West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting fiscal full-year net income of $884,000, compared to a net loss of $3.2 million last year. Chief Financial Officer Jill Blumhoff says the turn to profitability is due to continued strong demand for preclinical and pharmaceutical analysis services.
Blumhoff adds the company’s archive revenue initiative also strongly contributed to the financial turnaround. She says BASi is optimistic about opportunities for further growth over the next fiscal year and beyond.
"We plan to continue investing in new product development opportunities and further develop and expand our relationships with our distributors, resellers and strategic partners in our products business," said Blumhoff. "We are investigating a possible expansion for our preclinical services facilities and we intend, among other initiatives, to enhance the scientific expertise of our staff and upgrade the laboratory equipment for our other service offerings."
BASi is also reporting fiscal fourth quarter net income of $229,000, compared to a net loss of $2 million during the same quarter last year. You can connect to the full earnings report by clicking here.