Implant Sciences Corp., a technology supplier of systems and sensors, announced financial results for the fiscal quarter and fiscal year ended June 30.
In a release on September 30, the Company noted that revenues for the fourth quarter ended June 30, increased 335 percent, to $2.4 million, from $0.6 million for the comparable prior year period. Our net loss for the quarter ended June 30, was $5.5 million as compared with a net loss of $4.4 million for the comparable prior year period, an increase of $1.1 million. The increase in the net loss is primarily due to $1.6 million of stock-based compensation recorded on option grants to our directors and officers in September 2012, increased operating expenses and increased interest expense.
Revenues for the year ended June 30, increased 253 percent, to $12.0 million, from $3.4 million for the comparable prior year period. Our net loss for the year ended June 30, was $27.4 million as compared with a net loss of $14.6 million for the comparable prior year period, an increase of $12.8 million. The increase in the net loss is primarily due to $13.9 million of stock-based compensation recorded on the September 2012 officer and director option grants, increased operating expenses and increased interest expense.
Earnings before interest, taxes, depreciation, stock-based compensation, warrants issued to non-employees and common stock issued to consultants ("Adjusted EBITDA"), which is reconciled to net income in this press release, calculated in accordance with U.S. generally accepted accounting principles, were a loss of $1,928,000 in the quarter ended June 30, compared to a loss of $2,550,000 in the comparable prior year period and a loss of $6,948,000 for the year ended June 30, compared to a loss of $8,057,000 in the comparable prior year period.
Glenn D. Bolduc, President and CEO of Implant Sciences, commented, "During our recently concluded fourth quarter and fiscal year, Implant Sciences achieved a number of important strategic goals that we believe position the Company for consistent and sustainable growth. We have taken important steps to broaden the markets we serve, increase our revenue opportunities, and improve our financial stability." The following are some of our recent developments:
In January 2013, our QS-B220 Desktop Trace Detector successfully completed independent validation testing with the Transportation Security Laboratory (the "TSL"), the testing body of the Transportation Security Administration (the "TSA"), and was accepted into the "Approved" section of the TSA's Air Cargo Screening Technology List.
In July 2013, the QS-B220 successfully completed Independent Testing and Evaluation with the TSL and is currently in testing at the TSA Systems Integration Facility for qualification on the TSA's Qualified Product List for passenger checkpoint and checked baggage screening.