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SDIX Reports Third Quarter 2011 Results

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 September 30, 2011.

Revenue for the third quarter of 2011 was $6.9 million, decreasing from $7.5 million for the same period in 2010. The Company’s core Life Science and Food Safety businesses continued to grow, with combined revenues increasing 6% compared to the third quarter of 2010 despite a small decline in Food Safety revenue compared to the prior year.

Revenue for the nine months ended September 30, 2011 was $21.5 million, increasing 2% from $21.0 million for the same period in 2010. For this nine month period, Life Science and Food Safety revenues increased 13% and 16%, respectively, over the same period in 2010.

Net loss for the third quarter of 2011 was $694,000, compared to a net loss of $29,000 in 2010. The increase in net loss was primarily related to the lower revenue and the planned investment increases in the Company’s strategic initiative to further develop its next-generation Genomic Antibody Technology (GAT) platform.

Highlights

  • Enhanced Life Science Proprietary In Vitro Diagnostic (IVD) Portfolio with New Antibody Products – Following the launch of new Apo B antibodies earlier in the quarter, three additional polyclonal antibodies were completed and are being introduced to IVD customers.
  • Launched New Listeria Testing Solution – RapidChek® Listeria F.A.S.T.™ 24-hour Test System was introduced to the market. The test later earned AOAC Performance-Tested Methods Certification, providing validation for food producers, whom the Company expects to use it to better meet “test-and-hold” requirements.
  • Salmonella Enteritidis Test Data Published by the Journal of AOAC International – Scientific publication provided detailed performance specifications for the Company’s RapidChek® SELECT™ Salmonella Enteritidis Test System, which demonstrated equivalent performance with both the standard FDA BAM method for testing egg-pools and the USDA FSIS method for poultry carcass rinsates.
  • Sold Water Quality Assets to Modern Water Plc – Water Quality division was sold for $4.5 million; assets sold include the division’s intellectual property, current inventory and commercial contracts, as well as equipment and staff.

Francis DiNuzzo, SDIX’s President and CEO, commented, “The third quarter and subsequent water quality business announcement last week mark important milestones in the transition of SDIX to a focused biotechnology company targeting growth opportunities in the Life Science and Food Safety markets. Most notably, our R&D team achieved significant results in our next-generation GAT development efforts, reaching a key performance milestone and providing evidence that our technology has the potential to enable us to create novel monoclonal antibodies against biological targets. We believe that these capabilities will further differentiate SDIX in the eyes of potential Pharma partners who are looking to pursue biotherapeutic antibodies or engage in biomarker discovery and validation. Our Food Safety business had a somewhat difficult quarter, resulting from a change in a federal contract and a delay in approval of our new Listeria product. Still, year-to-date, the Food Safety business has achieved double digit growth over the same period in 2010.” Mr. DiNuzzo added, “Our recent agreement to sell our Water Quality business to Modern Water again reinforces our corporate strategy and provides additional resources to continue growing our core Life Science and Food Safety businesses.”

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