Applied DNA Sciences Reports Fiscal First Quarter 2016 Financial Results
Company to Hold Conference Call and Webcast Today at 4:30 PM Eastern Time
Applied DNA Sciences, Inc. (NASDAQ: APDN) ("Applied DNA") (Twitter: @APDN), a provider of DNA-based supply chain, anti-counterfeiting and anti-theft technology, product genotyping and product authentication solutions, announced financial results for the fiscal 2016 first quarter ended December 31, 2015.
"Our fiscal first quarter performance reflects continued penetration of near-term business verticals beyond textiles, our most mature vertical," stated Dr. James A. Hayward, President and Chief Executive Officer of Applied DNA Sciences. "We are pleased to report revenue growth on a year-over-year basis, which was driven by orders from our Diagnostics and Asset Marking verticals and two government contract awards. As expected, seasonality of the cotton ginning season caused revenue to dip from the fiscal 2015 fourth quarter."
Dr. Hayward continued, "Our DNA-based solutions are applicable to multiple verticals; our momentum was sustained this quarter toward commercial deployment as part of our ongoing strategy to diversify our revenue base as our DNA-based security solutions for supply chains continued to gain traction. The textiles market affords us substantial opportunity and we are expanding our penetration of this market with additional brands and retailers that should translate to greater diversity of textile revenue than we achieved last year."
First Quarter Financial Highlights:
Dr. Hayward concluded, "Applied DNA remains well positioned to benefit from the large and growing demand for supply chain security and anti-counterfeiting solutions in fiscal 2016. Our pipeline of pilot projects is expected to continue to deepen the validation of our technology and drive much stronger fundamentals, as evidenced by our success in purifying cotton supply chains. We remain committed to growing the business in a disciplined, structured way that applies our financial resources to maximize returns. As we move to replicate recent successes across verticals with near-term drivers of growth, the growing awareness and interest we are receiving from the marketplace serves to further validate our value proposition and strategy."
Fiscal 2016 First Quarter Conference Call Information
The Company will hold a conference call and webcast to discuss its fiscal 2016 first quarter results on Wednesday, February 10, 2016 at 4:30 PM EST. To participate on the conference call, please follow the instructions below. While every attempt will be made to answer investors' questions on the Q&A portion of the call, due to the large number of expected participants, not all questions may be answered.
Reserve your conference call seat now at: http://dpregister.com/10079875. Conference call dial-in information will be provided upon completion of the registration process.
Live webcast: http://services.choruscall.com/links/apdn160202
Replay (available 1 hour following the conclusion of the live call):
For those investors unable to attend the live call, a copy of the presentation is expected to be posted by end of business on February 10, 2016 and available under the "Investor Information" tab of the company's web site.
Information about Non-GAAP Financial Measures
As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America. To supplement our condensed consolidated financial statements prepared and presented in accordance with GAAP, this earnings release includes Adjusted EBITDA, which is a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use this non-GAAP financial measure for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the performance of our business by excluding non-cash expenses that may not be indicative of our recurring operating results. We believe this non-GAAP financial measure is useful to investors as it allows for greater transparency with respect to key metrics used by management in its financial and operational decision making.
"EBITDA" - is defined as earnings (loss) before interest expense, income tax expense and depreciation and amortization expense.
"Adjusted EBITDA" - is defined as EBITDA adjusted to exclude (i) change in fair value of warrant liability, (ii) the loss on conversion of promissory notes, (iii) stock-based compensation and (iv) other non-cash expenses.
About Applied DNA Sciences
We make life real and safe by providing botanical-DNA based security and authentication solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. SigNature® DNA describes the platform ingredient that is at the heart of all of our security and authentication solutions. SigNature DNA is at the core of a family of uncopyable products such as DNAnet®, our anti-theft product, SigNature® T, targeted toward textiles, and digitalDNA®, providing powerful track and trace. All provide a forensic chain of evidence and can be used to prosecute perpetrators. We are also engaged in the large-scale production of specific DNA sequences using the polymerase chain reaction.
Applied DNA's common stock is listed on NASDAQ under the symbol APDN, and its warrants are listed under the symbol APDNW.
Forward Looking Statements
The statements made by APDN in this press release may be "forward-looking" in nature within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements describe APDN's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of APDN. Actual results could differ materially from those projected due to our short operating history, limited financial resources, limited market acceptance, market competition and various other factors detailed from time to time in APDN's SEC reports and filings, including our Annual Report on Form 10-K filed on December 14, 2015, which are available at www.sec.gov. APDN undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events, unless otherwise required by law.
Financial Tables Follow