Datametrex AI Records Q2 Revenues Of $10.4 Million, Net Income
Datametrex AI (TSXV: DM) this morning reported its second quarter financial results, reporting revenues of $10.4 million for the period ended June 30, 2021. The company also managed to post yet another net income for the quarter, a result of its Health Security division continuing to drive sales for the firm.
Revenues for the quarter were down from the prior quarter, while still being up significantly from the $2.0 million in the year-ago period. Following direct costs of $5.1 million, the company posted a gross profit of $5.4 million for the three month period, compared to $0.8 million in the second quarter of 2020.
The firm also managed to keep expenses low during the quarter, with expenses of just $1.8 million for the quarter, lead by salaries, benefits and consulting fees of $0.6 million. Datametrex posted an operating income of $3.5 million for the three month period.
Following an unrealized loss of $2.5 million on marketable securities during the quarter and income taxes of $0.2 million, the firm managed to post a net income of $0.9 million for the second quarter.
The company currently holds a cash position of $10.6 million as of June 30, 2021.
The release of the financial results follows the recent announcement of the firm being a final contender in a $40.0 million AI bid in Canada, as well as the news that the firm has locked in further COVID-19 testing clients in Canada.
Datametrex AI last traded at $0.195 on the TSX Venture.
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