Applied DNA Sciences reported Q3 FY2024 results with total revenues of $798,000, down from $2.9 million in Q3 FY2023, primarily due to the conclusion of a COVID-19 testing contract. The company posted a net income of $1.85 million, compared to a net loss of $3.11 million in the same period last year, largely due to a $5.16 million unrealized gain on warrant liabilities.Applied DNA's GMP facility for Linea IVT template manufacture remains on schedule for FY24 year-end launch, with an initial annual capacity to produce up to 15 million mRNA vaccine doses. The company secured two customer approvals as a GMP vendor and expects production runs to begin in early CY25. In the MDx Testing Services segment, Applied DNA established a potential $25 million annual revenue opportunity for its TR8 PGx testing service.Cash and cash equivalents stood at $10.4 million as of June 30, 2024, bolstered by a $10.5 million net proceeds from a public offering. The company anticipates key inflection points across all three business segments to drive total revenue growth year-over-year starting in the first half of fiscal 2025.

Applied DNA Sciences reported Q3 FY2024 results with total revenues of $798,000, down from $2.9 million in Q3 FY2023, primarily due to the conclusion of a COVID-19 testing contract. The company posted a net income of $1.85 million, compared to a net loss of $3.11 million in the same period last year, largely due to a $5.16 million unrealized gain on warrant liabilities.Applied DNA's GMP facility for Linea IVT template manufacture remains on schedule for FY24 year-end launch, with an initial annual capacity to produce up to 15 million mRNA vaccine doses. The company secured two customer approvals as a GMP vendor and expects production runs to begin in early CY25. In the MDx Testing Services segment, Applied DNA established a potential $25 million annual revenue opportunity for its TR8 PGx testing service.Cash and cash equivalents stood at $10.4 million as of June 30, 2024, bolstered by a $10.5 million net proceeds from a public offering. The company anticipates key inflection points across all three business segments to drive total revenue growth year-over-year starting in the first half of fiscal 2025.