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Scientific Industries, Inc. (OTC:SCND), a $9.56 million market cap company currently trading at $0.73, announced several corporate changes on Friday, according to a statement based on a recent SEC filing. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value estimate, despite facing recent operational challenges.
On August 22, 2025, the company’s Board of Directors, following the recommendation of the Audit Committee, approved the dismissal of Forvis Mazars, LLP as its independent registered public accounting firm. Forvis Mazars, LLP had served as the company’s auditor from November 30, 2023, through August 22, 2025. The auditor’s reports during this period did not contain any adverse opinions, disclaimers of opinion, or modifications regarding uncertainty, audit scope, or accounting principles. The company reported that there were no disagreements or reportable events with Forvis Mazars, LLP as defined under applicable SEC regulations.
Effective the same day, Scientific Industries engaged Berkowitz Pollack Brant Advisors + CPAs as its new independent registered public accounting firm. The company stated that it did not consult with Berkowitz Pollack Brant Advisors + CPAs on any accounting principles, auditing matters, or financial reporting issues prior to the engagement.
In addition, Scientific Industries announced the appointment of Zachary Rovinsky as Chief Financial Officer, replacing Helena Santos, who had served as interim CFO since May 20, 2025. Santos will continue in her roles as Chief Executive Officer, Treasurer, and Secretary.
Mr. Rovinsky, age 58, has over thirty years of experience in financial accounting and management. Prior to joining Scientific Industries, he served as Director of Finance at Maharam Fabric Corporation, a division of MillerKnoll (NASDAQ:MLKN), from August 2022 to June 2025. His previous roles include Director of Finance at Alcott HR, VP Controller at Screenvision, Director of Finance at WWE (NYSE:WE), and Assistant Divisional Controller at Cablevision Systems Corp (NYSE:CVC). Rovinsky is a Certified Public Accountant and holds a Bachelor of Administration in Accounting from Hofstra University.
The company reported no family relationships or related transactions between Mr. Rovinsky and any director or executive officer. His compensation includes an annual salary of $200,000, eligibility for a target bonus of 10% of base salary, and participation in the 2025 Equity Incentive Plan.
All information is based on a press release statement filed with the Securities and Exchange Commission. For deeper insights into Scientific Industries’ financial health, governance metrics, and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US equities with expert analysis and actionable intelligence.
In other recent news, Scientific Industries reported a significant 66% increase in revenue for the second quarter of 2025 compared to the previous quarter. Despite this quarterly growth, there was a year-over-year revenue decline of $140,000. The company is focusing on AI and bioprocessing technologies, which has led to increased engagement from major biopharma clients. These developments are part of the company’s ongoing strategy to pivot towards these emerging sectors. Additionally, no significant stock movement was noted following the earnings announcement. There were no updates on any mergers or acquisitions. Analysts have not provided recent upgrades or downgrades for Scientific Industries. These recent developments highlight the company’s current financial and strategic position.
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