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SeraCare Life Sciences, Inc. (SRLS) Reports Fiscal Year 2011 and Fourth Quarter Financial Results


11/17/2011 12:22:23 PM

MILFORD, Mass., Nov. 17, 2011 /PRNewswire/ -- SeraCare Life Sciences, Inc. (NASDAQ: SRLS), a global life sciences company providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics, today reported financial results for its 2011 fiscal fourth quarter and year ended September 30, 2011.

(Logo: http://photos.prnewswire.com/prnh/20110324/NE70714LOGO )

"During the fourth quarter, we drove an improvement in the direction of our product sales, halting a four-quarter trend of year-over-year declines," said Greg Gould, Interim President, Chief Executive Officer and Chief Financial Officer. "We believe this improvement is a direct result of our new sales strategy. Specifically, we executed on a high-touch customer interaction initiative to educate key accounts on the full scope of our product portfolio and to deliver exceptional serviceresulting in new sales opportunities from existing customers. In addition, we continued to expand our offerings by introducing 12 new products designed to improve patient care during the quarter. We introduced 24 new products in fiscal 2011.

"While, as anticipated, revenues are down in comparison to fiscal year 2010, we have made significant progress in our underlying business operations," said Gould. "We are confident that the actions we're taking and the momentum we are generating will lead to improved top and bottom line financial performance in 2012."

For the quarter ended September 30, 2011, SeraCare reported revenue of $11.0 million, a 17.3 percent decrease compared to $13.3 million in revenue for the quarter ended September 30, 2010. Gross margins remained relatively flat at 39.0 percent, compared to 39.1 percent for the same quarter in the prior year. The Company reported a net loss of $831,000, or ($0.04) per share on a basic and diluted basis, compared to net income of $2.0 million, or $0.11 per share on a basic and diluted basis, for the year ago quarter. The decline in earnings per share was primarily due to $1.4 million of costs related to severance charges and the evaluation of strategic alternatives over the quarter.

For the year ended September 30, 2011, SeraCare reported revenue of $43.5 million, a 13.7 percent decrease compared to $50.4 million in revenue for the year ended September 30, 2010. Gross margins decreased to 38.5 percent compared to 41.3 percent for the prior year. The Company earned net income of $2.7 million and earnings per share on a basic and diluted basis of $0.14, compared to net income of $6.7 million and earnings per share on a basic and diluted basis of $0.36 and $0.35, respectively, during fiscal 2010. The Company continues to maintain a strong balance sheet with $18.1 million in cash and minimal debt.

"SeraCare is executing on plan and with a great sense of urgency to put the Company on a growth trajectory that creates value for our customers and our shareholders," said Joseph Nemmers, Chairman of the Board. "Employees at SeraCare have done an excellent job during this time of transition. While we remain focused on improving the customer experience and our financial results, the Board of Directors, as previously reported, is also evaluating strategic alternatives and will continue to act in the best interest of our shareholders."

Conference Call Information:

SeraCare will host a conference call today, November 17, 2011, at 8:30 a.m. Eastern Time. The conference call will be webcast live over the Internet and can be accessed by logging on to the "Investor Center, Events" section of the SeraCare Life Sciences website at www.seracare.com. The call can also be accessed by dialing (800) 706-7741 (within the United States) or (617) 614-3471 (outside the United States). The passcode for participants is 15885680.

A replay of the call will be available approximately two hours after the live call concludes through November 24, 2011. To access the replay, dial (888) 286-8010 (within the United States) or (617) 801-6888 (outside the United States). The passcode is 93812436. The webcast will also be archived on the Company's website.

About SeraCare Life Sciences, Inc.:

SeraCare serves the global life sciences industry by providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics. The Company's innovative portfolio includes diagnostic controls, plasma-derived reagents and molecular biomarkers, biobanking and contract research services. SeraCare's quality systems, scientific expertise and state-of-the-art facilities support its customers in meeting the stringent requirements of the highly regulated life sciences industry.



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