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Strategic Diagnostics Inc. Reports Operating Results (10-Q)

November 14, 2012 | About:
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10qk

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Strategic Diagnostics Inc. (SDIX) filed Quarterly Report for the period ended 2012-09-30.

Strategic Diagnostics, Inc. has a market cap of $24.5 million; its shares were traded at around $1.19 with and P/S ratio of 1.
This is the annual revenues and earnings per share of SDIX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SDIX.


Highlight of Business Operations:

Gross profit for the three months ended September 30, 2012 was $1.9 million compared to $2.3 million for the same period in 2011. Gross margins were 48% and 56% for the three month periods ended September 30, 2012 and 2011, respectively. The decreases in gross profit and gross margin were primarily attributable to the lower level of sales and change in product mix in the 2012 period.

Research and development expenses were $987,000, or 25% of revenues, for the three-month period ended September 30, 2012, compared to $930,000, or 23% of revenues, for the three-month period ended September 30, 2011. This increase was primarily the result of increased spending related to the development of the Company s advanced technologies.

Revenues for the nine months ended September 30, 2012 decreased 9% to $11.6 million, compared to $12.7 million for the same period in 2011. This decrease was primarily the result of decreased sales to all of the Company s customer categories, except in-vitro diagnostic. Sales to the Company s in-vitro diagnostic customers increased 4% to $7.6 million, sales to biopharma customers decreased 23% to $1.8 million, sales to content/resellers decreased 28% to $1.8 million and sales to academic/government customers decreased 27% to $0.4 million. Included in the in-vitro diagnostic sales is $1.1 million recognized pursuant to the Becton Dickinson (BD) Diagnostics multiple-element arrangement as described in Note 1, Revenue Recognition. These decreases were primarily related to the timing of IVD sales, a softening biopharmaceutical market and a change in the business strategy of the Company s largest content customer that has reduced its use of the Company s polyclonal services. The Company believes revenue from this customer will continue at reduced levels.

Gross profit for the nine months ended September 30, 2012 was $5.9 million compared to $7.0 million for the same period in 2011. Gross margins were 51% and 55% for the nine-month periods ended September 30, 2012 and 2011, respectively. The decreases in gross profit and gross margin were primarily attributable to the lower level of sales and change in product mix in the 2012 period.

Research and development expenses were $2.8 million, or 24% of revenues, for the nine-month period ended September 30, 2012, compared to $2.4 million, or 19% of revenues for the nine-month period ended September 30, 2011. This increase was primarily the result of increased spending related to the development of the Company s advanced technologies.

Read the The complete Report

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