Applied DNA Sciences Inc., a provider of DNA-based technology to deter theft and counterfeiting, reported a second fiscal quarter net loss in line with the year-earlier quarter despite sharply higher revenue.
The Stony Brook company reported revenue of $905,000 in the quarter ended March 31, a 58 percent increase compared to the 2016 quarter. The company recorded a net loss of $3.4 million, or 13 cents per diluted share, versus a net loss of $3.5 million or 14 cents per diluted share in the prior year’s quarter.
“Our fiscal second quarter was distinguished by the continued development of commercial activity and a high number of pre-commercial opportunities, both of which we believe lay the groundwork for greater commercial-scale adoption of our Signature DNA platform,” said James Hayward, president and CEO of Applied DNA.
As of the quarter’s end on March 31, the company had cash and cash equivalents of $4 million versus $4.5 million in the year-earlier period.
In January, Applied DNA announced that former New York City Police Commissioner Ray Kelly had joined the company’s strategic advisory board.
In April, the company said it had signed a five-year agreement to supply bulk DNA to a leading chemicals company serving the in vitro diagnostics market. The company said it expects the deal will generate annual revenue of about $500,000 in fiscal 2018.
The company released its earnings after the market close on Thursday. Its stock was unchanged in Friday trading at $1.50. In the past 12 months, the shares are down more than 50 percent.