Strategic Diagnostics Inc. (SDIX, Financial) filed Quarterly Report for the period ended 2010-09-30.
Strategic Diagnostics Inc. has a market cap of $34.8 million; its shares were traded at around $1.7 with and P/S ratio of 1.3. SDIX is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Net loss was $29,000, or $0.00 per diluted share, in the three-month period ended September 30, 2010, compared to a net loss of $291,000, or $0.01 per diluted share, for the same period in 2009. Diluted shares utilized in these computations were 20.3 million and 20.2 million for the 2010 and 2009 periods, respectively.
Kit product revenues increased 1% to $9.7 million for the nine months ended September 30, 2010, compared to $9.6 million in the same period of 2009. Sales of Ag-GMO products increased 8% to $1.8 million and food pathogen product sales increased 2% to $4.3 million. The increased Ag-GMO product sales were primarily the result of stocking orders from the Company s new distributor of its Ag-GMO products during the third quarter. Sales to this distributor are not expected to continue at the same rate in future periods. These increases were partially offset by a 2% decrease in sales of water and environmental products to $3.7 million for the nine months ended September 30, 2010 as compared to the same period of 2009.
Gross profit (defined as total revenues less manufacturing costs) for the nine months ended September 30, 2010 was $12.4 million compared to $11.5 million for the same period in 2009. Gross margins were 59% and 55% for the nine-month periods ended September 30, 2010 and 2009, respectively. The increase in gross margin was primarily attributable to effective cost control in the kit products production group.
Net loss was $703,000, or $0.03 per diluted share, in the nine-month period ended September 30, 2010, compared to a net loss of $1.6 million, or $0.08 per diluted share, for the same period in 2009. Diluted shares were 20.2 million and 20.1 million for the 2010 and 2009 periods, respectively.
For the nine months ended September 30, 2010, the Company satisfied all of its cash requirements from cash available and on-hand. At September 30, 2010, the Company had $800,000 in debt and $19.8 million in stockholders equity.
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Strategic Diagnostics Inc. has a market cap of $34.8 million; its shares were traded at around $1.7 with and P/S ratio of 1.3. SDIX is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Kit product revenues increased 28% to $3.8 million for the three months ended September 30, 2010, compared to $2.9 million in the same period of 2009. Sales of Ag-GMO products increased 63% to $0.7 million, water and environmental product sales increased 35% to $1.5 million and food pathogen products revenue increased 12% to $1.6 million. The increased Ag-GMO product sales were primarily the result of stocking orders from the Company s new distributor of its Ag-GMO products during the three months ended September 30, 2010. Sales to this distributor are not expected to continue at the same rate in future periods. The increased water and environmental product sales were primarily the result of increased sales of water testing equipment into China and soil testing products into Canada. The increased food pathogen product sales were primarily the result of increased sales of products that detect the pathogen E. coli.Net loss was $29,000, or $0.00 per diluted share, in the three-month period ended September 30, 2010, compared to a net loss of $291,000, or $0.01 per diluted share, for the same period in 2009. Diluted shares utilized in these computations were 20.3 million and 20.2 million for the 2010 and 2009 periods, respectively.
Kit product revenues increased 1% to $9.7 million for the nine months ended September 30, 2010, compared to $9.6 million in the same period of 2009. Sales of Ag-GMO products increased 8% to $1.8 million and food pathogen product sales increased 2% to $4.3 million. The increased Ag-GMO product sales were primarily the result of stocking orders from the Company s new distributor of its Ag-GMO products during the third quarter. Sales to this distributor are not expected to continue at the same rate in future periods. These increases were partially offset by a 2% decrease in sales of water and environmental products to $3.7 million for the nine months ended September 30, 2010 as compared to the same period of 2009.
Gross profit (defined as total revenues less manufacturing costs) for the nine months ended September 30, 2010 was $12.4 million compared to $11.5 million for the same period in 2009. Gross margins were 59% and 55% for the nine-month periods ended September 30, 2010 and 2009, respectively. The increase in gross margin was primarily attributable to effective cost control in the kit products production group.
Net loss was $703,000, or $0.03 per diluted share, in the nine-month period ended September 30, 2010, compared to a net loss of $1.6 million, or $0.08 per diluted share, for the same period in 2009. Diluted shares were 20.2 million and 20.1 million for the 2010 and 2009 periods, respectively.
For the nine months ended September 30, 2010, the Company satisfied all of its cash requirements from cash available and on-hand. At September 30, 2010, the Company had $800,000 in debt and $19.8 million in stockholders equity.
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