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Digipath Announces Results for the Fiscal First Quarter 2020, Revenues Grow 26%
Digipath Announces Results for the Fiscal First Quarter 2020, Revenues Grow 26%.
About this update from Hypha Labs, Inc.
[{"type":"text","content":"\n Gross Profit Also Increases 150% Year Over Year LAS VEGAS, NV, Feb. 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 months ended December 31, 2019, which includes a 26% increase in revenue to $808,930 for the first quarter of 2020, compared to $642,115 in the first quarter of 2019, and gross profit of $403,449, which rose approximately 152% over the comparative quarter in 2019. First Fiscal Quarter 2020 Company Highlights The Company made continued progress on the development of our SabIR device, which is our fully-integrated NIR spectrometer that will enable instant field testing for THC, CBD and CBG markers in the fieldPurchased a new Triple Quad 6500+ at the end of the quarter, which we expect will generate significant productivity improvements and cost savings once placed in service during the second fiscal quarter of 2020First quarter revenues increased by $166,815, or 26%, on a year-over-year basisGross margins increased to 50%, from 25% in the prior year’s first fiscal quarter, as the Company improved processes to become more efficientAdjusted EBITDA improved by $205,200 on a year over year basis, as the first quarter of 2020 was ($46,994), compared to Adjusted EBITDA of ($252,194) for the comparative fiscal quarter ending December 31, 2018Net loss decreased to $220,427, compared to $462,174 for the comparative quarter ending December 31, 2018, an improvement of $241,747, or 52% The full quarterly filing can be found on our website: Digipath SEC Filings Management Comment Kyle Remenda, Digipath’s President and CEO, commented, “We continued to realize revenue growth and improved margins in our first fiscal quarter of 2020, and have been making significant strides to diversify our business units to take advantage of the scientific data we’ve compiled. I am very excited about the development of our Tru-Hemp ID Kit and SabIR handheld devices, and hope to be able to bring them to market in the current year all while continuing to improve the operations of our core asset.” The table below shows the interim results and key metrics: K...