BASi Quarterly Loss Widens
West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) reported a net loss during its third quarter of $426,000, compared to a loss of $75,000 during the same period last year. But it’s an improvement from second-quarter losses of $569,000.
The company saw revenue reach $10,861,000, a 79 percent increase compared to Q3 of 2018.
“Even though the third fiscal quarter included over $200,000 in acquisition related cost, net income improved as compared to the second quarter. Our quoting activity and services backlog continue to grow as a result of the acquisitions and investments in sales and marketing,” said President and CEO Robert Leasure, president and CEO of BASi. “We are beginning to see the results we envisioned from our strategic initiatives and the extraordinary hard work across the company.”
During the quarter, BASi completed the acquisition of Smithers Avanza’s toxicology facility in Maryland, the company’s second acquisition of the year.