Home / Knowledge / News / Textiles / Applied DNA Sciences revenue down 28% in Q1 FY20

Applied DNA Sciences revenue down 28% in Q1 FY20

07
Feb '20
Pic: Applied DNA Sciences
Pic: Applied DNA Sciences
Applied DNA Sciences, a leader in polymerase chain reaction (PCR)-based DNA manufacturing for product authenticity, traceability solutions and nucleic acid-based biotherapeutic development and a developer of liquid biopsies has reported decrease in revenues by 28 per cent to $6,34,000 in Q1 FY20 that ended on December 31, 2019 compared to $8,84,000 in Q1 FY19. 
 
This decrease in revenue year over year is due to a decrease of $1,67,000 in service revenue and a decrease of $84,000 in product revenues. The decrease in product revenues was primarily related to a decrease of approximately $2,00,000 in textiles, related to a cotton customer offset by an increase of $1,35,000 in biopharmaceutical revenues.
 
The decrease in service revenues is primarily attributable to a decrease from a government contract award that ended during FY19. The decrease in product revenues was primarily related to a decrease of approximately $2,00,000 in textiles, related to a cotton customer offset by an increase of $1,35,000 in biopharmaceutical revenues.
 
Total operating expenses decreased to $3 million for the Q1 FY20, compared with $3.9 million in the Q1 FY19. The decrease is primarily attributable to an approximate $3,52,000 decrease in payroll and a decrease of $93,000 in consulting fees, which are both due to a realignment of the sales force and reductions in overall headcount.
 
Net loss for Q1 FY20 was $2.7 million compared with a net loss of $3.2 million in Q1 FY19. Compared to Q4 FY19 there was an improvement of 18 per cent and a net loss of $1.2 million.
 
Company stated that the revenue performance of Q1 FY19 reflects a difficult comparison to the year-ago period, which included revenue related to a Department of Defense contract since completed, as well as company's historical revenue pattern that troughs in Q1 and builds over the balance of the year.
 
The company's recent operational highlights include, an amendment to its existing joint development agreement with Takis SRL and Evvivax SRL to include pre-clinical development of a potential linear DNA vaccine against 2019-nCoV, the new coronavirus; bolstering its patent portfolio when the US Patent and Trademark Office granted it a US patent that covers methods of tagging man-made cellulosic fibres or materials during production and later authenticating the fibre or materials to confirm provenance and authenticity; a licensing agreement with LifeSensors, whereby company will incorporate LifeSensors' high expression Sumo-fusion technologies into the company's linear DNA amplicons designed and produced for therapeutic applications and Colorcon, launched its on-dose authentication capability utilising the Applied DNA Sciences technology to provide track and trace functionality for supply chain security. 
 
Looking ahead, the company reports to focus on placing greater emphasis on positioning their platform for biotherapeutic and diagnostic applications where there is a growing imperative for company's capabilities while also nurturing key industrials applications to commercial-scale deployments. Company's recently acquired liquid biopsy technology - the iCTC liquid biopsy platform - they believe that it allows them to detect primary cancer tumors often before they are visible to other diagnostic technologies, when preventive care for impending cancer may still be an option. Applied DNA Sciences iCTC platform is potentially transformative to cancer care, and their relationship with Tyme established a partnering model that is applicable to other companies pursuing therapies for such cancers as breast, pancreatic, ovarian, colorectal, among others, that we are actively pursuing.

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: ADB

Textiles | On 22nd Sep 2021

ADB trims developing Asia 2021 growth outlook to 7.1%

The Asian Development Bank (ADB) lowered its 2021 economic growth...

Pic: Shutterstock

Textiles | On 22nd Sep 2021

Mexican cotton outlook seems promising in MY 2021-22: TexPro

Mexican cotton outlook has been improving gradually due to...

Pic: Shutterstock

Apparel/Garments | On 22nd Sep 2021

Bangladesh RMG exporters fear losses due to problems at airport

Apparel exporters in Bangladesh are expecting significant losses for...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Always best to produce under own supervision

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Sustainable and eco-friendly fibres remain in the minority

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Susanna Koelblin,

Susanna Koelblin

Founded in 1920, Eastman is a global specialty materials company that...

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Gus Bartholomew,

Gus Bartholomew

<b>Gus Bartholomew</b>, co-founder of SupplyCompass, explains to <b>Subir...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Dr Anup Rakshit, ITTA

Dr Anup Rakshit
ITTA

The Indian Technical Textile Association (ITTA) is the only association of ...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

<b>Anjali Bhaskar</b> has an experience of 12 years in the fashion...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search