Applied DNA Sciences Inc (APDN)

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Applied DNA guides FQ1 revenue above consensus

Apr. 21, 2021 7:45 AM ETApplied DNA Sciences, Inc. (APDN)By: Mamta Mayani, SA News Editor

Applied DNA Sciences (NASDAQ:APDN) provides preliminary revenue for the fiscal Q2 ended March 31, 2021 and a business update.
Revenues are expected in the range of $2.5M to $2.7M (consensus $2.41), compared to $1.6M in FQ1 2021 and $552K in FQ4 2020. The sequential revenue growth is driven by demand for safeCircle, the Company’s pooled COVID-19 surveillance testing program, and from sales of Linea COVID-19 Assay Kit.
Concurrently, the Company announced that it is debt-free now. A loan of ~$847K under Coronavirus Aid, Relief, and Economic Security Act was fully forgiven.
APDN expects to issue full Q2 results in mid-May 2021.
Also, the company announced that the New York State Department of Health (DoH) has completed re-inspection of Applied DNA Clinical Labs (ADCL) as a requisite for CLIA certification.
If granted, CLIA certification would enable ADCL to serve as a diagnostic laboratory that would allow for it to conduct diagnostic COVID-19 testing utilizing its Assay Kit.
Also, ADCL secured a Limited Service Laboratory registration from DoH to conduct COVID-19 diagnostic testing using third-party EUA-authorized, CLIA-waived COVID-19 testing platforms.