Applied DNA Sciences Inc. (APDN) reports earnings

The report was filed on December 17, 2024

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Applied DNA Sciences Inc. (APDN-5.48%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.

The filing details the company's operations in three primary business segments: Therapeutic DNA Production Services, MDx Testing Services, and DNA Tagging and Security Products and Services.

The company reported total revenues of $3,431,420 for the fiscal year, a decrease from $13,367,443 in the previous year. The decline is attributed to a significant reduction in COVID-19 testing services.

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Gross profit for the year was $1,016,879, down from $5,533,432 in the previous year. The decrease in gross profit percentage was primarily due to reduced testing volumes.

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Selling, general, and administrative expenses decreased to $11,447,894 from $12,751,644, primarily due to a reduction in payroll expenses.

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Research and development expenses were $3,593,750, slightly down from $3,735,078 in the prior year.

The company reported a net loss of $7,088,306, compared to a net loss of $10,022,916 in the previous year.

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Cash and cash equivalents at the end of the fiscal year were $6,431,095, with a working capital of $5,649,546.

The company acknowledges substantial doubt about its ability to continue as a going concern and plans to raise additional capital to support operations.

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Applied DNA Sciences is exploring the potential divestiture of its DNA Tagging and Security Products and Services segment as part of a strategic review of its business segments.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Applied DNA Sciences Inc. annual 10-K report dated December 17, 2024. To report an error, please email earnings@qz.com.