Applied DNA revenue grows, losses shrink

Applied DNA Sciences Inc., a Stony Brook biotech company that makes anti-counterfeiting products using plant DNA, reported higher revenue and a narrower net loss for both the quarter ended Sept. 30 and for the year’s fiscal results.

Applied DNA reported that total revenue for the fourth quarter rose to $4 million from $646,000 during the same period last year. The company’s net loss narrowed to $496,000 from $2.1 million a year earlier. Net loss per share shrank to 2 cents from 15 cents during the same quarter last year. The weighted average shares outstanding increased to 21.5 million from 13.9 million a year earlier.

Revenue for the year was also up, rising to $9 million for the 12 months ended Sept. 30 from $2.7 million in 2014. Net losses for the year narrowed to $11.9 million from $13.1 million last year.

Earlier this year, Applied DNA announced the acquisition of Vandalia Research Inc., a private, out-of-state, large-scale DNA producer for $1.5 million in cash.

Shares of Applied DNA closed at $3.93 Tuesday, up $1.04 from the start of the year. The company reported earnings after the market closed Monday.