BusinessUniversal Detection announces record revenues

Last week Universal Detection Technology, which sells detection technology for biological, chemical, and radiological threats, reported its highest revenues for its third quarter in more than three years.

Universal Detection saw its third quarter revenues increase 6,000 percent to $113,519 compared to $1,821 for the same period last year.

The company attributes its record revenues to high demand for its radiation detection equipment domestically and abroad, largely driven by the nuclear crisis in Japan sparked by the 11 March earthquake and tsunami.

“We are seeing substantial revenue growth largely due to the demand for Radiation Detection in Japan. We look forward to continuing our efforts in Japan and worldwide,” said Jacques Tizabi, the chairman and CEO of Universal Detection.

Current demand for radiation detectors has far exceeded supply, but with manufacturers ramping up production, supplies are expected to close the demand gap in the long term.

The company predicts that when the market settles, the new equilibrium will be at much higher quantities than before the Japanese nuclear disaster at the Fukushima Daiichi power plant. Universal Detection believes the events in Japan have created an increased global awareness of the dangers of radiation, especially in food.

According to Tizabi, the company is also at work on a new series of radiation detection products designed to meet the changing needs of consumers.

“Management recently returned from Tokyo where we had the opportunity to meet with customers and prospects, along with medical professionals and ordinary citizens and discuss long term planning for radiation detection,” Tizabi said. “As a result, as previously announced, we are now developing a new radiation detector which will communicate results via Bluetooth to a smartphone. We are anticipating launching the new device in the second quarter of 2012.”