Arrayit Corp (OTCMKTS:ARYC) announced results for the quarter ended March 31, 2015. The gross revenues in the quarter declined 28% to $787,038 from $1 million recorded in the same quarter, a year earlier. The company reported that it transported one TissueMax Tissue Microarrayer, 15 microarray scanners, and 5 SpotBot Microarray Printers during the quarter. It also sent 3 NanoPrint Microarray Printers and 5 SpotBot Microarray Printers in the recent quarter of the fiscal.
The highlights
Arrayit stated that the cost of sales for the period completed March 31, 2015 came lower at $402,915 compared to $708,832 leading to gross profit of $384,123 in the quarter ended March 31, 2015. The company revealed that its cost of sales is highly dependent on product mix.
In the quarter, the gross margin expanded to 48.8% from 35% recorded in the first quarter of 2014. The expansion of gross margin can be attributed to increased sales of more substrates and microarray development and processing services in 1Q2015. These products boasts higher gross margin percentage compared to microarray manufacturing instruments.
The expenses
S, G&A costs for the period ended March 31, 2015 came at $1.152 million, up from $653,876 reported in the same quarter a year ago. The increase in S, G&A expenses can be attributed to jump in derivative liabilities in the first quarter of fiscal.
The comparative quarter covered the costs related to employees, advertising and trade shows, rent and utilities, and fees linked with the FDA approval process for drug candidate OvaDx. The net loss from operations was $1.473 million compared to net income of $37,620 recorded in the first quarter of FY2014.
In last trading session, the stock price of Arrayit Corp (OTCMKTS:ARYC) declined more than 6% to close the trading session at $0.00280. The decline came at a share volume of 49.44 million compared to average share volume of 11.15 million.
