West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting a fiscal third quarter net loss of $879,000, compared to a loss of $426,000 during the same period last year. Despite the drop, the pharmaceutical development company says it saw a 45% increase in revenue growth for the quarter.
The company cites internal growth at existing sites from the expansion of its Evansville facility and investment in its St. Louis facility as contributors to the increase in service revenue and gross margins.
Chief Executive Officer Robert Leasure says, like many others, the company experienced challenges related to the COVID-19 pandemic over the last three months.
“As a critical business, we continued our daily operations during the last quarter, and our team created a safe environment for our employees and our clients,” said Leasure. “We had clients who needed to delay some large programs and we had start dates for programs that were postponed. We also recognized additional revenue with multiple clients, at our multiple sites, on a variety of therapy or vaccine candidates for COVID-19. However, program delay impacts more than offset the additional revenue from working with clients to support COVID-19 drug discovery and development efforts.”
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