Nanalysis Reports $3.3 Million In Revenue, $0.9 Million Net Loss In Q3 2021

Nanalysis Scientific Corp. (TSXV: NSCI) released on Thursday its financial results for Q3 2021. The company posted revenues of $3.3 million, a decrease from Q2 2021’s revenue of $4.3 million but an increase from Q3 2020’s revenue of $1.7 million.

The MRI and NMR machine manufacturer relayed that the year-on-year increase in the revenue is mainly due to its new flagship product, the 100MHz spectrometer, and the strong sales of its 60Mhz spectrometer.

“We are addressing our manufacturing constraints to satisfy the demand of our growing backlog for our 100 MHz product,” said Nanalysis CEO Sean Krakiwsky. “Deliveries have picked up and will continue [to] do so in the coming months with the goal of minimizing any backlog.”

Meanwhile, gross margin declined to 63.3% for the quarter from 67.3% last quarter but increased from 62.1% last year. Operating income came in at approximately $12,000 compared to $1.2 million last quarter and a loss of $0.4 million last year.

Consequently, the firm ended with a net loss of $0.9 million coming from a net income of $0.2 million last quarter and a net loss of $1.1 million for the same comparable period last year. The quarterly loss translates to $0.01 per share.

The company also ended the quarter with $12.6 million in cash and cash equivalents, starting from a balance of $3.2 million at the beginning of the year. The influx in cash is mainly driven by net proceeds from financing amounting to $10.0 million.

This puts the company’s current assets balance at $20.3 million while its current liabilities balance ended at $5.7 million.

Krakiwsky added that the company continues to see “100% growth year over year stemming from strong demand” for its products. Additional manufacturing capacity is expected in early 2022.

Nanalysis Scientific last traded at $1.64 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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