Skip to main content
Premium Trial:

Request an Annual Quote

Applied DNA Sciences Fiscal Q4 Revenues Skyrocket

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.

The Scan

Tara Pacific Expedition Project Team Finds High Diversity Within Coral Reef Microbiome

In papers appearing in Nature Communications and elsewhere, the team reports on findings from the two-year excursion examining coral reefs.

Study Examines Relationship Between Cellular Metabolism, DNA Damage Repair

A new study in Molecular Systems Biology finds that an antioxidant enzyme shifts from mitochondria to the nucleus as part of the DNA damage response.

Stem Cell Systems Targets Metastatic Melanoma in Mouse Model

Researchers in Science Translational Medicine describe a pair of stem cell systems aimed at boosting immune responses against metastatic melanoma in the brain.

Open Pediatric Brain Tumor Atlas Team Introduces Genomic Data Collection, Analytical Tools

A study in Cell Genomics outlines open-source methods being used to analyze and translate whole-genome, exome, and RNA sequence data from the Pediatric Brain Tumor Atlas.