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 and fiscal year ended December 31, 2011.
Revenues for the fourth quarter of 2011 were $5.5 million, decreasing from $6.3 million for the same period in 2010. As described below, the Company’s core Life Science and Food Safety businesses continued to grow year-over-year for the full fiscal year, but decreased quarter-over-quarter by 10% and 15%, respectively. These decreases were primarily related to the timing of IVD sales and external legislative changes in the food industry, respectively.
Full year 2011 revenues were $24.2 million, increasing 3% from $23.6 million in 2010. Notably though, for the full year, Life Science and Food Safety revenues each increased 7% over full year 2010.
Net income for the fourth quarter of 2011 was $1.7 million, compared to a net loss of $260,000 for the same period in 2010. Net loss for the full year was $298,000, compared to a net loss of $963,000 for full year 2010. Net income for the fourth quarter of 2011 included income from discontinued operations of $3.2 million, compared with income from discontinued operations of $504,000 in 2010. For the full year 2011, net loss included income from discontinued operations of $4.5 million, compared with income from discontinued operations of $2.3 million for full year 2010.Highlights
- Sold Water Quality Division to Modern Water Plc – SDIX’s Water Quality assets were sold for $4.6 million, which resulted in a gain of $3.0 million on the sale. The sale included the division’s intellectual property, current inventory and commercial contracts, as well as equipment and staff.
- Signed Collaboration with BD Diagnostics to Develop a Microbiology Detection Solution – The agreement, signed in January 2012, aims to commercialize a novel system to address market needs for faster time to results and accurate detection of microorganisms. The partnership combines SDIX’s expertise in development of high performance antibodies with BD’s expertise in diagnostic system development. SDIX received an upfront payment of $1.25 million, along with $2.5 million in potential milestone payments and royalties on future product sales.
- Published Peer-Reviewed Article Characterizing GAT TM Strengths – The article provided data showing the advantage of SDIX’s antibody technology versus current conventional approaches.
- Launched 24-Hour Listeria Testing Solution – RapidChek® Listeria F.A.S.T.™ Test System was successfully introduced to the market. The test subsequently earned AOAC Performance-Tested Methods Certification. The product allows food producers to now better meet “test-and-hold” requirements.