Applied DNA Sciences loss narrows, revenue rises
Applied DNA Sciences CEO James Hayward shines a UV light on his watch, which he marked using one of his company's DNA marking kits, during a news conference at the Huntington Opportunity Resource Center in Huntington Station on April 10, 2015. Credit: Barry Sloan
Applied DNA Sciences Inc., a Stony Brook-based biotech firm that uses plant DNA to make anti-counterfeiting products, reported higher revenue and a narrower net loss for the quarter ended Dec. 31.
Applied DNA said that total revenue for the first quarter rose to $1.3 million from $1.2 million during the same period last year due to the sale of manufactured DNA for the diagnostic market and two government contracts. The company’s net loss narrowed to $2.9 million for the quarter, down from $7.8 million during the same quarter last year.
Net loss per share shrank to 13 cents per share from 51 cents during the same quarter last year. The company’s weighted average shares outstanding increased sharply to 22.5 million from 15.5 million a year earlier.
Last fall, Applied DNA announced its acquisition of Vandalia Research Inc., a private, large-scale DNA producer for $1.5 million in cash. Last April, the company announced a pilot program with Suffolk County to bring DNA technology into 500 homes in Huntington Station to test the effectiveness of one of its DNA-laced anti-theft products.
The company reported earnings after the market closed Wednesday.
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