Global life sciences company SeraCare Life Sciences Inc. today reported its financial results and recent corporate highlights for its first quarter of fiscal year 2011, ended December 31, 2010, noting recent corporate highlights leveraging its long-term goals.
SeraCare reported first-quarter revenue of $10.5 million, a 7 percent decrease compared to $11.3 million for the same quarter of the prior year.
Gross margins decreased to 38 percent for the quarter compared to 44 percent for the same quarter of the prior year. The company earned net income of $1.6 million for the first quarter, which included a non-recurring reorganization benefit of $0.8 million, or $0.08 earnings per share, compared to net income of $1.3 million, or $0.07 and earnings per share, reported during the same period in fiscal 2010.
“In the first quarter of fiscal 2011 we took important steps to position ourselves to achieve our long-term strategic goal of doubling SeraCare’s revenues during the next three to four years. As we stated during our previous earnings conference call, we anticipated a moderation in our revenues during the first half of fiscal 2011 as we implement comprehensive sales force improvements and completed our work under a significant services contract,” Susan Vogt, president and CEO of SeraCare stated in the press release.
The company noted that it achieved seventh consecutive quarter of profitability during the first quarter of fiscal 2011; entered into a loan agreement of $20.0 million; initiated optimization of sales organization to increase growth and pharmaceutical product sales in North America and Europe. SeraCare also launched five new products in the first fiscal quarter of 2011 and generated $1.4 million in cash from operations during the quarter ended December 31, 2010, marking the company’s eighth consecutive quarter of positive cash from operations.
Gregory Gould, SeraCare CFO, said the company increased its cash balance and that he believes the company is positioned to improve in the second half of fiscal 2011.
“During the first quarter, SeraCare increased its cash balance to $16.2 million, maintaining our consistent ability to generate cash. We are well positioned to apply the strength of our balance sheet to drive SeraCare’s future growth,” Gould stated. “We are also making adjustments in each of our business segments that we believe will improve gross margins across our business in addition to the increased revenues projected during the second half of fiscal 2011.”
For more information visit www.seracare.com