West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting a fiscal first quarter net loss of $85,000, compared to net income of $26,000 during the same period the previous year. Despite the drop, the company says quarterly revenue increased more than 60 percent.
BASi, which provides contract research services and instrumentation to the life sciences industry, says the revenue growth is largely due to incremental sales associated with its acquisition of Missouri-based Seventh Wave Laboratories LLC. Chief Executive Officer Robert Leasure says the company continues build toward future growth.
“We are beginning to see our services backlog grow as we promote our combined brand and vision for our future. We will continue to focus on and invest in business development and marketing efforts to drive revenue growth in the current year and beyond," said Leasure. "Additionally, we will also continue to invest in our business, equipment and people while delivering excellent data and results for our clients. As we focus on these organic growth initiatives, we will continue to evaluate other options to grow the company."
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