BASi Net Loss Widens in Fourth Quarter
West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting fiscal full-year net loss of $4.7 million, compared to a net loss of $0.8 million in 2019. Chief Executive Officer Robert Leasure said the company faced “tremendous challenges related to COVID-19” in 2020.
The company is also reporting fourth quarter net loss of $1.8 million, compared to net income of $0.3 million during the same period last year.
“As a result of the pandemic, we experienced customer delays or pauses of studies, and there were other pandemic-related impacts on our employees, suppliers and clients,” said Leasure.
“Despite the challenges, I believe our team stayed focused on making good, long-term decisions to continue our strategy of building our business by adding services, capacity, systems and talent, and enhancing our client services, in order to create a strong foundation for long-term growth,” Leasure said. “We witnessed an increase in quoting and awarded business as we progressed through the fourth quarter and into October. We were also able to complete a major expansion project at our Evansville location, complete the acquisition and integration of PCRS in Fort Collins, CO, complete the integration of our Smithers Avanza Toxicology Services acquisition in Gaithersburg, MD, continue to make significant investments in technology and services for our laboratories, and introduce our new Inotiv name and branding for our service businesses.”
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