Strategic Diagnostics Inc. (SDIX, Financial) filed Quarterly Report for the period ended 2009-06-30.
Strategic Diagnostics Inc. develops manufactures and markets immunoassay-based test kits for rapid and inexpensive detection of a wide variety of substances in the food safety and water quality markets. Through its Strategic BioSolutions division the Company also provides antibody andimmunoreagent research and development production services. Strategic Diagnostics Inc. has a market cap of $32.2 million; its shares were traded at around $1.55 with and P/S ratio of 1.2.
Net loss in the second quarter of 2009 was $734,000, or $0.04 per diluted share, compared to a net loss of $1.1million, or $0.05 per diluted share, for the same period in 2008. Diluted shares utilized in these computations were 20.1 million and 20.4 million for the second quarters of 2009 and 2008, respectively.
Life Science revenues increased 5% to $7.0 million for the six months ended June 30, 2009, compared to $6.7 million for the same period in 2008. Sales of products utilizing the Company s GAT â„¢ platform increased 46% to $784,000, bulk antibody sales increased 24% to $1.9 million and sales of custom polyclonal products remained flat at $2.7 million. Sales of custom monoclonal products decreased 23% to $1.4 million. This increase in life science revenues was primarily the result of growing demand for the Company s GAT TM products.
Net loss in the six months ended June 30, 2009 was $1.3 million, or $0.06 per diluted share, compared to a net loss of $1.1million, or $0.05 per diluted share, for the six months ended June 30, 2008. Diluted shares utilized in these computations were 20.1 million and 20.4 million for the 2009 and 2008 periods, respectively.
Net cash used in financing activities of $3.0 million in the first six months of 2009 was primarily attributable to the Company s requirement to have $2.7 million in restricted cash in connection with the May 15, 2009 amendment to the Company s Credit Agreement, which is described below, as well as scheduled debt payments. Net cash used in financing activities of $266,000 for the first six months of 2008 was primarily the result of scheduled debt repayments.
As of June 30, 2009, the outstanding balance on all of the Company s commercial bank debt was $1.4 million. This indebtedness and the Company s $1 million unused line of credit is secured by $2.7 million in restricted cash as required by the May 15, 2009 amendment to the Company s Credit Agreement.
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Strategic Diagnostics Inc. develops manufactures and markets immunoassay-based test kits for rapid and inexpensive detection of a wide variety of substances in the food safety and water quality markets. Through its Strategic BioSolutions division the Company also provides antibody andimmunoreagent research and development production services. Strategic Diagnostics Inc. has a market cap of $32.2 million; its shares were traded at around $1.55 with and P/S ratio of 1.2.
Highlight of Business Operations:
Life science revenues increased 16% to $3.3 million for the second quarter of 2009, compared to $2.9 million for the same quarter in 2008. The Company recorded increases across all of its product offerings. Sales of products utilizing its GAT â„¢ platform increased 45% to $434,000, bulk antibody sales increased 33% to $738,000, sales of custom polyclonal products increased 7% to $1.4 million and sales of custom monoclonal products increased 2% to $699,000. This increase in life science revenues was primarily the result of growing demand for the Company s GAT TM products.Net loss in the second quarter of 2009 was $734,000, or $0.04 per diluted share, compared to a net loss of $1.1million, or $0.05 per diluted share, for the same period in 2008. Diluted shares utilized in these computations were 20.1 million and 20.4 million for the second quarters of 2009 and 2008, respectively.
Life Science revenues increased 5% to $7.0 million for the six months ended June 30, 2009, compared to $6.7 million for the same period in 2008. Sales of products utilizing the Company s GAT â„¢ platform increased 46% to $784,000, bulk antibody sales increased 24% to $1.9 million and sales of custom polyclonal products remained flat at $2.7 million. Sales of custom monoclonal products decreased 23% to $1.4 million. This increase in life science revenues was primarily the result of growing demand for the Company s GAT TM products.
Net loss in the six months ended June 30, 2009 was $1.3 million, or $0.06 per diluted share, compared to a net loss of $1.1million, or $0.05 per diluted share, for the six months ended June 30, 2008. Diluted shares utilized in these computations were 20.1 million and 20.4 million for the 2009 and 2008 periods, respectively.
Net cash used in financing activities of $3.0 million in the first six months of 2009 was primarily attributable to the Company s requirement to have $2.7 million in restricted cash in connection with the May 15, 2009 amendment to the Company s Credit Agreement, which is described below, as well as scheduled debt payments. Net cash used in financing activities of $266,000 for the first six months of 2008 was primarily the result of scheduled debt repayments.
As of June 30, 2009, the outstanding balance on all of the Company s commercial bank debt was $1.4 million. This indebtedness and the Company s $1 million unused line of credit is secured by $2.7 million in restricted cash as required by the May 15, 2009 amendment to the Company s Credit Agreement.
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