Arrayit Corp (OTCMKTS:ARYC) ended the week on the red slumping by more than 15%. The decline came as a surprise as the company continues to make progress on the development of new products. There are plans in place to sell Arrayit Blood Card technology to Vivos. The company is also in the process of expanding its patent for food testing.
Arrayit Corp (OTCMKTS:ARYC) is closely working with the US Department of Agriculture on the development of a quick and effective technologies for Noroviruses. The partnership has already given rise to a portable and efficient detection and surveillance system for foodborne pathogens. The company is planning to expand the testing service to other countries such as Brazil, Canada and China.
Poor stock performance in the recent months is a point of concern to many investors. Confirmation that the company had $58,000 in cash, as well as $787,000 in revenues and $1.4 million in net loss in the recent quarter, paints a completely different picture on Arrayit Corp (OTCMKTS:ARYC) prospects.
Arrayit Financial Position
Lack of enough cash to carry out various operation should be a point of concern not only to investors but also the management team. Arrayit Corp could be leaning more towards dilution should it not find a quick solution to its current financial situation
Financial result for the quarter ending March 31, 2015 fell short of investors’ expectations. Revenues were down by 28% from levels attained the same quarter last year. Something that continues to elicit further concerns about the company’s long term prospects
However, Arrayit Corp (OTCMKTS:ARYC) continues to register substantial growth on its gross margin that were up to 48.8% in the first quarter, up from 35% the prior year. Improvement in gross margin was down to increased sales of the company’s substrates as well as processing services and microarray development.
