Cannabis testing and analytics firm Digipath, Inc. (OTCQB: DIGP) reported a 26% increase in revenue to $808,930 for the first quarter of 2020 ending December 31, 2019. This is compared to $642,115 in the first quarter of 2019, and gross profit of $403,449, which rose approximately 152% over the comparative quarter in 2019. The company was able to trim its first-quarter net loss to $220,427 versus $462,174 for the same time period in 2018, an improvement of $241,747, or 52%.
“We continued to realize revenue growth and improved margins in our first fiscal quarter of 2020, and have been making significant strides to diversify our business units to take advantage of the scientific data we’ve compiled,” said Kyle Remenda, Digipath’s President and CEO. “I am very excited about the development of our Tru-Hemp ID Kit and SabIR handheld devices, and hope to be able to bring them to market in the current year all while continuing to improve the operations of our core asset.”
The company also said in a statement that it had made continued progress on the development of our SabIR device, which is its fully-integrated NIR spectrometer that will enable instant field testing for THC, CBD and CBG markers in the field. It also purchased a new Triple Quad 6500+ at the end of the quarter, which we expect will generate significant productivity improvements and cost savings once placed in service during the second fiscal quarter of 2020.