NEW YORK – Applied DNA Sciences reported a more than ninefold year-over-year increase in fourth quarter fiscal year 2021 revenues after the close of the market on Thursday, driven by an increase in clinical laboratory service revenues related to COVID-19 testing.
For the quarter ended Sept. 30, the Stony Brook, New York-based firm reported $3.0 million in revenues, up from $314,000 during the same period last year, and beating the consensus Wall Street estimate of $2.3 million.
In the quarter, clinical laboratory service revenues, which represent revenue from Applied DNA Sciences' safeCircle COVID-19 testing and are now presented as a separate revenue line item on its statement of operations, increased by $1.6 million. Product revenues increased by $1.0 million, mainly attributable to an increase in sales of DNA concentrate to protect a textile supply chain of approximately $810,000. The firm did not report its quarterly revenues for the category it designates as "service revenue" that excludes clinical lab services.
Applied DNA CEO James Hayward said in a statement that the firm's record revenues were the result of its decision to enter the COVID-19 testing and assay manufacturing markets, leveraging its expertise in PCR.
"We are progressing a dual-COVID-19/influenza test and an at-home sample collection system, advancing our Linea SARS-CoV-2 Mutation Panel EUA request, and recently submitted our Linea 2.0 COVID-19 Assay Kit — a new N and E gene-based test for COVID-19 that we believe is well suited to serve our future testing needs as new variants continue to emerge — to the New York State Department of Health for its review as a laboratory developed test," he said.
Applied DNA Sciences' net loss for the quarter was $4.5 million, or $.60 per share, compared to a net loss of $4.1 million, or $.82 per share, in the year-ago quarter. Analysts, on average, had estimated a net loss of $.37 per share.
For fiscal year 2021, Applied DNA Sciences reported $9.0 million in revenues, a more than fourfold increase from $1.9 million in the prior fiscal year and above the consensus Wall Street estimate of $8.3 million.
Clinical laboratory service revenues for the year skyrocketed to $4.8 million from $77,550 in 2020.
Product revenues were up more than fivefold to $3.3 million from $615,430 last year. Service revenues for the year, meanwhile, were down 22 percent to $937,735 from $1.2 million in 2020.
SG&A expenses in fiscal year 2021 were up 20 percent to $12.6 million from $10.0 million. Research and development expenses increased 15 percent to $3.8 million from $3.3 million in 2020.
The firm's net loss for the year was $14.3 million, or $2.07 per share, compared to a net loss of $13.0 million, or $3.32 per share, in 2020. Analysts, on average, had estimated a net loss of $1.85 per share.
Applied DNA used approximately 6.9 million weighted-average shares to calculate per-share loss in fiscal year 2021, compared to about 3.9 million shares a year ago.
The company ended the year with $6.6 million in cash and cash equivalents.