West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting a fiscal second quarter net loss of $588,000, compared to a loss of $569,000 during the same period last year. Despite the drop, the pharmaceutical development company says it saw a 60% increase in revenue for the quarter.
Chief Executive Officer Robert Leasure says the results are due to an increase in overhead and corporate expenses related to its 2019 acquisitions as well as expenses to support internal growth and infrastructure development.
“Our financial results for the first six months of fiscal 2020 were positively impacted by increases in sales and margins from the internal growth the company has been experiencing in the service business and acquisitions. During the COVID-19 pandemic, we have continued our operations to support our clients in their efforts toward drug discovery and development, including working with multiple clients, at our multiple sites, on a variety of therapy or vaccine candidates for COVID-19.”
You can connect to the full earnings report by clicking here.