SeraCare Life Sciences, Inc. Reports 9 Percent Revenue Growth in First Quarter Fiscal Year 2012
Published: Feb 10, 2012
MILFORD, Mass., Feb. 10, 2012 /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 2012 fiscal first quarter ended December 31, 2011.
For the quarter ended December 31, 2011, SeraCare reported revenue of $11.4 million, a 9 percent increase compared with $10.5 million for the quarter ended December 31, 2010. Gross margins increased 6 percentage points to 44 percent, compared with 38 percent for the same quarter in the prior year. The Company reported net income of $1.0 million, or $0.05 per share, on a basic and diluted basis, compared with net income of $1.6 million, or $0.08 per share, on a basic and diluted basis, for the same quarter in fiscal 2011.
"Our new sales strategy has driven improved revenue for SeraCare, and we remain sharply focused on exceeding customer expectations," said Gregory Gould, Interim President and Chief Executive Officer and Chief Financial Officer. "We expect this momentum to continue into the next quarter as we compete for and win business from both new and existing clients. In addition, we continue to work diligently to explore strategic alternatives to enhance shareholder value and will update shareholders when the process is completed and the Board of Directors makes a recommendation."
The Company posted non-GAAP net income of $1.4 million, or $0.07 per share, for the fiscal 2012 first quarter compared to non-GAAP net income of $0.7 million, or $0.04 per share, for the fiscal 2011 first quarter. Non-GAAP net income for the fiscal 2012 first quarter excluded costs of $0.4 million for the exploration of strategic alternatives. Non-GAAP net income for the fiscal 2011 first quarter excluded a benefit of $0.8 million associated with the refund of unused escrow funds.
In the first quarter of fiscal 2012, Diagnostic & Biopharmaceutical Products revenue rose 21 percent to $8.8 million from $7.3 million during the same period in fiscal 2011. The BioServices business posted revenue of $2.5 million, a 20 percent decline from $3.2 million during the same period in fiscal 2011.
The Company continues to generate strong cash flow and maintain a healthy balance sheet with $19.5 million in cash and virtually no debt.
Conference Call Information:
SeraCare will host a conference call today, February 10, at 8:30 a.m. ET. 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 (866) 804-6927 (within the United States) or (857) 350-1673 (outside the United States). The passcode for participants is 11801041.
A replay of the call will be available approximately two hours after the call concludes through February 17, 2012. To access the replay, dial (888) 286-8010 (within the United States) or (617) 801-6888 (outside the United States). The passcode is 89716522. 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.