Lifeloc Technologies, Inc. reported a decline in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. For the third quarter of 2024, revenues decreased to $2,075,994, down 22% from $2,676,872 in Q3 2023. Total revenues for the same period were $2,087,326, reflecting a decrease of $608,182 year-over-year. Gross profit also fell to $911,952, a 19% decline from $1,119,391 in the prior year. The company experienced an operating loss of $(208,321) for Q3 2024, contrasting with a modest operating income of $23,726 in Q3 2023.
Net income for the third quarter of 2024 was $(158,327), a significant drop from a net income of $109,603 in Q3 2023. This trend continued in the nine-month results, where total revenues were $6,628,099, down from $7,140,408 in the same period of 2023. Product sales for the nine months also decreased to $6,580,861 from $7,056,638. The gross profit for the nine months ended September 30, 2024, was $2,740,855, a 12% decrease from $3,097,262 in 2023. The net loss for the nine months was $(740,121), compared to a net income of $110,960 in the previous year.
The company’s financial challenges were attributed to a reversion to pre-COVID sales levels after a period of pent-up demand in 2023 and early 2024. Additionally, inflation has increased costs related to raw materials, labor, and freight, although Lifeloc has managed to keep some costs at 2023 levels. Research and development expenses rose by 33% to $1,738,982 for the nine months, reflecting ongoing investments in new product development, particularly the SpinDx technology aimed at drug detection.
In terms of strategic developments, Lifeloc issued 210,000 shares at $3.80 per share, generating $798,000 in Q3 2024. The company continues to focus on expanding its product offerings and anticipates the commercialization of new sensing and measurement products. As of September 30, 2024, total stockholders' equity was $6,418,704, an increase from $6,266,171 in the previous year, while retained earnings decreased to $952,690 from $1,598,157. The company remains optimistic about future profitability with new product introductions and expects to introduce the SpinDx product via beta testing in Q4 2024.
About Lifeloc Technologies, Inc
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