14 unchanged sentences
Results of Operations .
−Removed: The Company realized a loss from continuing operations before income tax expense of $1,778,500 for the three months ended March 31, 2025 compared to a $2,051,600 loss from continuing operations before income tax expense for the three months ended March 31, 2024, primarily due to cost cutting initiatives in the Bioprocessing Systems Operations segment which were initiated at the beginning of the second quarter of the fiscal year ended December 31, 2024 (“fiscal 2024”).
−Removed: Net revenues for the three months ended March 31, 2025 decreased $77,000 (3.1%) to $2,406,500 from $2,483,500 for the three months ended March 31, 2024, primarily due to a $182,600 decrease in the Bioprocessing Systems Operations revenues, which was offset by an increase of $105,600 in the Benchtop Laboratory Equipment Operations in both sales of Genie and Torbal divisions’ products.
−Removed: The gross profit percentage for the three months ended March 31, 2025, and 2024, was 42.2% and 41.9%, respectively.
−Removed: The increase is due primarily to higher gross margin percentage in the Bioprocessing Systems Operations.
+Added: Three months ended June 30, 2025 and 2024
+Added: The Company realized a loss from operations before income tax expense of $1,522,700 for the three months ended June 30, 2025 compared to a $1,283,600 loss from operations before income tax expense for the three months ended June 30, 2024, primarily due to lower revenues generated during the period, in part resulting from the headwinds created by uncertainty related to the global trade war and reduced research funding.
+Added: Net revenues for the three months ended June 30, 2025 decreased $317,400 (12.0%) to $2,329,900 from $2,647,300 for the three months ended June 30, 2024, primarily due to a decrease of $175,700 in Benchtop Laboratory Equipment Operations primarily due to decreased sales of Genie brand products resulting from the headwinds created by uncertainty related to the global trade war which was partially offset by increased Torbal division sales and a $141,700 decrease in the Bioprocessing Systems Operations revenue due to customer delays in finalizing orders and requirements for products not yet available.
+Added: The gross profit percentage for the three months ended June 30, 2025, and 2024, was 43.8% and 48.8%, respectively.
+Added: The decrease is due primarily to increased material costs due to tariffs, principally for Torbal OEM products and fixed overhead for the Benchtop Laboratory Equipment Operations.
General and administrative
−Removed: General and administrative expenses for the three months ended March 31, 2025, and 2024, were $1,251,300 and $1,521,800, respectively.
+Added: General and administrative expenses for the three months ended June 30, 2025, and 2024, were $975,800 and $1,062,000, respectively.
The decrease of $86,200 (8.1%) is due primarily to decreased employee-related costs associated with a reduction in force in the Bioprocessing Systems Operations during the second quarter of fiscal 2024.
−Removed: Selling expenses for the three months ended March 31, 2025 and 2024, were $924,200 and $897,800, respectively.
−Removed: The increase of $26,400 (2.9%) is due primarily to commissions incurred by the Laboratory Equipment Operations.
+Added: Selling expenses for the three months ended June 30, 2025 and 2024, were $912,300 and $900,600, respectively.
+Added: The increase of $11,700 (1.3%) is due primarily to increased sales and marketing costs incurred by the Bioprocessing Systems Operations.
Research and development
−Removed: Research and development expenses for the three months ended March 31, 2025, and 2024, were $652,000 and $710,700, respectively.
−Removed: The decrease of $58,700 (8.3%) is due primarily to the reduction of research and development expenditures in the Bioprocessing Systems Operations.
+Added: Research and development expenses for the three months ended June 30, 2025, and 2024, were $677,200 and $666,000, respectively.
+Added: The increase of $11,200 (1.7%) is due primarily to increased research and development expenditures in the Bioprocessing Systems Operations related to DOTS new products.
Other income, net
−Removed: Other income, net, for the three months ended March 31, 2025 and 2024, were $32,400 and $37,900, respectively.
−Removed: The decrease is due primarily to the decrease in interest income.
−Removed: Income tax for the three months ended March 31, 2025, and 2024, was $0 and $0, respectively.
+Added: Total other income (expense), net, for the three months ended June 30, 2025 and 2024, wase $22,700 and $52,600, respectively.
+Added: The decrease is due primarily to the decrease in interest income resulting from lower investment securities.
+Added: Income tax for the three months ended June 30, 2025, and 2024, was $0 and $0, respectively.
The Company maintains a full valuation allowance of $12,365,400 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.
−Removed: Liquidity and Capital Resources .
−Removed: Our primary sources of liquidity are existing cash and cash equivalents, and cash generated from operating activities of the Benchtop Laboratory Equipment Operations.
−Removed: We assess our liquidity in terms of our ability to generate cash to fund our short and long-term cash requirements.
−Removed: For the three months ending March 31, 2025, the Company generated negative cash flows from operations of $1,331,300 and has an accumulated deficit of $35,709,900 as of March 31, 2025.
−Removed: We believe that our operating cash flow derived primarily from the Benchtop Laboratory Operations, our cash and investment securities on hand, the availability of our line of credit and latest financing efforts are not sufficient to fund our cash requirements over the next twelve months.
−Removed: The accompanying unaudited condensed financial statements do not include any adjustments related to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
+Added: Six months ended June 30, 2025 and 2024
+Added: Results of Operations .
+Added: The Company realized a loss from operations before income tax expense of $3,302,200 for the six months ended June 30, 2025, as compared to a $3,335,200 loss from continuing operations before income tax expense for the six months ended June 30, 2024, resulting from a combination of decreased revenues offset by lower operating expenses.
+Added: Net revenues for the six months ended June 30, 2025 decreased $394,400 (7.7%) to $4,736,400 from $5,130,800 for the six months ended June 30, 2024, primarily due to a $324,300 decrease in the Bioprocessing Systems Operations revenues resulting primarily from inability to close on opportunities which are delayed to future periods for various reasons including customer funding or new product availability, and a decrease of $70,100 in revenues from Benchtop Laboratory Equipment Operations, which resulted primarily from decreased sales of Genie brand products, offset by increased sales of Torbal brand products.
+Added: The gross profit percentage for the six months ended June 30, 2025, and 2024, was 43.0% and 45.5%, respectively.
+Added: The decrease is due primarily to increased material costs due to tariffs, principally for Torbal OEM products and fixed overhead for the Benchtop Laboratory Equipment Operations.
+Added: General and administrative
+Added: General and administrative expenses for the six months ended June 30, 2025, and 2024, were $2,228,200 and $2,583,800, respectively.
+Added: The decrease of $355,600 (13.8%) is due primarily to decreased employee-related costs associated with a reduction in force in the Bioprocessing Systems Operations during the second quarter of fiscal 2024.
+Added: Selling expenses for the six months ended June 30, 2025 and 2024, were $1,836,600 and $1,798,400, respectively.
+Added: The increase of $38,200 (2.1%) is due primarily to increased sales and marketing expenses incurred by the Bioprocessing Systems Operations.
+Added: Research and development
+Added: Research and development expenses for the six months ended June 30, 2025, and 2024, were $1,329,200 and $1,376,700, respectively.
+Added: The decrease of $47,500 (3.5%) is due primarily to the reduction of research and development expenditures in the Benchtop Laboratory Equipment Operations due to completion of the VIVID Workstation product development.
+Added: Other income, net
+Added: Other income/(loss), net, for the six months ended June 30, 2025 and 2024, was $55,300 and $90,500, respectively.
+Added: The decrease is due primarily to the decrease in interest income from lower investment securities.
+Added: Income tax for the six months ended June 30, 2025, and 2024, was $0 and $0, respectively.
+Added: The Company maintains a full valuation allowance of $12,365,400 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.
The following table discloses our cash flows for the periods presented:
−Removed: For the three months ended
+Added: For the six months ended
Net cash used in operating activities
4 unchanged sentences
Effect of changes in foreign currency exchange rates
−Removed: Decrease in cash and cash equivalents
−Removed: Net cash used in operating activities was $1,331,100 for the three months ended March 31, 2025 compared to $1,565,100 for the three months ended March 31, 2024.
−Removed: The net change of $234,000 is primarily due to a lower net loss in March 31, 2025.
−Removed: Net cash provided by investing activities was $1,204,000 for the three months ended March 31, 2025 compared to $480,600 provided in the three months ended March 31, 2024.
−Removed: The net increase of $723,400 is primarily due to the net redemption of investment securities in the three months ended March 31, 2025.
−Removed: Net cash provided by financing activities was zero for the three months ended March 31, 2025 compared to $645,700 for the three months ended March 31, 2024.
−Removed: The net change of $645,700, is primarily due to the issuance of common stock in the three months ended March 31, 2024.
+Added: Increase / (decrease) in cash and cash equivalents
+Added: Net cash used in operating activities was $2,762,900 for the six months ended June 30, 2025 compared to $2,436,800 for the six months ended June 30, 2024.
+Added: The net change of $326,100 is primarily due to a higher inventory and prepaid expenses in June 30, 2025.
+Added: Net cash provided by investing activities was $1,580,700 for the six months ended June 30, 2025 compared to $1,570,700 provided in the six months ended June 30, 2024.
+Added: The net increase of $10,000 is primarily due to the net redemption of investment securities in the six months ended June 30, 2025.
+Added: Net cash provided by financing activities was $1,452,200 for the six months ended June 30, 2025 compared to $645,700 for the six months ended June 30, 2024.
+Added: The net change of $806,500, is primarily due to the issuance of common stock in the six months ended June 30, 2025.
Critical Accounting Estimates
7 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.