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SDIX Reports Fourth Quarter And Full Year 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 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.

Francis DiNuzzo, SDIX’s President and CEO, commented, “Overall, in 2011, we were pleased to see the positive results from our efforts to refocus SDIX on the large and growing Life Science and Food Safety markets. While the fourth quarter was challenging for these core businesses, we did see solid year-over-year growth in both of these areas. We are especially pleased with the continued strength of our IVD business, which delivered over 30% annual growth in booked orders in 2011. Our GAT™ platform developments continued to show progress against the milestone plans we have set out. In addition to these achievements, we continued to strengthen our Food Safety business, with the successful launch of our Listeria F.A.S.T.™ Test System. Our international business distribution network continues to exhibit solid growth, with 72% year-over-year growth across both core business product lines. Lastly, the divestiture of our Water Quality business and our first quarter 2012 deal with BD Diagnostics represent noteworthy milestones in the Company’s evolution as well as provide additional financial resources that we plan to utilize going forward."

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