14 unchanged sentences
Results of Operations .
−Removed: Three months ended June 30, 2024 and 2023
−Removed: The Company was able to reduce the loss from continuing operations to $1,283,600 for the three months ended June 30, 2024 as compared to $2,185,100 loss from continuing operations for the three months ended June 30, 2023, primarily due to decreased expenses resulting from operating cost reductions mostly in the Bioprocessing Systems Operations segment and decreased Corporate expenses compared to the prior year periods.
−Removed: Net revenues for the three months ended June 30, 2024 decreased $335,200 (11.2%) to $2,647,300 from $2,982,500 for the three months ended June 30, 2023, driven primarily by lower revenues of Benchtop Laboratory Equipment Operations.
−Removed: Sales of Genie brand products reflected a decrease due to post-COVID destocking and overall market softness for laboratory equipment, particularly in Asia.
−Removed: Sales of Torbal and VIVD brand products amounted to $789,100 for the current year period compared to $943,000 in the prior year, due to reduced VIVID pill counter sales resulting primarily from the new regulations related to pharmacy direct and indirect renumeration fees “DIR fees” charged by pharmacy benefit managers, which caused financial hardships and cash flow challenges for the independent pharmacy market in the beginning of 2024.
−Removed: The gross profit percentage for the three months ended June 30, 2024 and 2023, was 48.8% and 45.3%, respectively.
−Removed: The increase is due primarily to higher gross margin percentage in the Bioprocessing Systems Operations.
+Added: Three months ended September 30, 2024 and 2023
+Added: The Company reported a decrease of $1,021,000 (46.4%) in its loss from continuing operations to $1,180,100 for the three months ended September 30, 2024 as compared to a $2,201,100 loss from continuing operations for the three months ended September 30, 2023, primarily due to decreased expenses resulting from operating cost reductions mostly in the Bioprocessing Systems Operations segment and increased net revenue in both of the Company’s operating segments compared to the prior year period.
+Added: Net revenues for the three months ended September 30, 2024 increased $183,600 (7.1%) to $2,769,100 from $2,585,500 for the three months ended September 30, 2023, driven by increased revenues of $155,300 from the Benchtop Laboratory Equipment Operations and $28,300 from the Bioprocessing Systems Operations.
+Added: The increase in revenue from the Benchtop Laboratory Equipment Operations was driven by increased sales of Genie brand products in the U.S., and to a lesser extent increased sales of the Torbal division’s VIVID pill counter.
+Added: Sales of Torbal and VIVID brand products amounted to $881,900 for the current year period compared to $850,700 in the prior year.
+Added: The pharmacy industry is recovering from cash flow constraints caused by new regulations related to pharmacy direct and indirect renumeration fees “DIR fees” charged by pharmacy benefit managers, which caused financial hardships and cash flow challenges for the independent pharmacy market in the beginning of 2024.
+Added: The gross profit percentage for the three months ended September 30, 2024 and 2023, were 49.2% and 45.7%, respectively.
+Added: The increase is due primarily to higher gross margin percentage in the Bioprocessing Systems Operations, in part attributable to increased sales of the recently launched Multiparameter Sensor.
General and administrative
−Removed: General and administrative expenses for the three months ended June 30, 2024 decreased $237,900 (18.3%) to $1,062,000 from $1,299,900 for the three months ended June 30, 2023, primarily due to decreased Corporate expenses related to external professional services and non-cash stock-based compensation expense compared to prior year period, partially offset by employee related costs associated with a reduction in force in the Bioprocessing Systems Operations.
−Removed: Selling expenses for the three months ended June 30, 2024 decreased $691,200 (43.4%) to $900,600 from $1,591,800 for the three months ended June 30, 2023 due primarily to the reduction of sales and marketing employees in conjunction to the strategic operational and product development plan for the Bioprocessing Systems Operations.
+Added: General and administrative expenses for the three months ended September 30, 2024 increased $122,700 (13.7%) to $1,019,000 from $896,300 for the three months ended September 30, 2023, primarily due to increases in Corporate expenses related to external professional services and non-cash stock-based compensation expense compared to prior year period.
+Added: Selling expenses for the three months ended September 30, 2024 decreased $694,600 (43.0%) to $919,600 from $1,614,200 for the three months ended September 30, 2023, primarily due to the reduction of sales and marketing employees in conjunction to the strategic operational plan for the Bioprocessing Systems Operations, implemented in the first and second quarters of the current year.
Research and development
−Removed: Research and development expenses for the three months ended June 30, 2024 and 2023, were $666,000 and $684,500, respectively.
−Removed: The decrease of $18,500 (2.7%) is due primarily to the reduction of research and development expenditures related to the VIVID automated pill counter in the Benchtop Laboratory Equipment Operations due to the completion of a new product development in the current year as compared to prior year period.
+Added: Research and development expenses for the three months ended September 30, 2024 decreased $212,700 (23.7%) to $683,200 from $895,900 for the three months ended September 30, 2023, primarily due to the completion of new product developments in the current year and reduction of research and development expenditures in both operating segments as compared to prior year period.
Other income, net
−Removed: Other income, net, for the three months ended June 30, 2024 and 2023, were $52,600 and $41,100, respectively.
−Removed: The increase is due primarily to the increase in interest income on investment securities, and a decrease in realized loss on investment securities attributable to more investment securities held in mutual funds as compared to investment securities held in equity securities during the current year period as compared to prior year period.
−Removed: Income tax for the three months ended June 30, 2024 and 2023, was $0 and $108,800, respectively.
−Removed: The Company maintains a full valuation allowance of $10,542,700 against the consolidated net deferred tax asset as the Company determined the net deferred tax assets which includes net operating loss carry-forwards and other tax credits, are not more likely than not to be realized in the future.
−Removed: Six months ended June 30, 2024 and 2023
−Removed: The Company realized a loss from continuing operations of $3,335,200 for the six months ended June 30, 2024 compared to a $4,557,000 loss from continuing operations for the six months ended June 30, 2023, primarily due to decreased expenses resulting from operating cost reductions mostly in the Bioprocessing Systems Operations segment and decreased Corporate expenses compared to the prior year periods
−Removed: Net revenues for the six months ended June 30, 2024 decreased $657,100 (12.8%) to $5,130,800 from $5,787,900 for the six months ended June 30, 2023, driven primarily by lower revenues of Benchtop Laboratory Equipment Operations of $747,200, resulting primarily from decreased Genie brand sales due to post-COVID destocking and overall market softness for laboratory equipment, particularly in Asia.
−Removed: Sales of Torbal and VIVD brand products amounted to $1,541,100 in the current year period, compared to $1,808,500 in the prior year period, due to reduced VIVID pill counter sales resulting primarily from the new regulations related to pharmacy direct and indirect renumeration fees “DIR fees” charged by pharmacy benefit managers, which caused financial hardships and cash flow challenges for the independent pharmacy market in the beginning of 2024.
−Removed: Bioprocessing Systems Operations revenues increased $90,100 to $681,500 for the current year period compared to $591,400 in the prior year period, despite a record one-time order in the prior year period reflecting a trend in growth of steady orders for bioprocessing products.
−Removed: The gross profit percentage for the six months ended June 30, 2024 and 2023, was 45.5% and 46.4%, respectively.
−Removed: The 0.9% decrease is due primarily to lower gross margin percentage in the Benchtop Laboratory Equipment Operations, resulting from increases in material, labor and overhead costs.
+Added: Other income, net, for the three months ended September 30, 2024 and 2023, were $78,500 and $24,300, respectively.
+Added: The increase is due primarily to increased interest income on investment securities and increased unrealized gain in investment securities during the current year period as compared to prior year period.
+Added: Income tax for the three months ended September 30, 2024 and 2023, were $0 and $0, respectively.
+Added: The Company maintains a full valuation allowance of $11,032,000 against its consolidated net deferred tax asset as the Company determined the net deferred tax assets which includes net operating loss carry-forwards and other tax credits, are not more likely than not to be realized in the future.
+Added: Nine months ended September 30, 2024 and 2023
+Added: The Company reported a loss from continuing operations of $4,515,300 for the nine months ended September 30, 2024 compared to a $6,758,100 loss from continuing operations for the nine months ended September 30, 2023, primarily due to an increase in productivity from the Bioprocessing Systems Operations that saw a slight year-over-year pick up in revenue at significantly decreased expenses resulting from operating cost reductions as well as decreased Corporate expenses related to external professional services and non-cash stock-based compensation expense compared to the prior year periods.
+Added: Net revenues for the nine months ended September 30, 2024 decreased $473,500 (5.7%) to $7,899,900 from $8,373,400 for the nine months ended September 30, 2023, primarily due to a decrease of $591,900 in net revenues from the Benchtop Laboratory Equipment Operations, offset by an increase of $118,400 in net revenues from the Bioprocessing Systems Operations.
+Added: The reduced net revenue from the Benchtop Laboratory Equipment Operations resulted primarily from decreased Genie brand sales due to overall market softness in demand for laboratory equipment in China.
+Added: In addition, net revenue of Torbal and VIVID brand products decreased to $2,380,600 in the current year period, compared to $2,597,400 in the prior year period, due to principally reduced VIVID pill counter sales resulting primarily from the new regulations related to pharmacy direct and indirect renumeration fees “DIR fees” charged by pharmacy benefit managers, which caused financial hardships and cash flow challenges for the independent pharmacy market in the beginning of 2024.
+Added: Bioprocessing Systems Operations revenues increased $118,400 to $1,134,000 for the current year period compared to $1,015,600 in the prior year period primarily due to increased market penetration of its new DOTS Multiparameter sensor products.
+Added: The gross profit percentage for the nine months ended September 30, 2024 and 2023, were 46.8% and 46.2%, respectively, due primarily to increased sales of the recently launched Multiparameter Sensor with higher gross margin percentage in the Bioprocessing Systems Operations offset by lower gross margin percentage in the Benchtop Laboratory Equipment Operations, resulting from increases in production overhead costs.
General and administrative
−Removed: General and administrative expenses for the six months ended June 30, 2024 decreased $285,400 (11.0%) to $2,583,800 compared to$2,869,200 for the six months ended June 30, 2023 due primarily to decreased Corporate expenses related to external professional services costs compared to prior year period, partially offset by employee related costs associated with a reduction in force in the Bioprocessing Systems Operations.
−Removed: Selling expenses for the six months ended June 30, 2024 and 2023 decreased by $1,238,200 (68.9%) to $1,798,400, compared to $3,036,600 for the six months ended June 30, 2023 due primarily to the decreased non-cash stock-based compensation expenses and reduction of sales and marketing employees in conjunction to the strategic operational and product development plan for the Bioprocessing Systems Operations.
+Added: Selling expenses for the nine months ended September 30, 2024 decreased $1,932,800 (41.6%) to $2,718,000, compared to $4,650,800 for the nine months ended September 30, 2023 primarily due to the decreased non-cash stock-based compensation expenses and reduction of sales and marketing employees in conjunction to the strategic operational plan for the Bioprocessing Systems Operations implemented in the first and second quarter of the current year period.
+Added: Selling expenses for the nine months ended September 30, 2024 and 2023 decreased $1,932,800 (41.6%) to $2,718,000, compared to $4,650,800 for the nine months ended September 30, 2023 primarily due to the decreased non-cash stock-based compensation expenses and reduction of sales and marketing employees in conjunction to the strategic operational plan for the Bioprocessing Systems Operations implemented in the first and second quarter of the current year period.
Research and development
−Removed: Research and development expenses for the six months ended June 30, 2024 and 2023, were $1,376,700 and $1,476,000, respectively.
−Removed: The decrease of $99,300 (7.2%) is due primarily to the reduction of research and development expenditures related to the VIVID automated pill counter in the Benchtop Laboratory Equipment Operations as compared to prior year period.
+Added: Research and development expenses for the nine months ended September 30, 2024 decreased $312,000 (13.2%) to $2,059,900 compared to $2,371,900 for the nine months ended September 30, 2023 primarily due to the reduction of research and development expenditures related to the completion of a new VIVID automated pill counter in the Benchtop Laboratory Equipment Operations as compared to prior year period.
Other income, net
−Removed: Other income, net, for the six months ended June 30, 2024 and 2023, were $90,500 and $136,800, respectively.
−Removed: The decrease is due primarily to the decrease in unrealized gain and on investment securities offset with a decrease in realized loss on investment securities attributable to more investment securities held in mutual funds as compared to investment securities held in equity securities during the current year period as compared to prior year period.
−Removed: Income tax for the six months ended June 30, 2024, and 2023, was $0 and $108,800, respectively.
+Added: Other income, net, for the nine months ended September 30, 2024 and 2023, were $169,000 and $161,000, respectively.
+Added: The increase is due primarily to increased interest income on investment securities and increased unrealized gain in investment securities during the current year period as compared to prior year period.
+Added: Income tax for the nine months ended September 30, 2024, and 2023, were $0 and $108,800, respectively.
The Company maintains a full valuation allowance of $11,032,000 against the consolidated net deferred tax asset as the Company determined the net deferred tax assets which includes net operating loss carry-forwards and other tax credits, are not more likely than not to be realized in the future.
2 unchanged sentences
We assess our liquidity in terms of our ability to generate cash to fund our short and long-term cash requirements.
−Removed: For the six months ended June 30, 2024, the Company reflected negative cash flows from operations of $2,436,800 and has an accumulated deficit of $30,820,300 as of June 30, 2024.
+Added: For the nine months ended September 30, 2024, the Company reflected negative cash flows from operations of $3,304,600 and had an accumulated deficit of $32,000,400 as of September 30, 2024.
We believe that our operating cash flows derived primarily from the Benchtop Laboratory Equipment Operations, our cash and investment securities on hand, and the availability of our line of credit, are not sufficient to fund our cash requirements for the next 12 months.
5 unchanged sentences
The following table discloses our cash flows for the periods presented:
−Removed: For the six months ended June 30,
+Added: For the nine months ended September 30,
Net cash used in operating activities
6 unchanged sentences
$ (1,411,700 )
−Removed: Net cash used in operating activities was $2,436,800 for the six months ended June 30, 2024 compared to $3,659,700 for the six months ended June 30, 2023.
+Added: Net cash used in operating activities was $3,304,600 for the nine months ended September 30, 2024 compared to $4,821,600 for the nine months ended September 30, 2023.
The net decrease of $1,517,000 is primarily due to the decreased operating expenses associated with a reduction in force in the Bioprocessing Systems operations and decreased corporate expenses in the current period compared to prior year period.
−Removed: Net cash provided by investing activities was $1,570,700 for the six months ended June 30, 2024 compared to $2,372,600 provided in the six months ended June 30, 2023.
+Added: Net cash provided by investing activities was $2,429,900 for the nine months ended September 30, 2024 compared to $3,400,500 provided in the nine months ended September 30, 2023.
The net decrease of $970,600 is primarily due to the net decrease in net redemption of investment securities in the current year period compared to prior year period.
−Removed: Net cash provided by financing activities was $645,700 for the six months ended June 30, 2024 compared to $0 for the six months ended June 30, 2023.
+Added: Net cash provided by financing activities was $645,700 for the nine months ended September 30, 2024 compared to $13,300 for the nine months ended September 30, 2023.
The net increase of $632,400, is primarily due to issuance of the Units pursuant to the Purchase Agreement in the current year period.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.