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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Applied DNA Sciences Inc | NASDAQ:APDN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.37 | -9.05% | 3.72 | 3.72 | 4.55 | 4.75 | 3.59 | 4.09 | 146,279 | 05:00:04 |
-Submits Drug Master File to FDA for Administrative Review-
-Signs $2.5 Million in Non-Textile Contracts-
-Company to Hold Conference Call and Webcast Today, Thursday, May 3, 2018 at 4:30 PM ET-
Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA” or the "Company"), announced financial results for the fiscal 2018 second quarter ended March 31, 2018.
“Our fiscal second quarter performance reflects our continuing ability to monetize our molecular taggant technology platform to drive top-line growth while also progressing nascent opportunities that offer a path to greater annual recurring revenues,” stated Dr. James A. Hayward, chairman, president and CEO of Applied DNA. “Our activities in the quarter reflect the growing applicability of our technology platform to multiple business verticals and its continued adoption that is fueling an expansion of our pipeline of revenue opportunities. During the quarter we continued to grow our business while controlling costs and have reduced our monthly burn by 6% on average since the beginning of the fiscal year.
“This fiscal quarter saw the largest non-textile/non-governmental deal flow in the Company’s history with the signing of multiple pre-commercial contracts worth approximately $2.5 million in their aggregate over their terms. We secured a pre-commercial contract with TheraCann International Benchmark Corporation (“TheraCann”) to develop molecular tracking systems for legal cannabis worldwide. We signed definitive agreements that include milestone and royalty payments with Colorcon, Inc. (“Colorcon”) that will enable us to penetrate the global pharmaceutical and nutraceutical industry.”
Continued Dr. Hayward, “Our Colorcon agreements are particularly noteworthy as they give us the opportunity to accelerate revenue from the pharmaceutical industry. We can now leverage Colorcon’s significant sales presence globally to access the worldwide pharmaceutical and nutraceutical market for solid oral dose tablets. With Colorcon, together with our partnership with Videojet, and supplemented by the recent signing of a Memorandum of Understanding with ACG for the marking of oral dose capsules, we can offer what we believe to be the first multi-layered supply chain traceability and security solution for the industry at a time when pharmaceutical manufacturers and other supply chain stakeholders are moving to comply with the U.S. Food & Drug Administration’s Drug Supply Chain Security Act and its November 2018 serialization enforcement deadline.”
Concluded, Dr. Hayward, “Looking ahead to the second-half of the fiscal year, we believe the seasonality inherent in our cotton business should catalyze revenue as we expect to deliver taggant to mark U.S. cotton under our multi-year supply agreement. Longer term, we believe our business development and pre-commercial activities create revenue opportunity across several markets. In particular, we see substantial opportunities in synthetic textiles, where the total addressable market is seven times greater than the cotton market, and biopharma, where we believe our ability to quickly manufacture ultra-pure DNA in bulk can be a game-changer for the industry. We have recently demonstrated the ability to use our linear DNA in transfection models that may allow for commercial expression of repaired or improved genes in humans, animals and plants, resolving what we believe to be one of the most significant hurdles slowing the implementation of DNA vaccines, gene therapy and personalized medicine – the availability of large-scale linear DNA as an alternative to less desirable plasmid DNA."
Fiscal Second Quarter Financial Results:
Six-Month Financial Highlights:
Recent Operational Highlights:
Fiscal Second Quarter 2018 Conference Call Information
The Company will hold a conference call and webcast to discuss its fiscal second quarter 2018 results on Thursday, May 3, 2018 at 4:30 PM ET. To participate on the conference call, please follow the instructions below. While every attempt will be made to answer investors’ questions on the Q&A portion of the call, due to the large number of expected participants, not all questions may be answered.
To Participate:
Live webcast: https://services.choruscall.com/links/apdn180503.html
Replay (available 1 hour following the conclusion of the live call through May 4, 2018):
Information about Non-GAAP Financial Measures
As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our condensed consolidated financial statements prepared and presented in accordance with GAAP, this earnings release includes Adjusted EBITDA, which is a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information presented in accordance with GAAP. We use this non-GAAP financial measure for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the performance of our business by excluding non-cash expenses that may not be indicative of our recurring operating results. We believe this non-GAAP financial measure is useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.
“EBITDA”- is defined as earnings (loss) before interest expense, income tax expense and depreciation and amortization expense.
“Adjusted EBITDA”- is defined as EBITDA adjusted to exclude (i) stock-based compensation and (ii) other non-cash expenses.
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable supply chain security, anti-counterfeiting and anti-theft technology, product genotyping and DNA mass production for diagnostics, personalized medicine and therapeutics.
Applied DNA makes life real and safe by providing innovative, molecular-based technology solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. The proprietary DNA-based "CertainT®" platform can be used to identify, tag, test, and track products, to help assure authenticity, origin, traceability, sustainability and quality of products.
SigNature® DNA describes the core technology ingredient that is at the heart of a family of uncopiable, security and authentication solutions, targeted a wide range of industries, including but not limited to, pharmaceuticals and nutraceuticals, textiles and defense materials and DNAnet®, for anti-theft and loss prevention, and digitalDNA®, providing powerful track-and-trace. Our products provide a forensic chain of evidence in large commercial ecosystems
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Forward Looking Statements
The statements made by Applied DNA in this press release may be "forward-looking" in nature within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements describe Applied DNA's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA. Actual results could differ materially from those projected due to our lack of significant revenues, limited financial resources, limited market acceptance, history of net losses, market competition, risk of not obtaining regulatory approval and various other factors detailed from time to time in Applied DNA's SEC reports and filings, including our Annual Report on Form 10-K filed on December 28, 2017 and our subsequent quarterly reports on Form 10-Q filed on February 8, 2018 and May 3, 2018, which are available at www.sec.gov. Applied DNA undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events, unless otherwise required by law.
- Financial Tables Follow -
APPLIED DNA SCIENCES, INC.
CONSOLIDATED BALANCE SHEETS
March 31,2018
September 30,2017
(unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,709,402 $ 2,959,781 Accounts receivable, net of allowance of $10,000 at March 31, 2018 and September 30, 2017, respectively 1,525,715 2,587,969 Inventories 293,838 326,468 Prepaid expenses and other current assets 575,414 366,954 Total current assets 6,104,369 6,241,172 Property and equipment, net 550,907 523,688 Other assets: Deposits 62,437 61,626 Goodwill 285,386 285,386 Intangible assets, net 930,444 1,042,076 Total Assets $ 7,933,543 $ 8,153,948 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 1,022,077 $ 944,133 Deferred revenue 1,204,351 351,735 Total current liabilities 2,226,428 1,295,868 Commitments and contingencies Stockholders’ Equity Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- shares issued and outstanding as of March 31, 2018 and September 30, 2017 — — Series A Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; -0- issued and outstanding as of March 31, 2018 and September 30, 2017 — — Series B Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; -0- issued and outstanding as of March 31, 2018 and September 30, 2017 — — Common stock, par value $0.001 per share; 500,000,000 shares authorized; 30,112,057 and 27,377,057 shares issued and outstanding as of March 31, 2018 and September 30, 2017, respectively 30,112 27,377 Additional paid in capital 247,680,080 243,503,858 Accumulated deficit (242,003,077) (236,673,155) Total stockholders’ equity 5,707,115 6,858,080 Total Liabilities and Stockholders’ Equity $ 7,933,543 $ 8,153,948APPLIED DNA SCIENCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Revenues: Product revenues $ 486,341 $ 689,188 $ 836,474 $ 1,393,605 Service revenues 557,605 216,185 855,149 414,776 Total revenues 1,043,946 905,373 1,691,623 1,808,381 Cost of revenues 372,153 297,372 703,593 572,204 Operating expenses: Selling, general and administrative 1,996,604 3,230,371 4,589,759 7,131,288 Research and development 669,813 635,893 1,409,880 1,154,521 Depreciation and amortization 145,280 163,368 302,928 325,345 Total operating expenses 2,811,697 4,029,632 6,302,567 8,611,154 LOSS FROM OPERATIONS (2,139,904) (3,421,631) (5,314,537) (7,374,977) Other income (expense): Interest income, net - 1,204 - 2,535 Other (expense) income , net (6,305) (8,429) (15,385) (17,798) Loss before provision for income taxes (2,146,209) (3,428,856) (5,329,922) (7,390,240) Provision for income taxes — — — — NET LOSS $ (2,146,209) $ (3,428,856) $ (5,329,922) $ (7,390,240) Net loss per share-basic and diluted $ (0.07) $ (0.13) $ (0.18) $ (0.29) Weighted average shares outstanding- Basic and diluted 30,112,057 26,351,483 28,879,804 25,886,892APPLIED DNA SCIENCES, INC.
CALCULATION AND RECONCILIATION OF ADJUSTED EBITDA
(Unaudited)
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Net Loss $ (2,146,209) $ (3,428,856) $ (5,329,922) $ (7,390,240) Interest (income) expense, net - (1,204) - (2,535) Depreciation and amortization 145,280 163,368 302,928 325,345 Stock based compensation (285,045) 537,904 (53,932) 1,995,924 Bad debt expense 17,117 15,601 17,117 21,247 Total non-cash items (122,648) 715,669 266,113 2,339,981 Consolidated Adjusted EBITDA (loss) (2,268,857) (2,713,187) (5,063,809) (5,050,259)
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503006461/en/
Investors:LHA Investor RelationsSanjay M. Hurry, 212-838-3777shurry@lhai.comWeb: www.adnas.comTwitter: @APDN
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