Home / Knowledge / News / Results/Reports / Applied DNA revenue up 38% to $5.4 million for fiscal 2019

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

13
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)


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Mar 2020

Worldwide lockdowns, stimulus shots, raised PPE production

The global response this week to the unfolding COVID-19 crisis saw...

Pic: Shutterstock

Apparel/Garments | On 28th Mar 2020

Vietnam may outdo Bangladesh as 2nd largest RMG exporter

Though Bangladesh is now the second-largest garment exporter...

Pic: Shutterstock

Textiles | On 28th Mar 2020

Morgan Stanley rules out economic depression

With COVID-19 badly damaging the global economy, Morgan Stanley...

Interviews View All

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Deepak Jain, Baggout

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Matthias Eilert,

Matthias Eilert

Germany-based Forbo Movement Systems division is a global leader in...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

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


March 2020

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


Advanced Search