BASi Swings to Quarterly Loss

Posted: Updated:
WEST LAFAYETTE -

West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting a fiscal second quarter net loss of $569,000, compared to net income of $66,000 during the same period last year. Despite the drop, the pharmaceutical development company saw a 60 percent increase in revenue for the quarter.

BASi says the revenue growth was driven largely by incremental sales associated with last year's acquisition of Missouri-based Seventh Wave Laboratories LLC. However, the company's net income was impacted by "the mix of revenues, recruiting and relocation of the management team and growing the employee base, and higher sales and marketing expenses."

Chief Executive Officer Robert Leasure says the results are in line with the company's expectations for the fiscal year.

"This quarter we were able to recruit and fill open leadership and scientific team positions that are critical to meeting the future expectations of our clients, employees and shareholders," said Leasure. "We have continued the integration process of the Seventh Wave acquisition, and on May 1, 2019, completed the acquisition of Smithers Avanza’s toxicology facility in Gaithersburg, Maryland. The new building expansion and facility improvements in our Evansville facility continue to move forward. We obtained funding to support these initiatives and other improvements to our facilities and equipment to support future growth and enhance our scientific capabilities and client experiences. We are proud of the foundation we continue to build for the future."

You can connect to the full earnings report by clicking here.

Editor's Note: A previous version of this story noted the net loss in millions, rather than thousands.

  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Aasif Bade (pictured left) is president and Patrick Chittenden (pictured right) is executive vice president of Ambrose Property Group.

      Waterside Developer: City Has 'Violated Our Rights'

      The chief executive officer of Indianapolis-based Ambrose Property Group says the firm is preparing for litigation regarding the future of the former GM Stamping Plant site. In a response to a letter from the city of Indianapolis this week, Aasif Bade says the city's continued threat of acquiring the site of the $1.4 billion Waterside redevelopment project through eminent domain "has violated our rights and is harming the community by putting Waterside in a state...

    • Purdue Global Now Offers Analytics Degree

      The U.S. Bureau of Labor Statistics reports that jobs in the field of data analysis are projected to grow 26 percent over the next ten years. Acting upon that data, Indianapolis-based Purdue University Global has launched a new Bachelor of Science degree program in analytics. 

    • Bob Stutz

      New Role For Salesforce Exec

      After three years on the job, Salesforce Marketing Cloud Chief Executive Officer Bob Stutz is moving into a new role. Stutz, who will remain in Indianapolis, is now executive vice president of strategic partners at Salesforce (NYSE: CRM).  Since arriving in Indianapolis, Stutz has overseen the establishment of the company’s regional headquarters in downtown Indianapolis, which included the Salesforce name being placed atop the state’s tallest building.

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • (photo courtesy of SupplyKick)

      SupplyKick Moving to Former Angie's List Campus

      An Indianapolis-based tech company is moving from its location near Mass Ave to the former Angie's List campus. SupplyKick, which helps businesses optimize their retail presence on Amazon, says the decision to relocate to the area, now known as Elevator Hill, is the result of continued growth and the need for more office and warehouse space. In an interview with Inside INdiana Business, Vice President of Marketing Peter Lazarz said Elevator Hill was a great fit for the...