NEW YORK – Applied DNA Sciences reported a 294 percent year-over-year increase in third quarter fiscal year 2021 revenues after the close of the market on Thursday, driven by COVID-19 testing.
For the quarter ended June 30, Applied DNA Sciences reported $1.7 million in revenues, up from $432,000 during the same period last year, missing the consensus Wall Street estimate of $3.13 million.
Service revenues were $1.1 million, up from $374,605 a year ago. Product revenues were $639,637, up from $56,911 a year ago.
"We delivered excellent year-over-year revenue growth … while laying the groundwork to secure a recently awarded COVID-19 testing services contract that has potential to be the largest contract in the company's history," Applied DNA CEO James Hayward said in a statement. "Demand for SafeCircle, our pooled COVID-19 testing program, experienced a seasonal decline from the fiscal second quarter, reflecting the start of the summer recess months for our academic clients and progressively higher vaccination rates and lower positivity rates in our operating area. Our recent award from the City University of New York for large-scale turnkey COVID-19 testing services should continue to drive strong year-over-year revenue growth over the period of the contract."
Hayward noted that the firm has revised its Linea SARS-CoV-2 mutation panel to target three mutations after "constructive interactions with the US Food and Drug Administration" as part of a preliminary Emergency Use Authorization application process.
The firm's net loss for the quarter was $3.5 million, or $.46 per share, compared to a net loss of $3.3 million, or $.72 per share, in the year-ago quarter. Analysts, on average, had estimated a net loss of $.22 per share.
Applied DNA's research and development expenses for the quarter totaled $1.0 million, up 26 percent from $814,599 in Q3 2020. Selling, general, and administrative expenses amounted to $3.2 million, up 25 percent from $ 2.6 million in Q3 2020.
Applied DNA used approximately 7.5 million weighted-average shares to calculate per-share loss in the recently completed quarter, compared to about 4.6 million shares a year ago.
The company ended the quarter with $12.2 million in cash and cash equivalents.
In Friday morning trading on the Nasdaq, shares of Applied DNA were up 3 percent at $6.36.