Q3 2024 Applied DNA Sciences Inc Earnings Call Transcript
Key Points
- Applied DNA Sciences Inc (APDN) has strengthened its balance sheet with a public offering, increasing cash and cash equivalents to $10.4 million as of June 30, 2024.
- The company has received full New York State Department of Health approval for a laboratory-developed test and launched TR8 PGx, a pharmacogenomic testing service.
- A multiyear agreement with Indus Group, a key global cotton apparel manufacturer, potentially expands the addressable market for Applied DNA's cotton tagging services.
- The company is on track to complete its GMP facility for enzymatic DNA IVT template production by September 30, 2024, which is expected to drive future revenue growth.
- Applied DNA Sciences Inc (APDN) is being onboarded as a validated GMP vendor by two customers, with plans to supply IVT templates for mRNA clinical trial materials in early 2025.
- Total revenues for the third quarter of fiscal 2024 declined by $2.1 million year-over-year, primarily due to the conclusion of a COVID surveillance testing contract.
- Gross profit decreased significantly to $245,000 from $1.3 million in the prior year, largely due to reduced COVID-19 testing volumes.
- The company reported an operating loss of $3.3 million for the third quarter, an increase from $2.9 million in the prior fiscal period.
- Applied DNA Sciences Inc (APDN) has a substantial doubt of a going concern, dependent on generating revenues or raising capital.
- The company is not in compliance with Nasdaq's minimum bid price requirements, with a deadline to regain compliance by January 8, 2025.
Good day and welcome to the Applied DNA fiscal third quarter 2024 investor conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Sanjay Hurry, Head of Investor Relations. Please go ahead.
Thank you, Cindy. Good afternoon, everyone, and welcome to Applied DNA's conference call to discuss our third quarter fiscal 2024 financial results. Can access the press release that was issued after market close today as well as the slide presentation accompanying this call on the Investor Relations section of our corporate website or via the webcast today.
Speaking on the call are Dr. James Hayward, our Chairman, President and CEO; Beth Jantzen, our Chief Financial Officer; and Clay Shorrock, our Chief Legal Officer and Head of Business Development; Judy Murrah, our Chief Operating Officer, will also be available to answer questions on the Q&A portion of this call.
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