Applied DNA Sciences' Q4 Revenues Skyrockets Buoyed By Momentum In COVID-19 Diagnostic Testing

Applied DNA Sciences Inc APDN reported a more than ninefold Y/Y increase in Q4 FY21 revenues, driven by the rise in clinical laboratory service revenues related to COVID-19 testing.
For Q4, the firm reported $3.0 million in revenues, up from $314,000 a year ago, beating the consensus Wall Street estimate of $2.3 million.
Clinical laboratory service revenues, which represent revenue from Applied DNA Sciences' safeCircle COVID-19 testing, increased by $1.6 million.
Product revenues increased by $1.0 million, mainly attributable to an increase in sales of DNA concentrate to protect a textile supply chain of approximately $810,000.
Applied DNA CEO James Hayward said in a statement that the firm's record revenues resulted from its decision to enter the COVID-19 testing and assay manufacturing markets, leveraging its expertise in PCR.
The Company's EPS net loss was $(0.60) compared to $(0.82) per share a year ago. Analysts, on average, had estimated a net loss of $(0.37) per share.
The Company ended the year with $6.6 million in cash and cash equivalents.
Related Link: Applied DNA Stock Surges On Launch Plans For Linea 2.0 COVID-19 Assay For Omicron Variant.
Price Action: APDN shares are up 4.53% at $5.31 during the premarket session on the last check Friday.

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