Scientific Industries, Inc. — Company Summary

Core Business Activities

• Primary Focus:
  • Benchtop Laboratory Equipment: Design, manufacture, and marketing of standard laboratory equipment used for research and sample preparation.
  • Bioprocessing Systems: Design, development, manufacture, and marketing of bioprocessing products incorporating smart sensors, software analytics, and automation systems.

Product Lines

Benchtop Laboratory Equipment

• Includes mixers, shakers, rotators/rockers, refrigerated and shaking incubators, magnetic stirrers.
• Sold under brands such as Genie™ and Torbal®.
• Main product: Vortex-Genie® 2 Mixer, representing approximately 33% of total revenue in 2024.
• Total net revenues in 2024: $10.7 million (down from $11.1 million in 2023).

Bioprocessing Systems

• Products include:
  • Cell Growth Quantifier (CGQ): Biomass monitoring in shake flasks.
  • Liquid Injection System (LIS): Automated feeding in shake flasks.
  • Flow-through cells and coaster systems for pH and DO monitoring.
  • Sensors such as Multi-Parameter Sensor (MPS) and Dissolved Oxygen sensor pills under the DOTS platform.
• Focused on products with smart sensors, advanced software, and automation.
• Revenue includes product sales and royalties.

Market and Customers

• Main Customers: Universities, pharmaceutical companies, pharmacies, national laboratories, medical device manufacturers, and research organizations.
• Sales Channels:
  • Benchtop Equipment: Distributed via an established network of domestic and international laboratory equipment distributors, online platforms, catalogs, and trade shows.
  • Bioprocessing Systems: Sold directly by an internal sales force (8 sales professionals, 4 application scientists in US and Germany) and through 11 managed distributors.
• Customer Concentration:
  • Top 3 customers in Benchtop Equipment: ~15-16% of total revenues.
  • Single product dependency: The Vortex-Genie 2 Mixer accounted for approximately 38%-36% of revenues in 2024.

Employees & Operations

• Total Employees: 67 (as of March 27, 2025)
  • 32 in Benchtop Laboratory Equipment operations.
  • 35 in Bioprocessing Systems operations (27 located in Germany).
• Facilities:
  • Bohemia, NY: Main manufacturing and executive offices (24,000 sq. ft.).
  • Pearl River, NY: Sales and marketing (220 sq. ft. leased from Jan 2025).
  • Pittsburgh, PA: Shared office space for Bioprocessing (leased through Dec 2025).
  • Baesweiler, Germany: Manufacturing, R&D, and administrative space for Bioprocessing (leased through Dec 2025).

Financial Highlights (2024)

• Total Net Revenues: $10.7 million (down from $11.1 million in 2023).
• Net Loss: $6.4 million (improved from $9.1 million loss in 2023).
• Gross Profit Margin: 44.2% (slightly down from 45.9% in 2023).
• Operating Expenses:
  • General & administrative: $4.82 million.
  • Selling: $3.64 million.
  • R&D: $2.91 million.
• Total Loss from Continuing Operations: $6.45 million.
• Cash & Equivalents: $587,900 as of December 31, 2024.
• Backlog: Approximately $368,300 as of December 31, 2024.

Key Points

• The company is in a small, competitive market with larger players but maintains niche products focused on research and bioprocessing.
• Generates products for research with high reliance on distributors, especially for benchtop equipment.
• The Bioprocessing segment is in growth and development phases, with investment in new products planned for 2025.
• The company has uncertainties regarding profitability, with ongoing investments in R&D and sales expansion.
• Employees dedicated to R&D, manufacturing, sales, and marketing, with no union representation.
• The company is loss-making but reports improvements year-over-year and holds a large patent portfolio for its bioprocessing technology.

Note: All figures are as of December 31, 2024, with some historical context provided for 2023-2024 changes.