Strategic Diagnostics Inc. (SDIX, Financial) filed Quarterly Report for the period ended 2010-03-31.
Strategic Diagnostics Inc. has a market cap of $32.7 million; its shares were traded at around $1.57 with and P/S ratio of 1.2. SDIX is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Kit product revenues decreased 7% to $2.9 million for the three months ended March 31, 2010 as compared to $3.1 million in the same period of 2009. Sales of food pathogen products remained the same at $1.4 million in the three month periods ended March 31, 2010 and 2009. Ag-GMO product sales decreased 6%, to $0.6 million in the first three months of 2010 as compared to the same period of 2009. Water and environmental products revenue decreased 17%, to $0.9 million in the three month period ended March 31, 2010 as compared to the same period of 2009, which was primarily attributable to lower sales of water testing equipment.
Gross profit (defined as total revenues less manufacturing costs) for the three months ended March 31, 2010 was $3.9 million compared to $3.8 million for the same period in 2009. Gross margins were 59% and 55% for the three month periods ended March 31, 2010 and 2009, respectively. The increase in gross margins is primarily attributable to effective cost control and more efficient manufacturing in kit products production.
Net loss was $459,000, or $0.02 per diluted share, for the three month period ended March 31, 2010, compared to a net loss of $561,000, or $0.03 per diluted share, for the same period in 2009. Diluted shares utilized in these computations were 20.2 million and 20.0 million for the 2010 and 2009 periods, respectively.
Net cash used in financing activities of $86,000 for the first three months of 2010 was primarily attributable to scheduled debt repayments. Net cash used in financing activities of $149,000 for the first three months of 2009 was primarily the result of scheduled debt repayments.
For the three months ended March 31, 2010, the Company satisfied all of its cash requirements from cash available and on-hand. At March 31, 2010, the Company had $1 million in debt and $19.7 million in stockholders equity.
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Strategic Diagnostics Inc. has a market cap of $32.7 million; its shares were traded at around $1.57 with and P/S ratio of 1.2. SDIX is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Life Science revenues increased 3% to $3.8 million for the three month period ended March 31, 2010, compared to $3.7 million for the same period in 2009. Sales of custom monoclonal products increased 61% to $1.1 million and custom polyclonal product sales increased 7% to $1.5 million. These increases were partially offset by decreases in sales of bulk antibody products of 22% to $0.9 million and sales of products utilizing the GAT TM platform of 32% to $0.2 million. This increase in Life Science revenues was primarily the result of increased sales to the Company s largest Life Science customer and increased sales to the Company s customers in the biopharma industry.Kit product revenues decreased 7% to $2.9 million for the three months ended March 31, 2010 as compared to $3.1 million in the same period of 2009. Sales of food pathogen products remained the same at $1.4 million in the three month periods ended March 31, 2010 and 2009. Ag-GMO product sales decreased 6%, to $0.6 million in the first three months of 2010 as compared to the same period of 2009. Water and environmental products revenue decreased 17%, to $0.9 million in the three month period ended March 31, 2010 as compared to the same period of 2009, which was primarily attributable to lower sales of water testing equipment.
Gross profit (defined as total revenues less manufacturing costs) for the three months ended March 31, 2010 was $3.9 million compared to $3.8 million for the same period in 2009. Gross margins were 59% and 55% for the three month periods ended March 31, 2010 and 2009, respectively. The increase in gross margins is primarily attributable to effective cost control and more efficient manufacturing in kit products production.
Net loss was $459,000, or $0.02 per diluted share, for the three month period ended March 31, 2010, compared to a net loss of $561,000, or $0.03 per diluted share, for the same period in 2009. Diluted shares utilized in these computations were 20.2 million and 20.0 million for the 2010 and 2009 periods, respectively.
Net cash used in financing activities of $86,000 for the first three months of 2010 was primarily attributable to scheduled debt repayments. Net cash used in financing activities of $149,000 for the first three months of 2009 was primarily the result of scheduled debt repayments.
For the three months ended March 31, 2010, the Company satisfied all of its cash requirements from cash available and on-hand. At March 31, 2010, the Company had $1 million in debt and $19.7 million in stockholders equity.
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