Strategic Diagnostics Inc. (SDIX) filed Quarterly Report for the period ended 2009-09-30.
Strategic Diagnostics Inc. develops, manufactures and markets immunoassay-based test kits for rapid and inexpensive detection of a wide variety of substances in the food safety and water quality markets. Through its Strategic BioSolutions division, the Company also provides antibody andimmunoreagent research and development production services. Strategic Diagnostics Inc. has a market cap of $31.38 million; its shares were traded at around $1.51 with and P/S ratio of 1.13.
Highlight of Business Operations:
Life science revenues increased 29% to $4.3 million for the third quarter of 2009, compared to $3.3 million for the same quarter in 2008. Sales of custom monoclonal products increased 67% to $1.2 million, bulk antibody sales increased 64% to $1.0 million, sales of custom polyclonal products increased 6% to $1.5 million and sales of products utilizing the GAT TM platform increased 1% to $522,000. This increase in life science revenues was primarily the result of increased sales to the Company s in-vitro diagnostic (“IVD”) customers.
Gross profits (defined as total revenues less manufacturing costs) for the third quarter of 2009 were $4.1 million compared to $3.3 million for the same period in 2008. Gross margins were 57% and 48% for the third quarters of 2009 and 2008, respectively. The increase in margins was primarily attributable to increased production volumes in the life sciences business which created a lower per unit cost of sale. Included in the manufacturing expenses for the quarter ended September 30, 2009, were $203,000 of expenses related to the closure of the Company s Dallas, Texas manufacturing facility for lease costs, severance and relocation.
Net loss in the third quarter of 2009 was $291,000, or $0.01 per diluted share, compared to a net loss of $2.2 million, or $0.11 per diluted share, for the same period in 2008. Diluted shares utilized in these computations were 20.2 million and 20.4 million for the third quarters of 2009 and 2008, respectively.
Life science revenues increased 13% to $11.3 million for the nine months ended September 30, 2009, compared to $10.0 million for the same period in 2008. Sales of bulk antibody products increased 36% to $2.9 million, sales of products utilizing the GAT ™ platform increased 24% to $1.3 million, sales of custom monoclonal products increased 3% to $2.5 million and sales of custom polyclonal products increased 2% to $4.2 million. This increase in life science revenues was primarily the result of increased sales to the Company s IVD customers.
Gross profits (defined as total revenues less manufacturing costs) increased to $11.5 million in the first nine months of 2009 from $10.8 million in the first nine months of 2008. Gross margins improved to 55% in the 2009 nine month period compared to 52% in the 2008 nine month period. The increase in margins was primarily attributable to increased production volumes in the life sciences business which created a lower per unit cost of sale. Included in the manufacturing expenses for the nine months ended September 30, 2009 were $203,000 of expenses related to the closure of the Company s Dallas, Texas manufacturing facility for lease costs, severance and relocation.
Net loss in the nine months ended September 30, 2009 was $1.6 million, or $0.08 per diluted share, compared to a net loss of $3.3million, or $0.16 per diluted share, for the nine months ended September 30, 2008. Diluted shares utilized in these computations were 20.1 million and 20.4 million for the 2009 and 2008 periods, respectively.
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