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SDIX Reports First Quarter 2011 Results

Stocks in this article: SDIX

SDIX (Nasdaq: SDIX), a leading provider of biotechnology-based products and services for a broad range of life science, biotechnology, diagnostic and food safety applications, today reported financial results for the quarter ended March 31, 2011.

Revenues for the first quarter of 2011 were $7.5 million, increasing 12% from $6.7 million for the same period in 2010. This growth was driven by strong revenues in SDIX’s core focus areas of Life Science, up 19%, and Food Safety, up 28%. Net loss for the first quarter of 2011 was $658,000, compared to a net loss of $459,000 in 2010. This increase in net loss was primarily attributable to increased operating expenses resulting from the Company’s strategic growth initiatives in Life Science and Food Safety and the related expansion of marketing, sales and R&D infrastructure to support the increased revenue levels.

Recent Highlights

  • Strong Growth in Life Science Revenues Driven by IVD and Biopharma Customers – In total, In-Vitro Diagnostics and Biopharma customer revenues increased by 30%.
  • RapidChek® SELECT™ Salmonella Enteritidis (SE) Test System Awarded Method Equivalency and Granted Interim NPIP Approval – RapidChek SELECT SE test was reviewed by the FDA and determined to be equivalent in accuracy, precision and sensitivity to the FDA’s current standard methods for poultry house environmental drag swabs and pooled egg testing. The test also received interim National Poultry Improvement Plan (NPIP) approval for use in detecting the presence of SE in poultry environments. The SDIX test system offers egg producers an easier, faster, and more cost effective way to comply with regulations.
  • C. elegans Antibodies from the modENCODE Project Became Available through Novus Biologicals – Antibodies against 69 C. elegans chromosomal proteins generated by the modENCODE project (model organism ENCyclopedia Of DNA Elements), funded by the NIH, became commercially available through Novus Biologicals, SDIX’s distributor for pre-made antibodies.

Francis DiNuzzo, SDIX’s President and CEO, commented, “We are pleased with our first quarter earnings results, which showed strong revenue growth and domestic and international strategic progress in both our core Life Science and Food Safety businesses. We saw notable growth in our IVD and Biopharma customer revenues this quarter, while we also forge ahead to leverage our Genomic Antibody Technology, or GAT, a differentiated platform for additional value-creating and revenue-generating collaborations. In Food Safety, we are quite pleased with the acceptance and growing momentum for our RapidChek SELECT solution, and in particular our Salmonella and E. coli test systems. In addition, we put a concerted effort into building up our international distribution channels and are pleased with the strong contribution the team made to revenue growth this quarter.”

Financials

Gross profit for the first quarter of 2011 was $4.2 million, as compared to $3.9 million for the same period in 2010. Gross margins were 56% for the first quarter of 2011, compared to 59% for the same period in 2010. This slight decrease is primarily due to both our varied product mix and recent international distributor expansion.

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