Medtox Scientific Inc. (MTOX, Financial) filed Quarterly Report for the period ended 2011-06-30.
Medtox Scientific Inc. has a market cap of $135.2 million; its shares were traded at around $15.15 with a P/E ratio of 32.3 and P/S ratio of 1.4. Medtox Scientific Inc. had an annual average earning growth of 4.3% over the past 10 years.
Revenues in our clinical and other laboratory services increased 21% to $9.1 million and 18% to $17.1 million for the three and six month periods ended June 30, 2011, respectively. The improvement in both periods was due to continued strong growth generated by our expanded clinical laboratory capabilities and diversification initiatives, including testing for prescription management.
Revenues in clinical trial services increased 14% to $2.3 million for the three month period ended June 30, 2011 and continued the solid performance shown in previous quarters. For the six month period ended June 30, 2011, revenues increased 69% to $4.9 million. The significant increase in the first six months of 2011 reflects the impact of the reversal of the slow-down of projects and deferral of work into future quarters which we experienced in the first quarter of 2010. Revenues from clinical trial services can fluctuate from quarter-to-quarter based on the project nature, size, and the actual timing of clinical trials.
Sales of POCT products, which consist of the PROFILE®-II, PROFILE®-II A, PROFILE-II ER®, PROFILE®-III ER, PROFILE®-III, PROFILE®-III A, PROFILE®-IV, PROFILE®-V, VERDICT®-II and SURE-SCREEN® on-site test kits and other ancillary products for the detection of abused substances, increased 12% to $5.3 million and 15% to $10.1 million for the three and six month periods ended June 30, 2011, respectively. The increase in both periods was due primarily to increased sales of Profile®-V sold into the hospital market with our MEDTOXScan® Reader. The increase in the six month period ended June 30, 2011 was also due to increased sales into the government market with our SURE-SCREEN® devices, as well as improved sales in the workplace drugs-of-abuse market with our Profile®-II A and Profile®-III A products. Overall, pricing for our POCT devices was fairly stable with the prior year periods.
Sales of contract manufacturing services decreased 61% to $0.2 million and 21% to $0.8 million for the three and six month periods ended June 30, 2011, respectively, as we are phasing out of this business and expect the remaining client relationship to terminate by the end of 2011.
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Medtox Scientific Inc. has a market cap of $135.2 million; its shares were traded at around $15.15 with a P/E ratio of 32.3 and P/S ratio of 1.4. Medtox Scientific Inc. had an annual average earning growth of 4.3% over the past 10 years.
Highlight of Business Operations:
Our Laboratory Services segment includes revenues from workplace drugs-of-abuse testing, clinical and other laboratory services and clinical trial services. Our revenues from drugs-of-abuse testing increased 6% to $10.8 million and 8% to $20.4 million for the three and six month periods ended June 30, 2011, respectively. The increase in both periods was primarily a result of an increase in new account revenues, which increased 17.8% and 15.9% for the three and six month periods ended June 30, 2011, respectively. The increase in both periods was mitigated by an 11.4% and 8.1% decrease in revenue from our existing client base for the three and six month periods ended June 30, 2011, respectively, primarily due to continued reduced hiring levels due to economic conditions. Pricing for our workplace drugs-of-abuse testing services tends to be fairly stable overall; however, the average price per testing specimen can vary slightly from quarter-to-quarter. Test price can vary by client based on the percentage of samples that test positive for drugs-of-abuse and the average number of samples per shipment.Revenues in our clinical and other laboratory services increased 21% to $9.1 million and 18% to $17.1 million for the three and six month periods ended June 30, 2011, respectively. The improvement in both periods was due to continued strong growth generated by our expanded clinical laboratory capabilities and diversification initiatives, including testing for prescription management.
Revenues in clinical trial services increased 14% to $2.3 million for the three month period ended June 30, 2011 and continued the solid performance shown in previous quarters. For the six month period ended June 30, 2011, revenues increased 69% to $4.9 million. The significant increase in the first six months of 2011 reflects the impact of the reversal of the slow-down of projects and deferral of work into future quarters which we experienced in the first quarter of 2010. Revenues from clinical trial services can fluctuate from quarter-to-quarter based on the project nature, size, and the actual timing of clinical trials.
Sales of POCT products, which consist of the PROFILE®-II, PROFILE®-II A, PROFILE-II ER®, PROFILE®-III ER, PROFILE®-III, PROFILE®-III A, PROFILE®-IV, PROFILE®-V, VERDICT®-II and SURE-SCREEN® on-site test kits and other ancillary products for the detection of abused substances, increased 12% to $5.3 million and 15% to $10.1 million for the three and six month periods ended June 30, 2011, respectively. The increase in both periods was due primarily to increased sales of Profile®-V sold into the hospital market with our MEDTOXScan® Reader. The increase in the six month period ended June 30, 2011 was also due to increased sales into the government market with our SURE-SCREEN® devices, as well as improved sales in the workplace drugs-of-abuse market with our Profile®-II A and Profile®-III A products. Overall, pricing for our POCT devices was fairly stable with the prior year periods.
Sales of contract manufacturing services decreased 61% to $0.2 million and 21% to $0.8 million for the three and six month periods ended June 30, 2011, respectively, as we are phasing out of this business and expect the remaining client relationship to terminate by the end of 2011.
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