Full Press Release Details
DNA Announces Selected Preliminary Unaudited Fiscal 2018 Year End and Fourth Quarter Financial Results
STONY BROOK, N.Y. - December
13, 2018 - Applied DNA Sciences, Inc. (NASDAQ: APDN) ("Applied DNA" or the "Company"), a leader in
large-scale PCR-based DNA manufacturing, announced selected preliminary unaudited financial results for the full fiscal year and
quarter ended September 30, 2018.
Preliminary (Unaudited)
Fiscal 2018 Financial Results:
Preliminary (Unaudited)
Fiscal Fourth Quarter Results:
The Company also announced
that it anticipates filing its Annual Report on Form 10-K for the fiscal year ended September 30, 2018 with the Securities and
Exchange Commission during the week of December 17, 2018, and will hold an investor call during the week of December 24, 2018.
"Our performance in fiscal 2018
reflects execution on pre-commercial sales and business development initiatives to sow new revenue streams by leveraging our proven
DNA taggant technology platform and capitalizing on secular industry trends emphasizing supply chain security, sustainability and
traceability all along the value chain," stated Dr. James A. Hayward, president and CEO of Applied DNA. "During the
year we continued to expand our business beyond cotton with diverse partners using synthetic fibers and generating initial revenues
from the legal cannabis and pharmaceutical markets while progressing other programs, such as leather traceability, towards commercialization
while also implementing feasibility pilots with a diverse customer base.
"Notable advancements made during
the year included: in textiles, we furthered adoption of our platform for the tagging of non-cotton synthetic textiles to complement
our cotton business that itself has begun to expand internationally; in the nascent legal cannabis industry where compliance with
governmental permitting requirements is fundamental to its future, our partnership with TheraCann has yielded a seed-to-sale tracking
program powered by blockchain and molecular tagging technologies and the development of a tagging system specifically designed
to meet the needs of commercial growers; in pharmaceuticals, we advanced the manufacturing scale-up of our on-dose solution for
enhanced patient safety and supply chain security with partner Colorcon; in biotherapeutics, we formally launched our LineaRx subsidiary
that has already expanded our opportunity-set to include the potentially high-reward therapeutics space. We also saw continued
demand for development pilots that serve as an indicator of growing industry interest in our technology platform and its value
Concluded Dr. Hayward, "Building
on these advancements, we anticipate revenue from our key business verticals in fiscal 2019 with opportunities for increased contributions
from certain verticals, such as in textiles where we are progressing towards big-box and online retailer adoption of DNA-tagged
synthetic fiber products manufactured by ecosystem partners. In pharmaceuticals, we are pursuing regulatory approval of our molecular
tag that if realized during 2019 should generate a second revenue milestone from Colorcon and make our solution compelling for
pharmaceutical manufacturers in an era of government-mandated serialization practices."
The financial data contained in this press release are unaudited, preliminary, based upon Applied DNA's good faith estimates
and subject to completion of Applied DNA's financial closing procedures. While Applied DNA expects that its final financial
results for the fiscal year and quarter ended September 30, 2018, following the completion of its financial closing procedures,
will generally be consistent with the amounts provided in this press release, Applied DNA's actual results may differ materially
from these estimates as a result of the completion of its financial closing procedures, as well as final adjustments and other
developments that may arise between now and the time that its financial results for the fiscal year and quarter ended September
30, 2018 are finalized.
The results provided
in this press release are preliminary and subject to completion and audit of Applied DNA's financial statements in conjunction
with the Company's 2018 Form 10-K filing with the Securities and Exchange Commission anticipated to occur during the week
of December 17, 2018.
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable
supply chain security, anti-counterfeiting and anti-theft technology, product genotyping and DNA mass production for diagnostics,
personalized medicine and therapeutics.
Applied DNA makes life real and
safe by providing innovative, molecular-based technology solutions and services that can help protect products, brands, entire
supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion.
Forward Looking Statements
The statements made by Applied DNA
in this press release may be "forward-looking" in nature within the meaning of the Private Securities Litigation Act
of 1995. Forward-looking statements describe Applied DNA's future plans, projections, strategies and expectations, and are based
on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA. Actual
results could differ materially from those projected due to the preliminary nature of the financial results set forth herein which
are subject to completion, final adjustment and audit, our history of net losses, limited financial resources, limited market
acceptance, the uncertainties inherent in research and development, future clinical data and analysis, including whether any of
Applied DNA's product candidates will advance further in preclinical research or clinical trial process, including receiving
clearance from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies to conduct clinical trials and
whether and when, if at all, they will receive final approval from the U.S. FDA or equivalent foreign regulatory agencies, shifting
enforcement priorities of US federal laws relating to cannabis, and various other factors detailed from time to time in
Applied DNA's SEC reports and filings, including our Annual Report on Form 10-K filed on December 28, 2017, our subsequent quarterly
reports on Form 10-Q filed on February 8, 2018, May 3, 2018 and August 13, 2018, and our Annual Report on Form 10-K expected to
be filed during the week of December 17, 2018 which are available at www.sec.gov. Applied DNA undertakes no obligation to
update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect
the occurrence of unanticipated events, unless otherwise required by law.
Investor contact: Sanjay
M. Hurry, 212-838-3777, LHA Investor Relations, shurry@lhai.com