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Digipath Announces Record Earnings of $292,533 for Recent Quarter Ended June 30
Digipath Announces Record Earnings of $292,533 for Recent Quarter Ended June 30.
About this update from Hypha Labs, Inc.
[{"type":"text","content":"\n Lab Operations has Seen a Consistent Uptick in Sample Flow LAS VEGAS, NV, Aug. 29, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire- Digipath, Inc. (OTCQB: DIGP) (“DIGP” or the “Company”), a service-oriented independent analytical testing laboratory, focused on the cannabis and hemp markets, today announced that Revenues and Gross Margins increased over the same period last year based on results for the three month period ending June 30, 2023.’ Third Quarter Fiscal Year 2023 Company Highlights At the corporate level, our earnings for the 3rd quarter this year were $292,533 versus ($576,733) in the same quarter last year.At the lab level, our revenues were $787,549 in the last quarter versus $680,275 in the previous year and net income was $231,795 versus ($44,777) last year. Management Comment“We are thrilled with the increased revenue over the past year,” said Stone Douglass, Chairman of Digipath. “We have definitely seen an increase in sample flow from both old and new customers which is also a good sign for the industry,” Douglass added. “Our goal was to build on last year’s momentum and increase revenues all around,” Todd Denkin, President of Digipath Labs, said. “We like to keep our clients happy with best-in-class customer service, our 3-day turnaround, free DNA removal, and our top-notch scientific staff. And we use the same philosophy to attract new brands, cultivators, and producers to experience the Digipath difference,” Denkin added. Digipath, Inc. had previously signed an agreement with DPL Nevada, LLC to sell the assets of Digipath Labs, Inc., its testing subsidiary. DPL’s owners currently own Delta Verde Labs of Arizona. Both independent cannabis and hemp testing laboratories are highly dedicated to best-in-class compliance testing and white glove customer service. The sale is subject to approval from the Nevada Cannabis Control Board (CCB) and other customary conditions. Once the CCB approves the transaction and the sale is completed, Digipath Labs’ operations in Las Vegas will remain the same while Digipath, Inc., the public holding company, will change its name and will actively seek to acquire a new business. About Digipath, Inc. (OTCQB: DIGP)Digipath, Inc., supports the cannabis industry’s best prac...