Scientific Industries, Inc. announced its financial results for the fiscal year ended December 31, 2024, reporting net revenues of $10,712,600, a 3.6% decrease from $11,111,500 in the prior year. Despite the overall decline, the Bioprocessing Systems Operations segment saw a significant 24% increase in net revenues, driven primarily by the newly introduced DOTS MPS product.
The company achieved a 29% reduction in its net loss, which decreased to $6,445,400, or $(0.61) per share, compared to $9,086,500, or $(1.27) per share, in fiscal year 2023. This improvement was largely attributed to a substantial 21% decrease in operating expenses, which fell to $11,371,800 due to operational cost reductions and working capital management initiatives.
Scientific Industries also highlighted the launch of its new state-of-the-art VIVID WORKSTATION automated pill counter and a Q1 2025 upgrade to the DOTS MPS system, enabling monitoring of mammalian cells for high-value biopharma markets. The company is currently conducting trials with six of the world's largest pharmaceutical companies for DOTS MPS and plans to launch an optical pH sensor and high-performance liquid injection system in the second half of 2025.
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