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Applied DNA revenue up 38% to $5.4 million for fiscal 2019

Dec '19
Pic: Applied DNA Sciences
Pic: Applied DNA Sciences
Applied DNA Sciences, Inc, a leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing for product authenticity, traceability solutions and nucleic acid-based biotherapeutic development, reported revenues of $5.4 million for fiscal 2019 ending September 30, 2019, showing an increase of 38 per cent from $3.9 million in prior fiscal year.

Adjusted EBITDA for fiscal 2019 was a negative $7.6 million as compared to a negative $9.8 million for prior fiscal year, an improvement of 22 per cent.

Revenues increased 40 per cent for the fourth quarter of fiscal 2019 to $1.7 million, compared with $1.2 million reported in the same period of prior fiscal year and decreased 19 per cent from $2.1 million for the third quarter of fiscal 2019.

Net loss for the quarter ending September 30, 2019 was $1.2 million, or $1.44 per share, compared with a net loss of $3.5 million, or $4.62 per share, for the quarter ended September 30, 2018, an improvement of 69 per cent, and a net loss of $1.5 million, or $1.60 per share, for the quarter ending June 30, 2019.

“In fiscal 2019 total revenues increased 38 per cent, and total operating expenses decreased by 5 per cent as we sharpened our focus on our ability to produce linear DNA at scale for our tagging, diagnostics and preclinical biotherapeutic businesses,” said Dr. James A Hayward, chairman, president and CEO of Applied DNA.

“Within our product authenticity and traceability solutions segment, our textile business, led by an experienced sales team, broadened awareness and adoption of our CertainT platform. Expanding beyond our relationship with Himatsingka for cotton home textiles, we established a technology partnership that gives us entrée into the cotton apparel market. We continued the global implementation of our tagging platform by completing commercial scale pilots at approximately 20 textile manufacturing sites using varied materials throughout China, Southeast Asia and India, said Hayward.

In synthetic textiles, brands and retailers are increasingly relying on materials that offer high performance, sustainability and transparency and the promise of circular manufacturing. Our efforts have yielded strategic alliances that position us alongside key participants along multiple points in the global textile value chain to more broadly drive adoption of our authentication technology platform. We have begun to integrate our CertainT platform to provide end-to-end material traceability to multiple related categories, including leather, wool, down and feather, specialty coatings and additives, recycled PET, viscose, and other synthetics. We believe we are well positioned for uptake by brands and retailers.”

“Looking ahead, we have set our sights on generating top-line growth from our linear DNA manufacturing platform, that should be driven by textiles and cannabis, as well as biotherapeutic and diagnostics, as we begin to convert our business-building activities in fiscal 2019 into pre-commercial and commercial revenues in fiscal 2020. Having recently completed an equity raise, re-established our compliance with the Nasdaq listing requirements, and eliminated our Going Concern opinion, we have our strongest balance sheet in years and the financial resources to support a sustainable growth trajectory," concluded Hayward.

On November 12, the company announced the successful DNA tagging of leather at one of the world’s largest tanneries based in Asia. The work follows a successful research project undertaken within the UK that demonstrated SigNature DNA could be successfully used to trace the hide of an animal from a farm to the product in a store.

On September 24, the company announced that it has received a $1 million order to supply SigNature T taggant for cotton in the upcoming 2019 – 2020 ginning season that began in October. The company’s SigNature T technology, paired with its genotyping and digital systems, will be used to tag, test and track the Pima cotton variety grown in the San Joaquin Valley, California that is sold under the PimaCott brand nationwide and online by the largest home goods retailer in the US.

Fibre2Fashion News Desk (PC)

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