in the prior year.
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Cash and Cash Equivalents: $10.4 million as of June 30, up from $7.2 million on September 30, 2023.
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Average Monthly Cash Burn: $1.3 million for the third quarter, up from $500,000 in the prior year.
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Accounts Receivable: $531,000 as of June 30, with the majority collected after the quarter ended.
Release Date: August 08, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Applied DNA Sciences Inc (NASDAQ:APDN) has strengthened its balance sheet with a public offering, increasing cash and cash equivalents to $10.4 million as of June 30, 2024.
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The company has received full New York State Department of Health approval for a laboratory-developed test and launched TR8 PGx, a pharmacogenomic testing service.
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A multiyear agreement with Indus Group, a key global cotton apparel manufacturer, potentially expands the addressable market for Applied DNA's cotton tagging services.
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The company is on track to complete its GMP facility for enzymatic DNA IVT template production by September 30, 2024, which is expected to drive future revenue growth.
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Applied DNA Sciences Inc (NASDAQ:APDN) is being onboarded as a validated GMP vendor by two customers, with plans to supply IVT templates for mRNA clinical trial materials in early 2025.
Negative Points
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Total revenues for the third quarter of fiscal 2024 declined by $2.1 million year-over-year, primarily due to the conclusion of a COVID surveillance testing contract.
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Gross profit decreased significantly to $245,000 from $1.3 million in the prior year, largely due to reduced COVID-19 testing volumes.
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The company reported an operating loss of $3.3 million for the third quarter, an increase from $2.9 million in the prior fiscal period.
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Applied DNA Sciences Inc (NASDAQ:APDN) has a substantial doubt of a going concern, dependent on generating revenues or raising capital.
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The company is not in compliance with Nasdaq's minimum bid price requirements, with a deadline to regain compliance by January 8, 2025.