Nanalysis Achieves Record Revenue in Q4
CALGARY, AB, Feb. 6, 2024 /PRNewswire/ - Nanalysis Scientific Corp. ("the Company" or "Nanalysis", TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1), a leader in portable NMR machines, MRI technology for industrial and research applications, and detection equipment services, provides an estimate of Q4 2023 unaudited revenue and highlights some other recent business accomplishments.
Sean Krakiwsky, Founder and CEO of Nanalysis, states: "We are very pleased with how the fourth quarter closed out 2023, a year not without its challenges. While our Security Services business continued its ramp through the end of the year, we also had strong results in our benchtop sales that we expect to continue into the first quarter. With both Benchtop NMR and Security Services contributing significantly, we were able to achieve fourth quarter unaudited revenues of between $9.3MM and $9.8MM, constituting a new record quarter for Nanalysis."1
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"We feel that with the continued trajectory of the Company's airport security maintenance project, returning strength to Benchtop NMR revenue, and our cost cutting measures that were implemented last year and continuing into 2024, we are making progress toward our corporate objective of generating positive EBITDA in this fiscal year."
Financial and Operational Highlights:
New Quarterly Revenue Record: Q4 2023 revenue will be at least $9.3MM (unaudited), driven by continued expansion of security services related to the Company's airport security maintenance project, as well as continued recovery in Benchtop NMR sales.
Phase-In of the Company's Airport Security Maintenance Project: On January 11, 2024, the Company completed the phase-in period related to its airport security maintenance project, resulting in the Company's Security Services business now performing maintenance of passenger screening imaging and detection equipment across all of Canada. We are confident that the highly capable team we've built during this project will provide significant growth opportunities for this business with new customers and partners.
100 MHz Benchtop NMR Product: In Q4, the Company sold and shipped 14 100MHz Benchtop NMR units, the highest number of shipments for 100 MHz units in a quarter since the Company cleared its backlog in 2022. This drove continued recovery in Benchtop NMR revenue. Customer satisfaction is high, and we continue to seek value added partnerships and new software applications to drive more growth.
New Patent Grant: The Company expanded its patent portfolio with the grant of United States Patent #US 11,815,574B2 which is part of the ongoing patent pipeline for its Benchtop NMR products. The Company continues to innovate in several areas of magnetic resonance technology, and we are proud of this recent patent grant directly associated with the 100 MHz product.
About Nanalysis Scientific Corp. (TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1)
Nanalysis Scientific Corp. operates two primary businesses: Scientific Equipment and Security Services. Within its Scientific Equipment business is what the Company terms "MRI and NMR for industry". The Company develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first full-feature portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens. The Company has followed-up that initial offering with new products and continues to have a strong innovation pipeline. In 2020, the Company announced the launch of its 100MHz device, the most powerful and most advanced compact NMR device ever brought to market.
The Company's devices are used in many industries (oil and gas, chemical, mining, pharma, biotech, flavor and fragrances, agrochemicals, law enforcement, and more) as well as numerous government and university research labs around the world. The Company continues to exploit new global market opportunities independently and with partners. With its partners, the Company provides scientific equipment sales and maintenance services globally.
In 2022, through its subsidiary KPrime, the Company was awarded a five-year, $160 million contract with the Government of Canada to provide maintenance services for passenger screening equipment in Canadian airports. This has resulted in the expansion of the Company's Security Services business. The Company is providing airport security equipment maintenance services for the Government of Canada in each province and territory of Canada. In addition, the Company provides commercial security equipment installation and maintenance services to a variety of customers in North America.
Notice regarding Forward Looking Statements and Legal Disclaimer
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Nanalysis Scientific Corp.
