9 unchanged sentences
The Company’s Benchtop Laboratory Equipment products consist of mixers and shakers, rotators/rockers, refrigerated and shaking incubators, and magnetic stirrers sold through the “Genie ™” division, and pharmacy and laboratory balances and scales, force gauges, automated pill counters and moisture analyzers sold through the “Torbal®” division.
−Removed: Sales of the Company’s principal product, the Vortex-Genie® 2 Mixer, excluding accessories, represented approximately 32% and 40% of the Company’s total net revenues for the year ended December 31, 2023 and 2022 (unaudited), 38% and 42% of the six-month periods ended December 31, 2022 and 2021 (unaudited), respectively.
+Added: Sales of the Company’s principal product, the Vortex-Genie® 2 Mixer, excluding accessories, represented approximately 33% and 32% of the Company’s total net revenues for the years ended December 31, 2024 and 2023, respectively.
The Company’s vortex mixer is used to mix the contents of test tubes, beakers, and other various containers by placing such containers on a rotating cup or other attachments which cause the contents to be mixed at varying speeds.
2 unchanged sentences
The Company’s line of magnetic stirrers includes a high/low programmable magnetic stirrer, a four-place high/low programmable magnetic stirrer, a large volume magnetic stirrer, and a four-place general purpose stirrer.
−Removed: The Company’s Torbal® division line of products includes pharmacy, laboratory, and industrial digital scales, moisture analyzers, mechanical and VIVID® automated pill counters, force gauges and test stands.
+Added: The Company’s Torbal® division line of products includes pharmacy, laboratory, industrial digital scales, moisture analyzers, mechanical and automated pill counters, force gauges and test stands.
Bioprocessing Systems .
5 unchanged sentences
The Company engages outside consultants to augment its internal engineering capabilities in areas such as industrial and electronics design.
+Added: The Company is investing significantly in the product development of its Bioprocessing Systems Operations with the launch of one major product line during the fiscal year ended December 31, 2024 (“Fiscal 2024)” and several new product launches planned for the fiscal year ending December 31, 2025 and thereafter with a view to generating meaningful revenues from its Bioprocessing Systems Operations in the future.
+Added: To a lesser extent, the Company also invested in product development of its VIVID product line of the Benchtop Laboratory Equipment Operations’ Torbal division, and as a result introduced a major new product in February 2025 and expects to continue to invest in this product line which the Company deems to have sales growth potential.
Major Customers .
−Removed: Sales to three customers, principally of the Vortex-Genie 2 Mixer, represented 16% and 18% of total net revenues for the years ended December 31, 2023 and 2022 (unaudited), respectively and 32% and 18% of total net revenues for the six-month periods ended December 31, 2022 and 2021 (unaudited), respectively.
−Removed: The three customers also represented 18% and 21% of Benchtop Laboratory Equipment product sales, for the year ended December 31, 2023 and 2022 (unaudited), respectively and 36% and 21% of Benchtop Laboratory Equipment product sales, for the six-month periods ended December 31, 2022 and 2021 (unaudited), respectively.
+Added: Sales to the three top customers, principally of the Vortex-Genie 2 Mixer, represented 15% and 16% of consolidated net revenues for the years ended December 31, 2024 and 2023, respectively.
+Added: The three top customers also represented 18% and 18% of Benchtop Laboratory Equipment product sales, for the year ended December 31, 2024 and 2023, respectively.
Benchtop Laboratory Equipment.
1 unchanged sentence
In general, due to the reliance on sales through distribution, it takes two to three years for a new Genie brand Benchtop Laboratory Equipment product to begin generating meaningful sales.
−Removed: The Company’s “Torbal®” brand weighing products are primarily marketed and sold online, and primarily on a direct basis, with only a few distributors.
−Removed: The Company’s VIVID® brand, automated pill counter is sold through two exclusive distributors in North America.
−Removed: The Company markets its products through online and trade publication advertising, brochures and catalogs, the Company’s websites, one sales manager in the U.S., a consultant in Europe and, when practicable, attendance at industry trade shows.
+Added: The Company’s “Torbal®” brand weighing products are primarily marketed and sold online, and primarily on a direct basis, and distributors.
+Added: The Company’s VIVID® brand, automated pill counters are sold through two exclusive distributors in North America.
+Added: The Company markets its products through online and trade publication advertising, brochures and catalogs, the Company’s websites, one sales professional in the North America, Central America, and South America, a consultant in Europe and Middle East and, when practicable, attendance at industry trade shows.
Bioprocessing Systems.
−Removed: The Company’s Bioprocessing Systems products are marketed under a newly created marketing category “Digitally Simplified Bioprocessing” through a direct sales force consisting of four sales professionals and four application scientists in the US and Germany, plus a network of 11 distributors that are managed by a distribution manager.
+Added: The Company’s Bioprocessing Systems products are marketed through a direct sales force consisting of eight sales professionals and four application scientists in the US and Germany, plus a network of 11 distributors that are managed by a distribution manager.
Sales are supported via marketing through websites, content creation, application notes, mailings, trade shows, online marketing campaigns, and membership in various public/private research partnerships.
+Added: The Company invests heavily in the sales and marketing of its Bioprocessing Systems Operations in an effort to attract new customers and sales opportunities for products recently launched and market research for future products.
Assembly and Production .
−Removed: The Company has facilities in Bohemia, New York and Orangeburg, New York where it conducts the Benchtop Laboratory Equipment operations.
+Added: The Company has facilities in Bohemia, New York and Pearl River, New York where it conducts the Benchtop Laboratory Equipment operations.
The Company also has a shared-office facility in Pittsburgh, Pennsylvania and its primary operating facility in Baesweiller, Germany, where it conducts the Bioprocessing Systems operations.
1 unchanged sentence
Patents, Trademarks and Licenses .
−Removed: The Company holds several patents relating to its benchtop laboratory products which include a United States patent that relates to its Vortex-Genie Pulse which expires in January 2036, and a patent relating to Torbal’s VIVID® automated pill counter which expires in March 2039.
−Removed: The Company’s Bioprocessing Systems operations’ Aquila subsidiary holds two US patents relating to bioprocessing which expire in January 2035 and February 2038, respectively.
+Added: The Company holds several patents relating to its benchtop laboratory products which include a United States patent that relates to a mixing method which expires in June 2036, and a patent relating to Torbal’s VIVID® automated pill counter which expires in March 2039.
+Added: The Company’s Bioprocessing Systems operations’ Aquila subsidiary holds three US patents relating to bioprocessing which expire in May 2036, February 2038 and March 2038, respectively.
In addition, Aquila holds several European and German patents and Patent Cooperation Treaty (the “PCT”) patents, and has several other patent applications pending in the United States, Europe, and under the PCT.
3 unchanged sentences
Foreign Sales .
−Removed: The Company’s sales to overseas customers, principally in Asia and Europe, accounted for approximately 34% and 36% of the Company’s net revenue for the year ended December 31, 2023 and 2022 (unaudited), respectively and 34% and 44% of the Company’s net revenues for six month period ended December 31, 2022 and 2021 (unaudited), respectively.
−Removed: Payments were primarily in United States dollars and were therefore not subject to risks of currency fluctuation, foreign duties and customs.
+Added: The Company’s sales to overseas customers, principally in Asia and Europe, accounted for approximately 39% and 34% of the Company’s net revenue for the year ended December 31, 2024 and 2023, respectively.
+Added: Payments were primarily in United States dollars and were therefore not subject to risks of currency fluctuation.
Seasonality .
15 unchanged sentences
Research and Development .
−Removed: The Company incurred research and development expenses, the majority of which related to its Bioprocessing Systems operations, of $3,566,200 and $2,752,300 for the year ended December 31, 2023 and 2022 (unaudited), respectively and $1,395,800 and $1,516,800 for the six-month periods ended December 31, 2022 and 2021 (unaudited), respectively.
−Removed: The Company expects that research and development expenditures in the fiscal year ending December 31, 2024 will continue to be material reflecting continued product development efforts for the Bioprocessing Systems operations and, to a lesser extent, continued investment in new VIVID pill counting products.
+Added: The Company incurred research and development expenses, the majority of which related to its Bioprocessing Systems operations, of $2,906,100 and $3,566,200 for the year ended December 31, 2024 and 2023, respectively.
+Added: The Company expects that research and development expenditures in the fiscal year ending December 31, 2025 will continue to be material reflecting continued product development efforts for the Bioprocessing Systems operations.
Government and Environmental Regulation .
10 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.