WEST LAFAYETTE, Ind.--(BUSINESS WIRE)--Bioanalytical Systems, Inc. (NASDAQ:BASI) (“BASi” or the “Company”) today announced financial results for the full fiscal year and fourth quarter ended September 30, 2016.
Full Year Results
For the twelve months ended September 30, 2016, revenues decreased 9.9% to $20,441,000 from $22,698,000 in fiscal 2015.
Service revenue for fiscal 2016 decreased 10.4% to $15,924,000 compared to $17,768,000 for fiscal 2015. Our Service revenue was negatively impacted by fewer bioequivalence studies in fiscal 2016 versus fiscal 2015, as well as fewer samples received and analyzed in fiscal 2016. Service revenue was also negatively impacted by the increase in method development and validation projects, which generate lower revenue but involve more dedicated resources. These declines were partially offset by an increase in our preclinical services revenue in fiscal 2016, due to an increase in the number of studies from the prior year.
