In support of its new product development initiative announced in the second quarter, Dyadic is expanding its Netherlands research facility by 40%. The expansion should be complete by the end of the fourth quarter. To offset the additional cost, Dyadic is closing its Greensboro, NC laboratory and relocating the capabilities. In addition, Dyadic took cost reduction actions in IT and with certain external service providers during the quarter. The full financial impact of these cost reductions will be seen during fiscal year 2014.
During the quarter, Dyadic received the approval of its thirteenth patent issued in the U.S. and 54th patent worldwide. The patent is related to methods of developing and producing a variety of fungal enzymes. The patent addresses methods to use novel enzymes in a variety of processes, including washing of clothing, detergent processes, bio-refining, de-inking and bio-bleaching of paper and pulp, and treatment of waste streams.
Financial Results for the Quarter Ended September 30, 2013 vs. September 30, 2012Total revenue for the third quarter increased to $3.5 million compared to $2.5 million for the third quarter last year. The increase in total revenue as compared to the same period last year was driven by a 55% increase in product related revenue, which was offset by a $211,000 decrease in research and development revenue.
Net product-related revenue for the third quarter increased to $3.2 million compared to $2.1 million for the third quarter last year. The increase was attributable to newly added sales chann
|SOURCE Dyadic International, Inc.|
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