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- Applied DNA Sciences Inc (NASDAQ:APDN) reported a more than ninefold Y/Y increase in Q4 FY21 revenues, driven by the rise in clinical laboratory service revenues related to COVID-19 testing.
- For Q4, the firm reported $3.0 million in revenues, up from $314,000 a year ago, beating the consensus Wall Street estimate of $2.3 million.
- Clinical laboratory service revenues, which represent revenue from Applied DNA Sciences' safeCircle COVID-19 testing, 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.
- Applied DNA CEO James Hayward said in a statement that the firm's record revenues resulted from its decision to enter the COVID-19 testing and assay manufacturing markets, leveraging its expertise in PCR.
- The Company's EPS net loss was $(0.60) compared to $(0.82) per share a year ago. Analysts, on average, had estimated a net loss of $(0.37) per share.
- The Company ended the year with $6.6 million in cash and cash equivalents.
- Related Link: Applied DNA Stock Surges On Launch Plans For Linea 2.0 COVID-19 Assay For Omicron Variant.
- Price Action: APDN shares are up 4.53% at $5.31 during the premarket session on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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