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Thursday, Sep 28, 2023

Briefs: Simulations Plus, GrowLife

Simulations Plus Inc. on Wednesday reported lower earnings and revenue in its fiscal second quarter, the result of delayed orders from customers. The Lancaster company, which makes software for drug-industry clinical trials, reported net income of $809,864 (5 cents a share) for the second quarter ended Feb. 28, compared to $1 million (6 cents) for the same quarter a year ago. Revenue declined 1 percent to $3 million. Analysts on average had expected earnings of 7 cents a share on revenue of $3.5 million, according to Thomson Financial Network. Chief Executive Walt Woltosz said timing issues at two customers lowered the company’s revenue about $350,000 for the quarter. “A customer decided to move a renewal order for a software license to the third quarter to synchronize it with their other licenses, and one study contract was delayed for legal review by another customer,” he said in a statement. “Both of those orders have now been received and will, of course, bolster our third quarter.” Shares closed up 3 cents, or a fraction of a percent, to $6.15 on the Nasdaq. GrowLife Inc. has struck a deal to distribute the VegaMatrix line of organic plant foods used to grow marijuana. The Woodland Hills seller of marijuana-growing equipment is partnering with Pure Life Veganix Inc. in the distribution agreement that it expects will capture about 3 percent of the expanding supplements market. Sterling Scott, chairman and chief executive of Grow Life, said the partnership with the Scottsdale, Ariz. nutrient supplier will support organic growers in clean-crop production. “VegaMatrix products have proven best in class, as evidenced by the top industry awards and accolades from its loyal following of early stage customers,” said Sterling, in a prepared statement. Pure Life Veganix is owned by marijuana cultivator and entrepreneur Kyle Kushman. Its VegaMatrix line of plant foods and nutrients is sold online and through retail outlets in five states, including California. Shares in GrowLife closed down 3 cents, or about 5 percent, to 50 cents on the OTC Bulletin Board.

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