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Lab-grown Diamond Producer Scio’s 2Q Revenue Doubles, Net Loss Widens 8%

Nov 17, 2015 7:28 AM   By Rapaport News
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RAPAPORT... Lab-grown diamond producer Scio Diamond Technology Corporation reported sales more than doubled in the second quarter following an increase in the production of single-crystal colorless stones.

Revenue surged to $236,292 in the three months that ended September 30, the Greenville, South Carolina-based company said in a statement. Cost of goods sold jumped 13 percent to $461,279 from a year ago and the net loss rose 8 percent over the same period to $809,588.

“We are pleased to report revenue growth, an outcome of the company’s increased production capacity that is allowing us to manufacture our single-crystal type-IIa colorless diamonds in higher volume and quality,” Scio’s president and chief executive officer Gerald McGuire said. “As our business and the market evolve together, we are intensifying efforts to increase our growth velocity.”

During the quarter, the company secured $1.6 million in equity finance from a private placement to fund product development and working capital. McGuire said earlier this year the company was planning to double production at its Greenville base with the help of $2.5 million in funding from Heritage Gemstone Investors.

In the six months to September, revenue rose about two-fold to $408,467, while the net loss was cut 4 percent to $1.7 million, according to the statement.
Tags: lab-grown diamonds, Rapaport News, scio, Scio Diamond Technology Corporation, Synthetics
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