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Applied DNA’s Q3 Results Miss Estimates, Revenues Surge 294%

Shares of molecular-based technologies provider Applied DNA Sciences (APDN) gained 2.6% in Thursday’s extended trade after the company announced excellent year-over-year revenue growth for the fiscal third quarter ended June 30. The results, however, fell short of analysts’ expectations.

Applied DNA’s technologies protect supply chains, brands, products, and intellectual property of consumers, governments and companies from diversion, fraud, theft and counterfeiting.

The company reported a loss of $0.46 per share, narrower than the year-ago loss of $0.72 per share but wider than the Street’s estimate of a loss of $0.22 per share. (See Applied DNA stock chart on TipRanks)

Quarterly revenues soared 294% year-over-year to $1.7 million but missed analysts’ expectations of $3.13 million. The rise was driven by an increase in service and product revenues.

Product revenues totaled $639,637, up from $56,911 in the second quarter of 2020. Service revenues climbed to $1.06 million from $374,605 in the previous year.

The President and CEO of Applied DNA, James A. Hayward, said, “We delivered excellent year-over-year revenue growth in the fiscal third quarter while laying the groundwork to secure a recently awarded COVID-19 testing services contract that has the potential to be the largest contract in the company’s history.”

The company’s shares lost 5.8% and closed at $6.20 on Thursday.

On August 3, Roth Capital analyst Jonathan Aschoff reiterated a Buy rating on the stock with a price target of $24. The analyst expects the company to add customers on the back of COVID-19 variants and vaccine hesitancy.

Overall, the stock has a Strong Buy consensus based on 3 unanimous Buys. The average Applied DNA Sciences price target of $15.50 implies 150% upside potential. The company’s shares have lost nearly 44% over the past six months.

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