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Digipath Announces Results for Third Fiscal Quarter 2021
Digipath Announces Results for Third Fiscal Quarter 2021.
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[{"type":"text","content":"\n Third Quarter Revenues Increased by 88% Compared to the Same Period Last Year LAS VEGAS, NV, Aug. 18, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Digipath, Inc. (OTCQB: DIGP) (“DIGP” or the “Company”), a service-oriented independent analytical testing laboratory company focused on the cannabis and hemp markets, announced results for the three and nine month periods ending June 30, 2021. “We are encouraged by the progress Digipath has experienced and its trajectory even as we continue to battle the lasting economic effects of the Covid-19 pandemic, especially in the Las Vegas area. We have focused our efforts on our laboratory operations and significantly pared our general and administrative expenses to decrease our corporate overhead. This lean operating strategy will help us as we move forward with our goal to become a multi-state operator,” said Todd Denkin, Digipath President. Third Fiscal Quarter 2021 Company Highlights Third quarter revenues increased 88%, compared to the same period in 2020. Net loss decreased by 66% for the third fiscal quarter when compared with the same period in 2020 Gross margins improved to 28% for the three months ended June 30, 2021, compared to 15% for the same period in 2020, which translates to an increase in gross profit of $152,534The full quarterly filing can be found on our website: Digipath SEC Filings Management Comment Stone Douglass, Digipath’s CFO, commented, “We are proud of our progress during this challenging time and we’re continuing to see month to month revenue gains as we enter the final quarter of this fiscal year.  During the most recent quarter we saw our operating loss decrease by $325,794 or 69% while our revenues increased by $356,786 or 88%.  This is particularly heartening given that our net loss for the three month period fell to just $177,214 from $520,687 for the same period last year, a 66% improvement.” Results of Operations for the Three Months Ended June 30, 2021 and 2020: The following table summarizes selected items from the statement of operations for the three months ended June 30, 2021 and 2020.   Three Months Ended June 30,  Increase /   2021  2020  (Decrease) Revenues $764,015  $407,229  $356,786&...