Welcome to our dedicated page for Scientific Ind news (Ticker: SCND), a resource for investors and traders seeking the latest updates and insights on Scientific Ind stock.
Scientific Industries, Inc. (SCND) develops and markets life science tools centered on DOTS bioprocessing systems, VIVID vision-based pill counters and Torbal weighing products. Company news commonly covers financial results, product development in pharmacy automation and biomanufacturing, customer-use data for DOTS, and AI-enabled features for VIVID pill-counting workflows.
Updates also reflect the company’s completed divestiture of its Genie Division, which refocused continuing operations around Torbal, VIVID and bioprocessing systems. Recurring announcements include quarterly and annual results, investor presentations, conference calls, and product-line developments for laboratories, pharmaceutical companies, hospitals, pharmacies and related research settings.
Scientific Industries (OTCQB:SCND) has successfully secured approximately $3 million from new and existing shareholders to enhance its digitally simplified bioprocessing platform. The funding will facilitate accelerated investment in product development and sales for its bioprocessing offerings. Following the acquisition of aquila biolabs in April 2021, the company aims to lead innovations in non-invasive, online monitoring solutions. With around $14 million in cash, the company is positioned for growth in a rapidly expanding market.
Scientific Industries (OTCQB:SCND) reported strong revenue growth for the second quarter and six-month periods ending December 31, 2021. Net revenues increased by 6.9% to $2.9 million and by 21.6% to $5.8 million, driven by significant bioprocessing sales, which surged 91.9% and 143.4% in respective periods. Despite a gross profit margin of 48.5% and 50.7%, the company faced losses of $896,500 ($0.14/share) and $2,105,300 ($0.33/share) for the same periods due to increased operating expenses. Cash and investments stood at $11.2 million, with working capital at $14.8 million.
Scientific Industries, Inc. (OTCQB:SCND) has partnered with BioMADE to enhance educational resources in biotechnology across 20 U.S. community and technical colleges. This initiative aims to provide students with access to advanced bioprocessing technology, including real-time biomass monitoring and training tools. The collaboration has resulted in a $650,000 funding award to develop affordable bioprocessing curricula. Institutions will receive $16,000 worth of equipment at no cost to enrich hands-on learning experiences, underscoring a commitment to building a skilled workforce in the growing bioindustrial sector.
Scientific Industries (OTCQB:SCND) announced its participation in the Lytham Partners Winter 2021 Investor Conference from December 13-16, 2021. The company plans to host a webcasted Fireside Chat on December 13 at 11:00 A.M. ET, focusing on its vision for 2022, along with 1x1 virtual investor meetings. The webcast can be accessed on the Company's website or via a designated link and will be available for replay post-event. For meeting arrangements, interested parties can contact Lytham Partners.
Scientific Industries (OTCQB:SCND) reported strong financial results for the first quarter of fiscal 2022, with net revenues reaching $2.9 million, a 41% increase from the previous year. Gross profit also rose to $1.5 million, marking a 43% growth. EBITDA for the Benchtop Laboratory Equipment division increased by 50% to $600,000. Despite these gains, the company incurred a net loss of $1.2 million, up from a loss of $263,300 in Q1 2021, largely due to heightened operating expenses in its Bioprocessing Systems Operations. The company’s cash and equivalents decreased to $12.3 million from $13.4 million in the previous quarter.
Scientific Industries (OTCQB:SCND) reported a record performance in fiscal 2021 with net revenues of $9.8 million, a 26% increase from fiscal 2020. Gross profit rose by 28% to $5.0 million. Despite this growth, the company faced a net loss of $3.67 million (or $(1.15) per share), largely due to increased operating expenses linked to the integration of the Aquila Biolabs acquisition. Cash and cash equivalents surged by 70% to $13.4 million, indicating strong liquidity and support for future operations.
Scientific Industries (OTCQB:SCND) will present at the Lytham Partners Fall 2021 Investor Conference on October 5, 2021 at 4:15 PM ET. A live webcast will be accessible on their website and archived for later viewing. The event runs from October 5-7, 2021, during which management will also engage in virtual one-on-one meetings. Interested parties can arrange meetings via Lytham Partners. The company specializes in life science tools, manufacturing equipment used in research across various fields.
Scientific Industries (OTCQB: SCND) has appointed Dr. Jürgen Schumacher to its Board of Directors. Dr. Schumacher, a seasoned entrepreneur with over 35 years in the biotech sector, co-founded Qiagen AG and has significant experience in advising and investing in biotech startups. John Moore, Chairman of Scientific Industries, expressed enthusiasm for Dr. Schumacher's extensive industry expertise, highlighting its potential to enhance the company’s innovations in bioprocessing. SBI, a subsidiary of Scientific Industries, focuses on developing tools for cell culture and therapy production.
Scientific Industries (OTCQB: SCND) has acquired aquila biolabs GmbH, a German developer of smart sensors and data analytics for bioprocessing. This acquisition aims to enhance its technology portfolio and position the company as a leader in the bioprocessing industry, targeting a market worth $1.2 billion annually. John Moore, SBI's President, stated that the merger creates a new digital platform for improved biopharmaceutical workflows. The deal, advised by KeyBanc Capital Markets, was financed through an equity private placement.
Scientific Industries, Inc. (OTCQB:SCND) reported a net loss of $612,500 for the three months ended December 31, 2020, compared to net income in the prior year. However, the company achieved record sales from its Benchtop Laboratory Equipment Operations, with a 29% increase in sales due to COVID-related demand. Despite losses from discontinued operations and increased expenses from the Bioprocessing Systems Operations (SBI), the company ended the quarter with $6.9 million in cash. The launch of the new ID.Fiber Optic Kit represents a significant advance in SBI’s product line.