Reflect Scientific Inc (OTCMKTS: RSCF) is engaged in the development and manufacturing of scientific equipment for various industries around the world. Its key customers include healthcare facilities, diagnostic laboratories, pharmaceutical firms, research labs, and chemical industries, among others.
The company’s main objective is to serve its customers as per their needs. It has expanded its product portfolio over the years through a series of strategic acquisitions. Some of its notable products include ultra-cold freezers and blast freezers, besides refrigerated transportation and chillers. Moreover, it also supplies OEM products to the life science industry.
Reflect Scientific’s Cryometrix brand ultra-cold and blast freezers are designed for customers who want to save energy expenses related to cryogenic storage. Its extremely low-temperature freezers are also needed by the pharmaceutical firms to store vaccines and samples. Additionally, the need for energy-efficient and reliable ultra-cold storage appliances have increased significantly in recent years. The company is benefitting from the trend by targeting that market with its Cryometrix freezers.
The company outsources most of its manufacturing that allows it to focus on intellectual expertise to design and develop products for multiple industries. Its products compete in the market against big and established rivals, which have a greater ability to reach potential customers in the market.
However, Reflect Scientific’s expertise in the ultra-low freezers enables it to better compete with rivals in those markets. Its refrigeration products mainly compete in the market against big rivals such as Thermo Fisher Scientific Inc. and Sanyo Corp.
Reflect Scientific is always looking for ways to boost its revenue by adding more technologies to its product line. It is also trying to establish itself as a key supplier of cryogenic storage, blast freezing, ultra-cold chain management solution that will help the company to boost its customer base. The company has been able to decrease the overall cost of its products by outsourcing manufacturing to carefully selected third parties.
Most of the company’s revenue comes from a handful of key customers. Therefore, any negative development in relationship with its key customer can severely hurt its revenue. However, Reflect Scientific believes that it has a strong relationship with its clients and the saturation does not pose any threat to its success.
Reflect Scientific stock price significantly rose this month after the U.S. Patent Office awarded the company patent for an ultracold shipping and storage container for air-transportation. The container uses liquid nitrogen technology for refrigeration purposes and could be useful in shipping the Covid-19 vaccines.
The container, based on Cryometrix patented freezing technology, could carry thousand of vaccine doses and users can set the temperature according to their requirements. It supports temperatures as low as -80°C.
Speaking on the newly awarded patent, CEO Kim Boyce said in a statement, “Reflect Scientific is now working with organizations such as the governments’ Operation Warp Speed and air carriers that have the expertise to utilize this storage system for specific customized applications.”
Reflect Scientific last month announced its financial results for the third quarter. It reported revenue of $610,155 for the quarter, representing a surge of more than 66 percent from $366,431 in the comparable period of 2019.
Revenue for the 9 month-period ended September 30 came in at $2,096,869, well above $977,312 in the same period last year.
Reflect Scientific stock has done exceptionally well in 2020. The stock started the year at a price of around $0.04 in January. Its share price plunged to a low of $0.03 in March after the pandemic started. The stock kept trading under a price of $1 per share until December. Earlier this month, its stock price climbed to a high of $2.40 per share on the award of new patents.
Overall, Reflect Scientific share price has skyrocketed about 944 percent on a year-to-date basis. The 52-week range of the stock is $0.0300-$3.3000, while its market cap stands at $39.827 million.