Preliminary Q3 Revenue Expected to be at
least $6.8 million
Presenting at LD Micro Conference on
Oct. 25th
CALGARY,
AB, Oct. 20, 2022 /CNW/ - Nanalysis Scientific
Corp. ("the Company", TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1), a
leader in portable NMR machines and MRI technology for healthcare
and industrial applications, provides a corporate update on
operations.
"We have seen a strong return to our growth trajectory in our
core NMR business," said Sean Krakiwsky, Founder and CEO of
Nanalysis. "We believe we have overcome the issues that
limited our growth in the second quarter and have resumed progress
with our new sales initiatives. Additionally, we continue the
expedited phase-in portion of the CATSA service contract which we
expect to have material billings in the fourth quarter and will
continue to ramp to the full run rate into 2023. Overall, we
continue to invest in our strategic initiatives while managing our
cash resources diligently.
Financial Highlights (unaudited):
- The Company looks to report gross revenues for the third
quarter ended September 30, 2022, of at least
$6.8 million, representing an
increase of over 100% year over year.
Recent operational highlights during the third quarter of 2022
include:
- Benchtop NMR: Both the 100MHz and 60MHz delivered
strong results in terms of sales, shipped units, and average sales
price. This includes shipping a record number of 20 100MHz
units in Q3 2022.
- MRI / Medical Imaging: Nanalysis continues to be
active in medical imaging and was awarded a contract win of
C$1.1 million for a custom MRI system
from customer based in France.
- K'Prime 3rd Party Equipment Sales: This
business continues to be steady.
- Security Service/CATSA: We continue to execute
successfully on the phase-in period of this contract and expect to
"go live" in Alberta airports on
November 1, 2022. We expect billings
for this service in the fourth quarter of this year.
- High Field NMR/Quad Systems: The company continues
to move towards a full high-field NMR product launch with Quad
Systems. There have been delays in the completion of the full suite
of modules, but revenue generation has begun related to specific
component sales. We expect meaningful revenue to commence at Quad
in the fourth quarter of 2022, with full product roll out and
material revenue to start in 2023.
LD Micro Presentation
Nanalysis CEO Sean Krakiwsky will
be presenting at the LD Micro Conference in Los Angeles on Tuesday, Oct. 25th at 2:00pm PT in Track 2. The presentation can be
accessed virtually and will be live streamed at
https://me22.mysequire.com/. Mr. Krakiwsky will be available
in person for one-on-one meetings on Tuesday, Oct. 25th and Wednesday, Oct. 26th. Those who plan
to attend in person can register here:
https://www.meetmax.com/sched/event_86249/conference_home.html.
When: Oct. 25th
at 2pm PT Track 2
To access Virtually: https://me22.mysequire.com/
About Nanalysis Scientific
Corp. (TSXV: NSCI, OTCQX: NSCIF, FRA:1N1)
Nanalysis trades on the TSX Venture Exchange (TSXV)
in Canada with ticker symbol 'NSCI', OTC and
the Frankfurt exchange under the ticker symbol '1N1'. The
company's business is what we term "MRI and NMR for industry". The
company develops and manufactures portable Nuclear Magnetic
Resonance (NMR) spectrometers or analyzers for laboratory and
industrial markets. The NMReady-60™ was the first full-feature
portable NMR spectrometer in a single compact enclosure requiring
no liquid helium or any other cryogens. The company has followed-up
that initial offering with new products and continues to have a
strong innovation pipeline. Nanalysis began selling a 100MHz device
in 2020. The Company's 100MHz device is the most powerful and most
advanced compact NMR device ever brought to market.
Nanalysis devices are used in many industries (oil and gas,
chemical, mining, pharma, biotech, flavor and fragrances,
agrochemicals, law enforcement, and more) as well as numerous
government and university research labs around the world. The
Company continues to exploit new global market opportunities
independently and with partners.
With the recent acquisition of K'Prime, the company maintains a
North American sales and service company of over 40 individuals who
cover scientific instrumentation for pharma, food, chemical and oil
& gas customers, as well as imaging systems for security
applications.
Additionally, the Company has a 43% ownership in Quad Systems AG
("Quad Systems"), with an option to purchase the remaining
shares. Quad Systems is a Zurich-based Nuclear Magnetic
Resonance (NMR) company focused on high-field NMR for
pharmaceutical and other vertical markets.
Notice regarding Forward Looking
Statements and Legal Disclaimer
This news release contains certain "forward-looking statements"
within the meaning of such statements under applicable securities
law. Forward-looking statements are frequently characterized by
words such as "anticipates", "plan", "continue", "expect",
"expected", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed", "positioned"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only
predictions. Various assumptions were used in drawing the
conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Company is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Nanalysis Scientific Corp.