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.