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Scientific Industries, Inc. (SCND0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $2,769,100 from $2,585,500 in the same quarter the previous year. This increase is attributed to higher sales in both the Benchtop Laboratory Equipment and Bioprocessing Systems segments.
The company reported a gross profit of $1,363,200 for the quarter, compared to $1,181,000 in the previous year, with the increase attributed to a higher gross margin percentage in the Bioprocessing Systems Operations.
General and administrative expenses increased to $1,019,000 from $896,300, primarily due to higher corporate expenses related to external professional services and non-cash stock-based compensation.
Selling expenses decreased to $919,600 from $1,614,200, primarily due to a reduction in sales and marketing employees in the Bioprocessing Systems Operations.
Research and development expenses decreased to $683,200 from $895,900, primarily due to the completion of new product developments and reduced expenditures.
Other income, net, increased to $78,500 from $24,300, primarily due to increased interest income on investment securities.
The company reported a net loss of $1,180,100 for the quarter, compared to a net loss of $2,201,100 in the previous year.
For the nine months ended September 30, 2024, net revenues decreased to $7,899,900 from $8,373,400 in the previous year, primarily due to decreased sales in the Benchtop Laboratory Equipment segment.
The company reported a net loss of $4,515,300 for the nine months ended September 30, 2024, compared to a net loss of $6,863,600 in the previous year.
The filing also details liquidity concerns, with the company reporting negative cash flows from operations of $3,304,600 and an accumulated deficit of $32,000,400 as of September 30, 2024.
Scientific Industries acknowledges the need for additional capital resources to continue as a going concern and is exploring options for securing such resources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Scientific Industries, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.