Wed, May 15, 8:23 PM (182 days ago)
Lifeloc Technologies, Inc. reported its financial results for the quarter ended March 31, 2024. Key highlights include: 1. **Revenue**: Total revenues were $2,153,443, nearly unchanged from $2,164,554 in the same quarter of 2023. Product sales remained stable at $2,134,434. 2. **Gross Profit**: Gross profit decreased by 11% to $835,307, primarily due to increased costs of materials and labor from inflation. The gross profit margin on products fell to 38.4% from 42.6%. 3. **Operating Expenses**: Research and development expenses increased by 40% to $555,599, driven by investments in personnel and materials for new product development. Sales and marketing expenses rose by 20% to $345,009, while general and administrative expenses remained flat at $314,926. 4. **Net Loss**: The company reported a net loss of $283,806, up from a net loss of $53,788 in the same quarter of the previous year. This was primarily due to higher operating expenses and decreased gross profit. 5. **Cash Flow**: Cash and cash equivalents decreased to $1,031,540 from $1,766,621 at the end of 2023. The company used $641,656 in operating activities, mainly due to changes in working capital components. 6. **Future Outlook**: The company remains focused on growing sales, increasing gross profits, and advancing the development of new products, including SpinDx™, which is expected to be commercialized in 2025. Inflationary pressures and supply chain issues are noted as ongoing challenges. Overall, Lifeloc Technologies continues to invest in product development and marketing to drive future growth, despite current financial challenges.