Business
Reflect Scientific Inc. Ends 2020 with Significant Increase in Revenues and Profits; Files Form 10 for Registration of Securities
Reflect Scientific Inc. Ends 2020 with Significant Increase in Revenues and Profits; Files Form 10 for Registration of Securities.
About this update from Reflect Scientific, Inc.
[{"type":"text","content":"\n OREM, Utah, March 30, 2021 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for biotechnology, pharmaceutical, and transportation industries, today announced financial results for the twelve months ended December 31, 2020. “I am pleased to report that the 2020 end of year sales figures for Reflect Scientific Inc. were significantly higher than for 2019. Our team has worked hard to achieve those sales by providing market-driven low-temperature refrigeration solutions to our customers and maintaining a steady supplies business. Heading into 2021, we are leveraging our momentum and increasing our market presence to achieve even greater success,” stated Mr. Kim Boyce, CEO of Reflect Scientific. Our full year 2020 revenue as compared to 2019 was as follows:       Total revenues       Years Ended December 31    (in thousands) 2020  2019 % Change  ULT Freezers/chillers$1,950 $732 166% Chromatography$843 $877 -3.9% Total revenues$ 2,793 $ 1,609 74%        ULT Freezers/Solvent Chillers The ultra-low temperature (ULT) freezers and solvent chillers have been the engine for the growth of Reflect Scientific and will continue to be in the foreseeable future. The fiscal year 2020 ended with total revenue for the ULT freezer/solvent chiller products of $1.95 million, a 166% increase in revenue over the fiscal year 2019. Cryometrix brand blast freezers have enabled many new technologies introduced by pharmaceutical companies to achieve significant cost savings, production throughput, and storage efficiency. The extremely rapid cooling of large payloads while maintaining precise temperature control makes our Cryometrix brand ULT freezers stand out as an exceptional product in the ULT freezer market. As the demand for biopharmaceuticals grows, we expect a parallel growth of the Cryometrix brand ULT freezers. Reflect Scientific continues to innovate in the ULT freezer market, introducing several new models and configurations in 2020. Because of their unique ability to cool to very low temperatures without using mechanical refrigeration pumps, the Cryometrix brand ULT freezers addres...