137 0 Kommentare Lifeloc Reports Second Quarter 2023 Results

WHEAT RIDGE, CO / ACCESSWIRE / August 4, 2023 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol and drug testing devices, has announced financial results for the quarter ended June 30, 2023.

Second Quarter Financial Highlights

Lifeloc posted quarterly net revenue of $2.280 million in the second quarter of 2023, resulting in a quarterly net profit of $55 thousand, or $0.02 per diluted share. These results compare to net revenue of $2.180 million and quarterly net loss of $(202) thousand, or $(0.08) per diluted share in the second quarter of 2022. Revenue for the quarter increased 5% versus the second quarter last year, as demand continued to recover from the impact of the COVID-19 global pandemic and the government ordered shutdowns. Six-month net revenues of $4.445 million and a net profit of $1 thousand, or $0.00 per diluted share, compared to net revenue of $4.341 million and a net loss of $(346) thousand, or $(0.14) per diluted share, for the same six months of 2022. Total gross margin in the second quarter improved to 45.7% versus 30.4% for the same quarter last year. For the first six months of 2023 gross margin was 44.5% versus 34.7% for the same period last year.

Margin improvement was the biggest difference over last year, resulting from a combination of price increases, lower depreciation, and reduced inefficiencies because of fewer supply constraints this year. The margin improvement along with a small sales increase was sufficient to offset the rising research and development investment for SpinDx and still result in a profitable second quarter and a breakeven first half of the year 2023.

We believe our product line-up is strong. The new platforms LX9 and LT7 have features and performance that have driven market penetration by meeting previously unaddressable market needs, such as wider temperature ranges and fast customization that incorporates local languages. We expect that most L-series sales will be incremental to FC-series devices rather than displacing FC sales. The L-series devices have been certified to meet the requirements of most modern registration standards, such as SAI's (Standards Australia International) latest AS 3547:2019 standards for Breath Alcohol Detectors. Our FC-series devices remain favored in many law enforcement and international organizations. The workplace Phoenix^® 6.0 BT and EV30 models have been gaining market share. And our Easycal^® automated calibration station builds important protection around our brand with the only automated calibration available for portable breath alcohol testers.

We believe our most important goal and best opportunity remains the convergence of the global need for rapid detection of drugs of abuse with Lifeloc's proven capability to build easy-to-use portable testing equipment. We are focusing our research and development efforts on leveraging the SpinDx™ technology platform, sometimes referred to as "Lab on a Disk," to develop a series of devices and tests that can be used at roadside and in emergency rooms, forensic labs and workplace testing to get a rapid and quantitative measure for a panel of drugs of abuse, beginning with a device that allows for detection of delta-9-THC (the major intoxicating component of the cannabis plant) from a test subject's saliva. Testing has commenced to validate the SpinDx technology against the definitive standard liquid chromatography-mass spectroscopy (LCMS) measurement utilizing human samples. The LCMS data are validating the SpinDx test results on real-world human saliva tests at a limit of detection of approximately 10 ng/ml. With our research and development work, we continue to improve our technology's robustness and convenience of operation. The release of our SpinDx saliva testing system for beta testing is expected this year and is projected to result in commercialization in 2024. We expect to accelerate development on combining our LX9 breathalyzer with the THC SpinDx detection unit, to produce our roadside marijuana breathalyzer system.

"In the second quarter we experienced a loosening of supply chain constraints as well as healthy demand. As a result, a portion of our production backlog was satisfied this quarter with some carryover into the third quarter. We are optimistic that supply will no longer be a significant constraint to our normal order flow," commented Dr. Wayne Willkomm, President and CEO. "Keeping product flowing is critical to funding our biggest opportunity, which is pushing the SpinDx product platform across the finish line to commercialization. We anticipate that our research and development expenses will continue to rise in this final push.

Charles Gonzales, Research and Development Manager, added, "We have moved into the next critical phase of the SpinDx product development cycle, now developing our custom microfluidic disk with the first targeted drug being cannabis. We have also added tests for cocaine and amphetamines and have initiated work to detect fentanyl for our subsequent drug panel. The project is maintaining good momentum. We continue with validation testing utilizing actual human samples obtained through the Colorado School of Public Health at the University of Colorado Anschutz, with results to date confirming SpinDx performance."

About Lifeloc Technologies

Lifeloc Technologies, Inc. (OTC PINK:LCTC) is a trusted U.S. manufacturer of evidential breath alcohol testers and related training and supplies for Workplace, Law Enforcement, Corrections and International customers. Lifeloc stock trades over-the-counter under the symbol LCTC. We are a fully reporting Company with our SEC filings available on our web site, www.lifeloc.com/investor.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements expressed or implied in this press release, including statements about our strategies, performance, expectations about new and existing products, market demand, economic conditions, acceptance of new and existing products, technologies and opportunities, market size and growth, and return on investments in products and market, are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. Investors are strongly encouraged to review the section titled "Risk Factors" in our SEC filings.

Phoenix^® and Easycal^® are registered trademarks of Lifeloc Technologies, Inc.

SpinDx™ is a trademark of Sandia Corporation.

Amy Evans
Lifeloc Technologies, Inc.
http://www.lifeloc.com
(303) 431-9500

LIFELOC TECHNOLOGIES, INC.
Condensed Balance Sheets

ASSETS

CURRENT ASSETS:	June 30, 2023 (Unaudited)		December 31, 2022
Cash	$	1,913,499	$	2,352,754
Accounts receivable, net		762,670		627,919
Inventories, net		2,904,064		2,732,463
Employee retention credit receivable		-		107,575
Prepaid expenses and other		207,778		58,203
Total current assets		5,788,011		5,878,914


PROPERTY AND EQUIPMENT, at cost:
Land		317,932		317,932
Building		1,928,795		1,928,795
Real-time Alcohol Detection And Recognition equipment and software		569,448		569,448
Production equipment, software and space modifications		1,162,803		1,147,992
Training courses		432,375		432,375
Office equipment, software and space modifications		216,618		216,618
Sales and marketing equipment and space modifications		226,356		226,356
Research and development equipment, software and space modifications		480,684		480,684
Less accumulated depreciation		(3,199,561)		(3,072,961)
Total property and equipment, net		2,135,450		2,247,239


OTHER ASSETS:
Patents, net		67,747		69,679
Deposits and other		500		500
Deferred taxes		320,376		321,429
Total other assets		388,623		391,608

Total assets	$	8,312,084	$	8,517,761

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	329,839	$	413,957
Term loan payable, current portion		50,652		50,028
Customer deposits		174,967		201,031
Accrued expenses		290,942		344,944
Deferred revenue, current portion		63,676		80,222
Reserve for warranty expense		46,500		46,500
Total current liabilities		956,576		1,136,682


TERM LOAN PAYABLE, net of current portion and
debt issuance costs		1,195,158		1,219,677


DEFERRED REVENUE, net of current portion		3,782		6,191
Total liabilities		2,155,516		2,362,550


COMMITMENTS AND CONTINGENCIES


STOCKHOLDERS' EQUITY:
Common stock, no par value; 50,000,000 shares
authorized, 2,454,116 shares outstanding		4,668,014		4,668,014
Retained earnings		1,488,554		1,487,197
Total stockholders' equity		6,156,568		6,155,211

Total liabilities and stockholders' equity	$	8,312,084	$	8,517,761

LIFELOC TECHNOLOGIES, INC.
Condensed Statements of Income (Unaudited)

	Three Months Ended June 30,
REVENUES:	2023		2022
Product sales	$	2,246,407	$	2,144,813
Royalties		10,150		12,572
Rental income		23,789		22,639
Total		2,280,346		2,180,024

COST OF SALES		1,237,902		1,516,389

GROSS PROFIT		1,042,444		663,635

OPERATING EXPENSES:
Research and development		395,781		352,910
Sales and marketing		300,075		276,669
General and administrative		284,116		293,421
Total		979,972		923,000

OPERATING INCOME (LOSS)		62,472		(259,365)

OTHER INCOME (EXPENSE):
Interest income		19,200		1,190
Interest expense		(10,290)		(10,817)
Total		8,910		(9,627)

NET INCOME (LOSS) BEFORE PROVISION FOR TAXES		71,382		(268,992

BENEFIT FROM (PROVISION FOR) FEDERAL AND STATE INCOME TAXES		(16,237)		67,462

NET INCOME (LOSS)	$	55,145	$	(201,530)

NET INCOME (LOSS) PER SHARE, BASIC	$	0.02	$	(0.08)

NET INCOME (LOSS) PER SHARE, DILUTED	$	0.02	$	(0.08)

WEIGHTED AVERAGE SHARES, BASIC		2,454,116		2,454,116

WEIGHTED AVERAGE SHARES, DILUTED		2,454,116		2,454,116

LIFELOC TECHNOLOGIES, INC.
Condensed Statements of Income (Unaudited)


	Six Months Ended June 30,
REVENUES:	2023		2022
Product sales	$	4,379,766	$	4,256,570
Royalties		18,356		39,212
Rental income		46,778		44,878
Total		4,444,900		4,340,660


COST OF SALES		2,467,029		2,835,136


GROSS PROFIT		1,977,871		1,505,524


OPERATING EXPENSES:
Research and development		792,547		742,934
Sales and marketing		587,958		553,306
General and administrative		603,131		646,254
Total		1,983,636		1,942,494


OPERATING INCOME (LOSS)		(5,765)		(436,970)


OTHER INCOME (EXPENSE):
Interest income		29,000		1,622
Interest expense		(20,825)		(21,727)
Total		8,175		(20,105)


NET INCOME (LOSS) BEFORE PROVISION FOR TAXES		2,410		(457,075)


BENEFIT FROM (PROVISION FOR) FEDERAL AND STATE INCOME TAXES		(1,053)		111,037


NET INCOME (LOSS)	$	1,357	$	(346,038)


NET INCOME (LOSS) PER SHARE, BASIC	$	-	$	(0.14)


NET INCOME (LOSS) PER SHARE, DILUTED	$	-	$	(0.14)


WEIGHTED AVERAGE SHARES, BASIC		2,454,116		2,454,116

WEIGHTED AVERAGE SHARES, DILUTED		2,454,116		2,454,116

Lifeloc Technologies, Inc.
Condensed Statements of Stockholders' Equity (Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total stockholders' equity, beginning balances	$	6,101,423	$	6,466,460	$	6,155,211	$	6,593,766


Common stock (no shares issued during periods):
Beginning balances		4,668,014		4,668,014		4,668,014		4,650,812
Stock based compensation expense related
to stock options		-		-		-		17,202
Ending balances		4,668,014		4,668,014		4,668,014		4,668,014


Retained earnings:
Beginning balances		1,433,409		1,798,446		1,487,197		1,942,954
Net income (loss)		55,145		(201,530)		1,357		(346,038)
Ending balances		1,488,554		1,596,916		1,488,554		1,596,916


Total stockholders' equity, ending balances	$	6,156,568	$	6,264,930	$	6,156,568	$	6,264,930

LIFELOC TECHNOLOGIES, INC.
Condensed Statements of Cash Flows

	Six Months Ended June 30,
CASH FLOWS FROM OPERATING ACTIVITIES:	2023		2022
Net income (loss)	$	1,357	$	(346,038)
Adjustments to reconcile net income to net cash provided from (used in) operating activities-
Depreciation and amortization		132,088		267,455
Provision for inventory obsolescence, net change		-		94,578
Deferred taxes, net change		1,053		(111,037)
Stock based compensation expense related to stock options		-		17,202
Changes in operating assets and liabilities-
Accounts receivable		(134,751)		(173,583)
Inventories		(171,601)		273,224
Employee retention credit and income taxes receivable		107,575		-
Prepaid expenses and other		(149,575)		(67,884)
Accounts payable		(84,118)		(146,322)
Customer deposits		(26,064)		276
Accrued expenses		(54,002)		(58,337)
Deferred revenue		(18,955)		(3,990)
Net cash (used in) operating activities		(396,993)		(254,456)


CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment		(14,811)		(40,753)
Patent filing expense		(1,404)		-
Net cash (used in) investing activities		(16,215)		(40,753)


CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Principal payments made on term loan		(26,047)		(25,144)
Net cash (used in) financing activities		(26,047)		(25,144)


NET INCREASE (DECREASE) IN CASH		(439,255)		(320,353)


CASH, BEGINNING OF PERIOD		2,352,754		2,571,668


CASH, END OF PERIOD	$	1,913,499	$	2,251,315


SUPPLEMENTAL INFORMATION:
Cash paid for interest	$	18,673	$	19,575

SOURCE: Lifeloc Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/772208/Lifeloc-Reports-Second-Quarter-2023- ...

The Lifeloc Technologies Stock at the time of publication of the news with a fall of -5,04 % to 1,861USD on Nasdaq OTC stock exchange (04. August 2023, 02:10 Uhr).

Aktuelle Themen

Die meistgehandelten Produkte: Nvidia erwartet positive Quartalszahlen

heute 13:32

Earnings heute Abend

Nvidia: Aktienbewegung von 8,2 Prozent erwartet

heute 10:19

Übernahme voraus?

"Nel Asa überlebt keine Konsolidierung des Wasserstoff-Marktes", sagt Weingran

heute 11:44

2 Kommentare

Nach Kurs-Verfünffachung

Das ist die erste Shortseller-Attacke von Grizzly in diesem Jahr – Aktie crasht!

vor 39 Minuten

Accesswire

0 Follower

Autor folgen

We’re a newswire service standout and fast becoming an industry disruptor. We provide regional, national and global news to thousands of clients around the world. We’re also leading the way in social engagement, targeting and analytics.