Business
Digipath Announces Results for Second Fiscal Quarter 2020, Revenues Grow 16% and 21% on a Year to Date Basis
Digipath Announces Results for Second Fiscal Quarter 2020, Revenues Grow 16% and 21% on a Year to Date Basis.
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[{"type":"text","content":"\n As an Essential Business, Digipath Remains Open to Serve Customers LAS VEGAS, NV, May 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Digipath, Inc. (OTCQB: DIGP) (“DIGP” or the “Company”), a service-oriented independent analytical testing laboratory, data analytics and technology firm focused on the cannabis and hemp markets, today announced results for the three and six month periods ending March 31, 2020, which includes a 16% increase in revenue to $754,982 for the second quarter of 2020, compared to $651,555 in the second quarter of 2019; and gross profit of $661,402, or 42%, for the six month period ending March 31, 2020. Second Fiscal Quarter 2020 Company Highlights During these unprecedented times we’ve been fortunate to be deemed an essential business that has been able to continue to serve the community We also completed the acquisition of VSSL Enterprises, Ltd. (“VSSL”) on March 11, 2020 Second quarter revenues increased by $103,427, or 16%, on a year-over-year basis Gross margins of 34% were consistent with the prior year’s second fiscal quarter Adjusted EBITDA improved by $157,257 on a year over year basis, as the first six months of 2020 was ($309,280), compared to Adjusted EBITDA of ($466,537) for the comparative six-month period ending March 31, 2019 Net loss decreased to $829,570, compared to $913,639 for the comparative six months ending March 31, 2019, an improvement of $84,069, or 9% The full quarterly filing can be found on our website: Digipath SEC Filings Management Comment Kyle Remenda, Digipath’s President and CEO, commented, “Prior to the COVID-19 pandemic we were on pace to have our best year ever. While that will be more difficult now due to declining tourism, we’ve been very fortunate to temper the widespread business disruption as an ‘essential business’ and aren’t just looking to survive, but really to thrive. We believe the laboratory business presents extremely favorable opportunities in that regard. “Additionally, we’re exploring some exciting opportunities in Canada through VSSL. I’m very proud of the company that I helped build over the years and am looking forward to helping Digipath carry it to its fullest potential.” The table below shows the interim results and key metri...