Datametrex AI (TSXV: DM) this morning released data related to portions of its fourth quarter financial results, revealing that the company managed to conduct over 23,700 COVID-19 tests in the fourth quarter of 2020. Collectively, the tests reflect roughly $4.0 million in top-line revenue for the fourth quarter, while representing only one segment of the firms operations, with revenues being generated just from the film industry in Montreal, Vancouver and Toronto.
The figure is significant for the company, given that the third quarter saw COVID-19 test kits generate revenues of $2.3 million for the company, while the quarter across all segments saw revenues of $4.9 million. In fact, for the nine month period ended September 30, 2020, the company realized revenues of $3.7 million from that of COVID-19 test kits – making the latest quarterly performance an exceptional increase in test kit sales.
The company has indicated that it has continued to increase its capacity when it comes to COVID-19 test kits, with testing numbers said to be significantly improving from January 2021. Further, services will continue to expand for additional film and production companies, with production teams continuing to operate despite recent COVID-19 lockdowns.
“Our strong revenue growth reflects our focus on our experience within the film industry as well as our ability to roll out new shows seamlessly. With our pre-screening and screening tools, the film industry can continue to start new productions that provide much-needed content to the ever-expanding streaming services worldwide.”Marshall Gunter, CEO of Datametrex
Datametrex AI last traded at $0.20 on the TSX Venture.
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