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 June 30, 2011.
Revenue for the second quarter of 2011 was $7.1 million, increasing from $6.8 million for the same period in 2010. This growth was driven by strong revenue in SDIX’s core focus areas of Life Science, up 13%, and Food Safety, up 26%.
Year-to-date total revenue for the six months ended June 30, 2011 was $14.5 million, increasing 8% from $13.5 million for the same period in 2010. For the 2011 six month period, Life Science and Food Safety revenue increased 16% and 27%, respectively.
Net loss for the second quarter of 2011 was $657,000, compared to net loss of $215,000 in 2010. The increase in net loss was primarily related to investments in the Company’s strategic growth initiatives in Life Science and Food Safety. These initiatives included the expansion of marketing, sales and R&D resources to support increased sales as well as new product and technology development.
- Focused investment in marketing, sales and R&D yield continued double digit growth in Life Science and Food Safety revenue.
- Expanded Life Science In Vitro Diagnostic (IVD) Portfolio with Launch of New Apo B Antibodies – Apo B is used to help determine an individual’s risk for developing cardiovascular disease.
- Expanded Development of Food Safety Testing Platform – To include the next six important types of E. coli pathogens. These E. coli types are bacterial toxins that are involved in the most serious forms of food-poisoning.
Francis DiNuzzo, SDIX’s President and CEO, commented, “Our investments in Life Science and Food Safety produced the double digit revenue growth we expected in our core businesses and areas of focus. In our Life Science business, we expanded our product offerings and continue to invest in advancing our proprietary Genomic Antibody Technology (GAT), which we believe will further differentiate our capabilities, thereby allowing continued revenue growth and accelerating our collaborative relationships with pharma customers.” Mr. DiNuzzo added, “Our Food Safety business was particularly strong this quarter, growing in excess of 25% over the prior year, with our
test systems showing continued momentum.” Mr. DiNuzzo concluded, “Additionally, in our efforts to grow SDIX, our presence in international markets is continuing to expand, and we are seeking additional distribution partners in select countries.”
Gross profit for the second quarter of 2011 was $4.1 million, as compared to $4.0 million for the same period in 2010. Gross margins were 58% for the second quarter of 2011, compared to 59% for the same period in 2010. This slight decrease was primarily due to product mix and recent international distributor expansion.