Applied DNA Sciences (APDN) Misses Q1 EPS by 1c, Miss on Revenues

Applied DNA Sciences (NASDAQ: APDN) reported Q1 EPS of ($0.12), $0.01 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $648 thousand versus the consensus estimate of $1.67 million.

Fiscal First Quarter Financial Results:

• Revenues decreased 28% for the first quarter of fiscal 2018 to $648 thousand, compared with $903 thousand reported in the first quarter of fiscal 2017, and decreased 43% from the $1.1 million reported in the fourth fiscal quarter ended September 30, 2017. The year-over-year and quarter-over-quarter decrease in revenues resulted primarily from the timing of shipments and the recognition of deferred revenue related to our cotton contracts.
• Total operating expenses decreased to $3.5 million for the first fiscal quarter of 2018, compared with $4.6 million in the prior fiscal year’s first quarter. This decrease is primarily attributable to a decrease in stock based compensation expense.
• Net loss for the quarter ended December 31, 2017 was $3.2 million, or $0.12 per share, compared with a net loss of $4.0 million, or $0.16 per share, for the quarter ended December 31, 2016 and a net loss of $2.9 million, or $0.10 per share for the quarter ended September 30, 2017.
• Excluding non-cash expenses, Adjusted EBITDA was negative $2.8 million for the quarter ended December 31, 2017 and $2.3 million for the same quarter in the prior fiscal year.

For earnings history and earnings-related data on Applied DNA Sciences (APDN) click here.

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