Business
Reflect Scientific Inc Announces Year-End Financial Results for 2022
Reflect Scientific Inc Announces Year-End Financial Results for 2022.
About this update from Reflect Scientific, Inc.
[{"type":"text","content":"\n OREM, Utah, March 31, 2023 (GLOBE NEWSWIRE) -- Reflect Scientific Inc (OTCQB: RSCF), a provider of ultra-low temperature freezers and chillers for the biotech, pharmaceutical, and cannabis industries, today announced its financial results for the year ended December 31, 2022. Revenue for the year decreased by 27.5% to $2,041,297, compared to $2,814,670 in 2021, primarily due to a significant decrease in freezer and chiller sales during the third quarter and ongoing supply chain delays with manufacturers. However, the cost of goods sold decreased by 7.0% to $822,147, resulting in a gross profit margin of 59.7% for the year, compared to 68.6% in 2021. Reflect Scientific's net income for the year was $89,396, compared to $939,065 in 2021. Management is actively seeking opportunities to increase sales, improve gross margins and control ongoing operating expenses. Reflect Scientific's liquidity and capital resources remain strong, with current assets exceeding current liabilities by $2,179,237 and cash and cash equivalents totaling $1,381,927. \"We are pleased with the resilience of our business during these challenging times, and remain committed to expanding our product offerings and strengthening our position in the ultra-low temperature market,\" said Kim Boyce, CEO of Reflect Scientific. \"Despite the ongoing supply chain issues, we have made significant progress in enhancing our ultra-cold freezer product line and believe this will provide a solid foundation for future growth.\" Reflect Scientific remains focused on providing innovative solutions for the biotech, pharmaceutical, and cannabis industries, and continues to invest in research and development to support this goal. Reflect Scientific’s audited financial statements for the calendar year ended December 31, 2022, are included in its Form 10 Registration Statement, and all financial highlights contained in this press release are modified in their entirety by reference to such financial statements. Additional information about Reflect Scientific’s business and operations may also be found in the Form 10. A link to the Form 10 as filed with the SEC is also available on the “SEC Documents” link on the “Corporate Profile” dropdown menu of Reflect Scientific’s website at www.reflectscientific.com. *Numbers may be rounded. REFL...