Implant Sciences Corporation (OTCMKTS:IMSC) a pioneering producer of explosives trace detection and drugs trace detection offerings for homeland security applications, reported financial results for the quarter ended March 31, 2015. The revenues in 3Q2015 jumped 22% to $3.3 million from $2.7 million recorded in 3Q2014. The net loss for the quarter ended March 31, 2015 came at $5.7 million against net loss of $4.9 million recorded in the comparable prior year quarter.
The revenue in the first three quarter ended March 31, 2015 came at $7.3 million compared to $7 million in the same period, a year earlier. The net loss for the nine months was $17.4 million against net loss of $15.3 million recorded in the comparable prior year period. The adjusted EBITDA came at negative $2.26 million in 3Q2015 compared to a loss of $2.29 million in the comparable prior year quarter.
The expert speaks
Dr. William McGann, the CEO and President of Implant Sciences, said that in the recently ended quarter, the company received notice that the bid complaint submitted with the General Accountability Office pertaining its recent award for “1,170 QS-B220” systems with the TSA had been rejected and the order will now be sent as per TSA’s delivery schedule.
McGann further added that in the past few months, Implant Sciences reported the receipt of numerous orders from European nations for aviation security. The first order was for 75 QS-B220 in the Netherlands. Then, the company received an order for 66 QS-B220 systems in Norway, and third order was for 25 QS-B220 systems for one of the main airports in France.
In last trading session, the stock price of Implant Sciences surged more than 1% to close the trading session at $0.700. The gains came at a share volume of 378,571 compared to average share volume of 181,269.