Scientific Industries (SCND) Registration Filing summary

Company overview and business model

• Designs, manufactures, and markets benchtop laboratory equipment and bioprocessing systems for research use in universities, pharma, and industry.

• Operates two segments: Benchtop Laboratory Equipment (mixers, shakers, scales, pill counters) and Bioprocessing Systems (smart sensors, analytics, and software for bioprocessing).

• Bioprocessing segment is a strategic growth focus, with recent product launches and an acquisition to expand capabilities.

• Products are distributed via laboratory equipment distributors, online, and direct sales.

Financial performance and metrics

• Net loss of $2.1M for the three months ended March 31, 2024; net loss of $9.1M for the year ended December 31, 2023.

• Accumulated deficit of $29.5M as of March 31, 2024.

• Net revenues for 2023 were $11.1M, up 2.1% from 2022; gross profit margin decreased to 45.9% from 47.2%.

• Benchtop segment is profitable; bioprocessing segment drives ongoing losses due to investment in growth.

• Cash used in operations was $1.6M for Q1 2024; company raised $716,776 in equity financing in January 2024.

Use of proceeds and capital allocation

• No proceeds from resale of shares by selling stockholders; proceeds from warrant exercises will be used for working capital.

• Ongoing capital needs for R&D, commercialization, and expansion, especially in bioprocessing.