Scientific Industries Reports Financial Results for Fiscal Year Ended December 31, 2024 and Launches DOTS MPS for Cell Culture Biopharma Market
Rhea-AI Summary
Scientific Industries (SCND) reported financial results for fiscal year 2024, showing mixed performance across divisions. The company's Bioprocessing Systems Operations achieved 24% revenue growth to $1.7M, driven by the newly launched DOTS MPS system. However, overall net revenues decreased 3.6% to $10.7M, with Benchtop Laboratory Equipment sales declining 7% to $9.0M.
The company significantly reduced operating expenses by 21% to $11.4M and cut total net losses by 29% to $6.4M ($0.61 per share). Gross profit was $4.7M with a 44.2% margin. The company maintained a strong financial position with $2.6M in cash and equivalents and $6.5M in working capital.
Key developments include the expansion of DOTS MPS into mammalian cell culture markets, launch of the VIVID WORKSTATION automated pill counter, and planned AI model integration. The company is currently conducting trials with six major pharma companies and plans to launch new products in 2025, including an optical pH sensor and liquid injection system.
Positive
- Bioprocessing Systems revenue grew 24% to $1.7M
- Operating expenses reduced by 21% to $11.4M
- Net losses decreased 29% to $6.4M
- Strong working capital position of $6.5M
- DOTS MPS system achieving 2.5x higher pricing than legacy product
- Trials ongoing with six major pharma companies
Negative
- Overall net revenues declined 3.6% to $10.7M
- Benchtop Laboratory Equipment sales decreased 7% to $9.0M
- Gross profit margin declined to 44.2% from 45.9%
- Torbal division sales dropped 12% due to pharmacy market challenges
- Genie division sales decreased 4% due to soft market demand
News Market Reaction
On the day this news was published, SCND gained 7.65%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
BIOPROCESSING OPERATIONS:
OPERATIONAL EFFICIENCIES CUT TOTAL NET LOSSES BY
LAUNCHED NEW STATE OF THE ART VIVID WORKSTATION
Investor Call to be held Tuesday, April 1st at 11:00 a.m. Eastern Time
BOHEMIA, N.Y., March 31, 2025 (GLOBE NEWSWIRE) -- Scientific Industries, Inc. (OTCQB: SCND), a life sciences tool provider, and a developer of digitally simplified bioprocessing products, today reported financial results for the fiscal year ended December 31, 2024.
Business Highlights
- The Company’s Bioprocessing Systems Operations expanded its DOTS MPS system into the mammalian cell culture biopharma market
- The Company successfully launched the new VIVID WORKSTATION automated pill counter in February
- The Company’s Bioprocessing Systems has several new products in the pipeline for launch in 2025
- The Company is expanding its VIVID WORKSTATION to include a Machine Learning (AI) model for launch at end of 2025
Full Year Overview – 12/31/24 compared to 12/31/23
- Net revenues totaled
$10.7 million compared to$11.1 million .- Benchtop Laboratory Equipment Operations net sales were
$9.0 million compared to$9.7 million . - Bioprocessing Systems Operations net sales were
$1.7 million compared to$1.4 million .
- Benchtop Laboratory Equipment Operations net sales were
- Gross profit was
$4.7 million compared to$5.1 million . - Total operating expenses were
$11.4 million compared to$14.4 million .
Management Discussion
John Moore, Chairman, said, “2024 marked a milestone with the first commercial impact of our
Helena Santos, Chief Executive Officer of Scientific Industries, stated, “I am pleased that approximately
“We are excited about the recent successful launch of our state-of-the-art VIVID WORKSTATION automated pill counter, and the anticipated launch of a new machine learning (AI) model pill counter. This "All-in-one Pill Counter" combines high-precision pill counting with a powerful PC, enabling pharmacists to more efficiently manage workflows and run pharmacy software directly on a single machine. The VIVID WORKSTATION combined with our portfolio of bioprocessing products, strategically positions the Company to offer a range of AI-enabled or enabling products in the future.”
Twelve Months Ended 12/31/24 Financial Review
Net revenues for the twelve months ended December 31, 2024 were
The Company recorded a gross profit for the twelve months ended December 31, 2024 of
Operating expenses for the twelve months ended December 31, 2024 decreased significantly by
The Company posted a decrease in net loss of
As of December 31, 2024, the Company’s cash, cash equivalents and investments totaled
Conference Call Details
Scientific Industries will conduct a conference call to discuss financial results for the fiscal year 2024 on Tuesday, April 1, 2025, at 11:00 A.M. ET. Interested parties can access the conference call by dialing (844) 481-2706 or (412) 317-0662 (international). A webcast of the call will be available on the Company’s Investor Relations page at https://www.scientificindustries.com/investor-relations/ or at https://app.webinar.net/daAynb9zoVb A replay of the call will be available through April 8, 2025, at (877) 344-7529 or (412) 317-0088 (international), replay access code: 5386776, or for 30 days at https://www.scientificindustries.com/investor-relations/.
About Scientific Industries, Inc.
Scientific Industries (OTCQB: SCND), is a life science tool provider. It designs, manufactures, and markets laboratory equipment, including the world-renowned Vortex-Genie® 2 Mixer and Torbal® balances, and bioprocessing systems under the product name DOTS. Scientific Industries’ products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, medical device manufacturers, and pharmacies. To learn more, visit www.scientificindustries.com.
About Scientific Bioprocessing, Inc.
Scientific Bioprocessing, Inc. (“SBI”) is dedicated to pioneering digitally simplified bioprocessing by providing actionable insights from lab to production floor. With a broad portfolio of state-of-the-art bioprocess sensors and actuators as well as innovative data analytics software, SBI helps scientists and engineers in bioprocessing to monitor and control critical process parameters and product quality attributes. SBI is a subsidiary of Scientific Industries Inc. (OTCQB: SCND). To learn more, visit www.scientificbio.com.
Safe Harbor Statement
Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including our annual report on Form 10-K.
| Company Contact: | |
| Helena R. Santos | or: |
| CEO and President | Joe Dorame |
| Phone: 631-567-4700 | Lytham Partners, LLC |
| hsantos@scientificindustries.com | Phone: (602)889-9700 |
| info@scientificindustries.com | SCND@lythampartners.com |
| ---FINANCIAL TABLES FOLLOW— | |
| SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| CONDENSED BALANCE SHEETS | |||||||
| 31-Dec-24 | 31-Dec-23 | ||||||
| ASSETS | |||||||
| Cash and Cash Equivalents | $ | 587,900 | $ | 796,100 | |||
| Investment Securities | 1,985,000 | 4,928,700 | |||||
| Other Current Assets | 5,714,800 | 6,615,900 | |||||
| Intangibles Assets and Goodwill | 867,600 | 1,365,200 | |||||
| Other Long Term Assets | 2,405,500 | 3,024,600 | |||||
| Total Assets | $ | 11,560,800 | $ | 16,730,500 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current Liabilities | $ | 1,747,000 | $ | 1,837,300 | |||
| Long-Term Liabilities | 694,400 | 1,007,800 | |||||
| Shareholders' Equity | 9,119,400 | 13,885,400 | |||||
| Total Shareholders' Equity & Liabilities | $ | 11,560,800 | $ | 16,730,500 | |||
| SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||
| 31-Dec-24 | 31-Dec-23 | ||||||
| Revenues | $ | 10,712,600 | $ | 11,111,500 | |||
| Gross Profit | 4,733,600 | 5,102,000 | |||||
| Operating Expenses | 11,371,800 | 14,361,900 | |||||
| Loss From Operations | (6,638,200 | ) | (9,259,900 | ) | |||
| Total Other Income, Net | 192,800 | 170,100 | |||||
| Loss From Continuing Operations Before Income Tax expense | (6,445,400 | ) | (9,089,800 | ) | |||
| Total Income Tax Expense | - | - | |||||
| Loss From Continuing Operations | (6,445,400 | ) | (9,089,800 | ) | |||
| Gain From Discontinued Operations, Net of Tax | 3,300 | ||||||
| Net Loss | (6,445,400 | ) | (9,086,500 | ) | |||
| Comprehensive Gain (Loss) | (131,700 | ) | 27,000 | ||||
| Total Comprehensive Loss | $ | (6,577,100 | ) | $ | (9,059,500 | ) | |
| Basic and Diluted Loss Per Common Share: | |||||||
| Continuing Operations | $ | (0.61 | ) | $ | (1.27 | ) | |
| Discontinued Operations | $ | - | $ | - | |||
| Consolidated Operations | $ | (0.61 | ) | $ | (1.27 | ) | |
| Weighted average number of outstanding shares : | 10,503,599 | 10,145,211 | |||||
FAQ
What was SCND's revenue performance in fiscal year 2024?
How much did SCND reduce its net losses in 2024?
What is the pricing strategy for SCND's new DOTS MPS system?
What new products is SCND planning to launch in 2025?
How much of SCND's Bioprocessing Systems Operations sales came from DOTS MPS in 2024?
