BOHEMIA - Scientific Industries, Inc. (OTCQB: SCND), a life sciences tool provider, and a developer of digitally simplified bioprocessing products, yesterday reported financial results for the three-month period ended March 31, 2023, its new first quarter since changing to a December 31 calendar year end.
2023 First Quarter Highlights
Bioprocessing Systems Operations booked the largest single order and backlog in its history.
Benchtop Lab Equipment Ops' Torbal Division launched the VIVID Plus subscription service with paid renewals commencing in April 2023.
Benchtop Lab Equipment Ops' Genie Division introduced a new microplate mixer
2023 First Quarter Financial Highlights
Net revenues totaled $2.8 million versus $2.9 million in the prior year period.
Benchtop Laboratory Equipment revenues totaled $2.6 million, an increase of 8%, compared to $2.4 million in the prior year period.
Torbal brand products totaled $0.87 million, an increase of 50%, compared to $0.58 million in the prior year period.
Bioprocessing revenues totaled $223,200 versus $430,300 due to termination of royalties, while product sales activity are growing.
Gross profit was $1.3 million (48% gross margin), a decrease of 13%, compared to $1.5 million (54% gross margin) in the prior year period, due primarily to the termination of bioprocessing royalties.
Cash, cash equivalents and investments were $4.5 million, as of March 31, 2023.
About Scientific Industries, Inc.
Scientific Industries (OTCQB: SCND), is a life science tool provider. It designs, manufactures, and markets laboratory equipment, including the world-renowned Vortex-Genie 2 Mixer and Torbal balances, and bioprocessing systems under the product name DOTS. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, medical device manufacturers, and pharmacies.
About Scientific Bioprocessing, Inc.
Scientific Bioprocessing, Inc. (SBI) is dedicated to pioneering digitally simplified bioprocessing by providing actionable insights from lab to production floor. With a broad portfolio of state-of-the-art bioprocess sensors and actuators as well as innovative data analytics software, SBI helps scientists and engineers in bioprocessing to monitor and control critical process parameters and product quality attributes. SBI is a subsidiary of Scientific Industries Inc. (SCND-OTCQB)
Safe Harbor Statement
Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including our annual report on Form 10-K.
Contact:
Helena R. Santos
Tel: 631-567-4700
SCIENTIFIC INDUSTRIES, INC. 
