West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting a fiscal second quarter net loss of $569,000, compared to net income of $66,000 during the same period last year. Despite the drop, the pharmaceutical development company saw a 60 percent increase in revenue for the quarter.
BASi says the revenue growth was driven largely by incremental sales associated with last year’s acquisition of Missouri-based Seventh Wave Laboratories LLC. However, the company’s net income was impacted by "the mix of revenues, recruiting and relocation of the management team and growing the employee base, and higher sales and marketing expenses."
Chief Executive Officer Robert Leasure says the results are in line with the company’s expectations for the fiscal year.
"This quarter we were able to recruit and fill open leadership and scientific team positions that are critical to meeting the future expectations of our clients, employees and shareholders," said Leasure. "We have continued the integration process of the Seventh Wave acquisition, and on May 1, 2019, completed the acquisition of Smithers Avanza’s toxicology facility in Gaithersburg, Maryland. The new building expansion and facility improvements in our Evansville facility continue to move forward. We obtained funding to support these initiatives and other improvements to our facilities and equipment to support future growth and enhance our scientific capabilities and client experiences. We are proud of the foundation we continue to build for the future."
You can connect to the full earnings report by clicking here.
Editor’s Note: A previous version of this story noted the net loss in millions, rather than thousands.