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Scientific Industries, Inc. (SCND0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that the company operates through two segments: Benchtop Laboratory Equipment and Bioprocessing Systems. The Benchtop Laboratory Equipment segment includes standard laboratory equipment and pharmacy balances, while the Bioprocessing Systems segment involves bioprocessing products with smart sensors and analytics.
For the year ended December 31, 2024, Scientific Industries reported net revenues of $10,712,600, a decrease from $11,111,500 in the prior year. The decrease was primarily due to reduced sales in the Benchtop Laboratory Equipment segment.
The company reported a gross profit of $4,733,600, with a gross profit margin of 44.2%, down from 45.9% in the previous year. Increased costs of materials and labor contributed to the decrease in margin.
Operating expenses totaled $11,371,800, down from $14,361,900 in the prior year. This reduction was primarily due to decreased selling expenses and general administrative costs.
Scientific Industries reported a net loss from continuing operations of $6,445,400, compared to a loss of $9,089,800 in the previous year. The decrease in loss was mainly due to cost reductions in the Bioprocessing Systems segment.
The company ended the year with cash and cash equivalents of $587,900, down from $796,100 at the end of 2023. The decrease was attributed to operating costs and increased corporate overhead.
Scientific Industries has identified substantial doubt about its ability to continue as a going concern due to recurring losses and cash outflows. The company plans to secure additional capital resources to address these concerns.
The company does not anticipate any material adverse effect from the expiration of its patents and holds various trademarks considered important to its product success.
Scientific Industries' board of directors includes six members, and the company has several standing committees, including an Audit Committee and a Compensation Committee.
The company has employment agreements with its key executives, which include provisions for termination and change of control.
Scientific Industries is exposed to foreign exchange rate risk due to its operations in Germany, and the company is subject to various economic, political, and social factors that could impact its business.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.