Applied DNA posts revenue gains in Q4, full year

2020 03 18 20 13 7386 Virus Coronavirus Covid 19 400

Applied DNA Sciences reported substantial increases in revenue in both its fourth quarter and fiscal year 2021, largely due to its decision to enter the COVID-19 testing and assay manufacturing markets.

Revenues increased 868% for the fourth quarter of fiscal 2021 to $3 million, compared with $314 thousand reported in the same period of the prior fiscal year. For fiscal year 2021 (end-September 30), total revenues amounted to $9 million, up 367% from fiscal year 2020, the company reported.

The increase in revenues year-over-year was due primarily to an increase in clinical laboratory service revenues of $1.6 million and an increase of $1 million in product revenues, the company said. Clinical laboratory service revenues represent the revenue from the company's safeCircle COVID-19 testing.

The re-emergence of demand for industrial DNA from the textile industry also contributed to the increase, the company said.

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