BioLargo sees 3Q revenue rise by 60% with business development efforts paying off

BioLargo Inc (OTCQB:BLGO) posted third-quarter results on Thursday that saw its revenue jump 60% year-over-year on the back of contributions from all four of its divisions and strong business development efforts.

For the period ended September 30, 2020, the Westminster, California-based company, reported revenue of $650,000, compared to $418,000 in revenue in the second quarter of 2019.

The company’s revenues for the nine months ended September 30, 2020, were around $1,600,000, a 20% jump, compared to the $1,324,000 in revenue it generated for the same nine-month period a year earlier.

READ: BioLargo Inc subsidiary Clyra Medical’s COVID-19-inactivating spray Clyraguard now available to the public

Significantly, the company’s balance sheet was bolstered with $3,553,000 of debt converted to equity since December 31, 2019.

In a statement accompanying the numbers, BioLargo CEO Dennis P Calvert commented: “With our subsidiary Clyra Medical Technologies having successfully executed the first phase of the Clyraguard product launch, this quarter set new records for BioLargo, and we expect the next quarter to be even stronger for the company and Clyraguard.”

He added: “We have made a significant investment in building our supply chain capabilities, organizing our marketing team, and dedicated business development efforts, and we expect future periods to continue to improve.”

BioLargo said Clyra is “executing on its comprehensive roll out plan” for Clyraguard, a personal disinfectant spray designed to decontaminate masks and other PPE, which is now available at www.clyramedical.com.

“New manufacturing relationships support capacity of up to 1 million Clyraguard units per month, and ample supply has been placed with distributors across the country,” said the company.

Clyraguard is a hospital-grade, Food and Drug Administration (FDA) registered germicide that can be easily applied on the go, the company said. Most importantly, Clyraguard has demonstrated complete inactivation of SARS-CoV-2, the virus that causes COVID-19, according to recent testing at the University of Texas Medical Branch at Galveston.

BioLargo operates four subsidiaries: Odor-No-More Inc, BioLargo Water Inc, BioLargo Engineering, Science & Technologies Inc (BLEST), and Clyra Medical Technologies Inc.

The company said its BLEST division secured a client contract for a project to use regenerative thermal oxidation for air quality control, which is expected to generate $500,000 in revenue through 2021. BioLargo Engineering also has contracts in place for nearly $1 million in revenue, which will be realized between now through the end of 2021.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors