OREM, Utah, May 16, 2022 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries, today announced financial results for the first quarter of 2022.
“The first quarter of 2022 showed an increase of 34% in revenue and a 51% increase in income from operations over the same period last year. The marketing emphasis on the growing cryogenic freezing and storage market is paying off for Reflect,” stated Mr. Kim Boyce, CEO of Reflect Scientific.
The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three months ended March 31, 2022 and 2021:
| Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Increase (Decrease) | |||||
| Revenue | $ | 753,576 | $ | 562,362 | $ | 191,214 | |
| Cost of Goods Sold | 234,289 | 143,795 | 90,494 | ||||
| Gross Profit | 519,287 | 418,567 | 100,720 | ||||
| Operating expenses: | |||||||
| Salaries and wages | 170,279 | 136,604 | 33,675 | ||||
| Research and development expense | 25,325 | 8,697 | 16,628 | ||||
| General and administrative expense | 117,178 | 136,763 | (19,585 | ) | |||
| Total operating expenses | 312,782 | 282,064 | 30,718 | ||||
| Income (loss) from operations | 206,505 | 136,503 | 70,002 | ||||
| Other income (expense) | - | *111,265 | (111,386 | ) | |||
| Net income (loss) | $ | 206,505 | $ | 247,768 | $ | (41,263 | ) |
*Covid-19 Paycheck Protection Program loan one time event
About Reflect Scientific, Inc.
Based in Orem, Utah, Reflect Scientific develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific’s products are low-temperature freezers and refrigerated systems for laboratory, transportation, and computer server room uses. Visit www.reflectscientific.com for more information. See us on Twitter @ReflectSci and LinkedIn www.linkedin.com/company/reflect-scientific.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of the Company that are contained in the OTC Markets Group, LLC under the trading symbol “RSCF” and related prior filings by the Company that are referenced therein and contained in the EDGAR Archives of the Securities and Exchange Commission under the heading “Disclosure,” including those identified in such filings as “forward-looking statements.”
