on Applied DNA Sciences, Inc.
Applied DNA Reports Third Quarter Financial Results for Fiscal Year 2024
Applied DNA Sciences, Inc. (NASDAQ:APDN), a leader in PCR-based DNA technologies, announced its Q3 fiscal 2024 financial results. The period ended June 30, 2024, saw consolidated revenues of $798,000, a significant decrease from $2.9 million in the same period of 2023. This drop is attributed primarily to the conclusion of a COVID-19 testing contract with CUNY.
Gross profit for the quarter stood at $245,000, compared to $1.3 million in Q3 2023, reflecting a decline in MDx testing services. Operating expenses decreased to $3.6 million from $4.1 million, mainly due to reduced stock-based compensation and consulting expenses.
Despite a net loss from operations of $3.3 million, Applied DNA reported improved cash reserves at $10.4 million as of June 30, 2024, boosted by a public offering. The company anticipates that operational milestones in LineaRx, Clinical Labs, and the CertainT platform will drive growth in fiscal 2025.
R. H.
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