Applied DNA Announces Selected Preliminary Unaudited Fiscal Fourth Quarter and Year End Results
December 15 2017 - 5:23PM
Business Wire
Applied DNA Sciences, Inc. (NASDAQ: APDN; “Applied DNA”) today
announced selected preliminary unaudited financial results for the
full fiscal year and quarter ended September 30, 2017.
Preliminary (Unaudited) Fiscal 2017 Financial
Results:
- Revenues increased 13% to $4.8 million
as compared to $4.2 million in the prior fiscal year. The increase
in year-over-year total revenues is attributable to increases in
product revenue of approximately $1.4 million in the textile
industry primarily for protecting cotton supply chains, offset by a
net decrease in service revenues from government contract awards of
approximately $800 thousand, primarily as a result of two awards
which expired in July and August 2016.
- Total operating expenses were $16.5
million, compared with $15.2 million in the prior fiscal year, an
increase of approximately $1.3 million or 8%. The increase is
primarily attributable to an increase in stock based compensation
expense, offset by a decrease in R&D due to the expiration of
the two government contract awards.
- Net loss for fiscal 2017 was $12.9
million, or $0.49 per share, compared with a net loss of $12.2
million, or $ 0.51 per share, in the prior fiscal year.
Preliminary (Unaudited) Fiscal Fourth Quarter
Results:
- Revenues decreased 30% for the fourth
quarter of fiscal 2017 to $1.1 million, compared with $1.6 million
reported in the fourth quarter of fiscal 2016, and decreased 36%
from the $1.8 million reported in the third fiscal quarter ended
June 30, 2017. The year-over-year quarterly decrease in revenues
resulted primarily from decreased sales to the textile industry.
The year-over-year quarterly decrease in textile industry sales was
due to the fact that the shipments of DNA concentrate took place in
the third quarter of fiscal 2017 as compared to fiscal 2016 when
they took place in the fourth quarter, as well as the restructuring
of payment terms under the June 23, 2017 licensing agreement with
Himatsingka America, Inc. The timing of the shipments is also the
reason for the decrease in revenues for the fourth quarter of
fiscal 2017 as compared to the prior fiscal quarter.
- Total operating expenses remained
fairly flat at $3.7 million for the fourth fiscal quarter of 2017,
compared with $3.6 million in the prior fiscal year’s quarter.
- Net loss for the quarter ended
September 30, 2017 was $2.9 million, or $0.10 per share, compared
with a net loss of $2.4 million, or $0.10 per share, for the
quarter ended September 30, 2016 and a net loss of $2.6 million, or
$0.10 per share, for the quarter ended June 30, 2017.
The Company also announced that it anticipates filing its Annual
Report on Form 10-K for the fiscal year ended September 30, 2017
with the Securities and Exchange Commission by December 29,
2017.
“Our fiscal 2017 performance reflects growing market awareness
and adoption of our DNA technology platform in our key business
verticals, resulting in the largest pipeline of pilot projects and
highest annual recurring revenue run-rate in Applied DNA’s
history,” stated Dr. James Hayward, president and CEO. “In addition
to seeing increasing long-term demand in our textile business, we
have broadened the applicability of our technology platform in
markets adjacent to our core markets and are successfully
demonstrating to manufacturers that molecular tag technology can be
strategic to their business goals. This is yielding partnerships
with market leaders such as Videojet in inkjet printing and marking
systems and Rosier in fertilizer that accelerates our
time-to-revenue in their respective verticals. We believe that our
successes in fiscal 2017 place us firmly on a path to revenue
growth in fiscal 2018.”
Preliminary Results
The financial data contained in this press release are
unaudited, preliminary, based upon Applied DNA’s good faith
estimates and subject to completion of Applied DNA's financial
closing procedures. While Applied DNA expects that its final
financial results for the fiscal year and quarter ended September
30, 2017, following the completion of its financial closing
procedures, will generally be consistent with the amounts provided
in this press release, Applied DNA's actual results may differ
materially from these estimates as a result of the completion of
its financial closing procedures, as well as final adjustments and
other developments that may arise between now and the time that its
financial results for the fiscal year and quarter ended September
30, 2017 are finalized.
The results provided in this press release are preliminary and
subject to completion and audit of Applied DNA’s financial
statements in conjunction with the Company’s 2017 Form 10-K filing
with the Securities and Exchange Commission anticipated to occur by
December 29, 2017.
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable
supply chain security, anti-counterfeiting and anti-theft
technology, product genotyping and DNA mass production for
diagnostics and therapeutics.
We make life real and safe by providing innovative,
molecular-based technology solutions and services that can help
protect products, brands, entire supply chains, and intellectual
property of companies, governments and consumers from theft,
counterfeiting, fraud and diversion. The proprietary DNA-based
“CertainT®” platform can be used to identify, tag, test, and track
products, to help assure authenticity, origin, traceability,
sustainability and quality of products.
SigNature® DNA describes the core technology ingredient that is
at the heart of a family of uncopiable, security and authentication
solutions such as SigNature® T and fiberTyping®, targeted toward
textiles and apparel, BackTrac™ and DNAnet®, for anti-theft and
loss prevention, and digitalDNA®, providing powerful
track-and-trace. All provide a forensic chain of evidence, and can
be used to prosecute perpetrators. Applied DNA Sciences is also
engaged in the large-scale production of specific DNA sequences
using the polymerase chain reaction.
Visit adnas.com for more information. Follow us on Twitter and
LinkedIn. Join our mailing list.
The Company’s common stock is listed on NASDAQ under the symbol
APDN, and its warrants are listed under the symbol APDNW.
Forward-Looking Statements
The statements made by Applied DNA in this press release may be
“forward-looking” in nature within the meaning of the Private
Securities Litigation Act of 1995. Forward-looking statements
describe Applied DNA’s future plans, projections, strategies and
expectations, and are based on assumptions and involve a number of
risks and uncertainties, many of which are beyond the control of
APDN. Actual results could differ materially from those projected
due to our short operating history, limited financial resources,
limited market acceptance, market competition and various other
factors detailed from time to time in Applied DNA’s SEC reports and
filings, including our Annual Report on Form 10-K filed on December
6, 2016, and our subsequent quarterly reports on Form 10-Q filed on
February 9, 2017, May 11, 2017, and August 10, 2017 which are
available at www.sec.gov. Applied DNA undertakes no obligation to
update publicly any forward-looking statements to reflect new
information, events or circumstances after the date hereof to
reflect the occurrence of unanticipated events, unless otherwise
required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171215005855/en/
Investors:LHA Investor RelationsSanjay M. Hurry,
212-838-3777orMedia:DGI CommCheryl Schneider,
212-825-3210,cschneider@dgicomm.comWeb: www.adnas.comTwitter:
@APDN
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