Digipath, Inc. Announces Second Fiscal Quarter 2017 Results Highlighting 252% Increase in Revenue

LAS VEGAS, May 12, 2017

Second Fiscal Quarter 2017 Company Highlights

• Ended quarter debt free with $429,425 of working capital, including $277,560 of cash on hand
• Ended quarter with $497,049 of net sales, a quarter over quarter growth rate of approximately 21% from the previous quarter's net sales of $409,751, and a 252% increase on a year over year basis
• Reduced our net loss by 50% over the comparative quarter, or $(222,597), from $(446,197) for the comparative three months ended March 31, 2016 to $(223,600) for the three months ended March 31, 2017, and improved our net loss for the first half of the fiscal year by $1,829,298, from $(2,179,058) for the comparative six months ended March 31, 2016 to $(349,760) for the six months ended March 31, 2017
• Our Adjusted EBITDA for the quarter was $(58,428), compared to Adjusted EBITDA of $(86,637) for the previous fiscal quarter, an improvement of approximately 33% on a quarter over quarter basis
• Our Adjusted EBITDA for the six months ended March 31, 2017 was $(145,065), compared to Adjusted EBITDA of $(624,337) for the comparative six months ended March 31, 2016, an improvement of approximately 77% on a year over year basis

The table below shows the preliminary results and key metrics (revenue data pertains to our Nevada lab operations only):

	Quarterly Data								Quarterly Data
	FYE September 30, 2016 ARIVA.DE Börsen-Geflüster Kurse DigiPath -   0,00%								FYE September 30, 2017
	Q1 2016		Q2 2016		Q3 2016		Q4 2016		Q1 2017		Q2 2017
Revenues (Thousands)	102		141		264		311		410		497
Lab Revenue Growth (%YOY)	-		-		-		-		301.18%		252.23%
Gross Profit Margins (%)	31.47%		39.51%		61.12%		60.81%		50.18%		55.54%
Return on Equity (%)	-10.23%		-31.39%		-80.77%		-164.43%		-10.23%		-15.27%
Return on Assets (%)	-7.02%		-24.05%		-60.29%		-112.20%		-8.79%		-14.92%

Adjusted EBITDA

We define Adjusted EBITDA as net earnings (loss) before (i) other income (expense), (ii) interest income, (iii) interest expense, (iv) bad debts, (v) depreciation and amortization, (vi) impairment of development costs, (vii) non-cash expenses relating to share based payments recognized under ASC Topic 718, (viii) gain on early extinguishment of debt, and (ix) equity in losses of unconsolidated entity. We believe the use of this non-GAAP financial measure provides useful information to investors regarding our current financial performance; however, Adjusted EBITDA does not represent, and should not be considered an alternative to GAAP measurements. Specifically, we believe Adjusted EBITDA results provide useful information to both management and investors by excluding certain income and expenses that our management believes are not indicative of our core operating results, we believe that non-GAAP financial measures have limitations and do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that Adjusted EBITDA should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. A reconciliation of Adjusted EBITDA to net loss is included below:

DIGIPATH, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(Unaudited)
	For the Three Months Ended				For the Six Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Net loss	$       (223,600)		$       (446,197)		$       (349,760)		$    (2,179,058)
Add back:
Other income	(106,000)		(12,000)		(260,000)		(30,000)
Interest income	(2,500)		(2,500)		(5,000)		(5,000)
Bad debts expense	6,804		13,250		23,754		303,021
Depreciation and amortization	61,420		61,138		123,073		122,230
Stock based compensation	205,448		74,111		322,868		183,921
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