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SQI Diagnostics reported its financial results for the third quarter of 2017.
SQI Diagnostics (TSXV:SQD; OTCQX:SQIDF) reported its financial results for the third quarter of 2017.
As quoted in the press release:
“We’re excited with our recent commercial progress”, said Andrew Morris, SQI’s President and CEO. “Three new customers in 2017, accelerating commercialization with our existing customer base and a robust sales pipeline each demonstrate upward progress of the execution of our business model.”
Q3 2017 Financial Results Overview
Revenue for the three months ended June 30, 2017 was $176,000 compared to $235,000 for the same period last year. Revenue for the nine months ended June 30, 2017 was $842,000 compared to $712,000 for the same period last year. During the nine months ended June 30, 2017, the Company recorded revenue from the sale of a sqidlite™ platform as well the sale of custom kits. The Company continued to earn revenue from development projects in both its drug development and diagnostic sectors. While revenues were down somewhat quarter over quarter this is primarily related to the reduction in service-based revenues during the transition from doing intensive product development for our diagnostic customers. During this transition, our customers are completing validation on systems in their labs and our revenues from validation kit sales are lower than the service-based revenue. Post-validation, management believes that revenues from kit sales will increase to levels greater than experienced during validation trials.
Click here to read the full press release.
Source: www.newswire.ca