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Reflect Scientific Inc. Releases First Quarter 2022 Financials
Reflect Scientific Inc. Releases First Quarter 2022 Financials.
About this update from Reflect Scientific, Inc.
[{"type":"text","content":"\n OREM, Utah, May 16, 2022 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries, today announced financial results for the first quarter of 2022. “The first quarter of 2022 showed an increase of 34% in revenue and a 51% increase in income from operations over the same period last year. The marketing emphasis on the growing cryogenic freezing and storage market is paying off for Reflect,” stated Mr. Kim Boyce, CEO of Reflect Scientific. The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three months ended March 31, 2022 and 2021:      Three Months EndedMarch 31, 2022Three Months EndedMarch 31, 2021Increase(Decrease)Revenue$753,576$562,362$191,214 Cost of Goods Sold 234,289 143,795 90,494 Gross Profit 519,287 418,567 100,720 Operating expenses:   Salaries and wages 170,279 136,604 33,675 Research and development expense 25,325 8,697 16,628 General and administrative expense 117,178 136,763 (19,585)Total operating expenses 312,782 282,064 30,718     Income (loss) from operations 206,505 136,503 70,002     Other income (expense) -*111,265 (111,386)    Net income (loss)$206,505$247,768$(41,263) *Covid-19 Paycheck Protection Program loan one time event About Reflect Scientific, Inc. Based in Orem, Utah, Reflect Scientific develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific’s products are low-temperature freezers and refrigerated systems for laboratory, transportation, and computer server room uses. Visit www.reflectscientific.com for more information. See us on Twitter @ReflectSci and LinkedIn www.linkedin.com/company/reflect-scientific. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking s...