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BASi Continues Revenue Growth in Third Quarter of Fiscal 2019
WEST LAFAYETTE, IN, August 14, 2019 -- Bioanalytical Systems, Inc. (NASDAQ:BASI) (“BASi”, the “Company”, “We” or “Our”) today announced financial results for the three and nine months ended June 30, 2019.
Robert Leasure, Jr., BASi’s President and Chief Executive Officer commented, “Our financial results for the third quarter met our expectations and we are pleased with our momentum. We saw revenue growth of 16% over the 2nd quarter of 2019 and overall revenue growth of 66.1% over the first nine months of 2018, including growth attributable to both the Seventh Wave acquisition and the Smithers Avanza acquisition. 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. We are beginning to see the results we envisioned from our strategic initiatives and the extraordinary hard work across the company.”
Mr. Leasure continued, “During this recent quarter, we completed the acquisition of Smithers Avanza’s toxicology facility in Gaithersburg, Maryland, our second acquisition within one year. We have taken, and continue to anticipate taking, advantage of immediate capacity and further capitalizing on the assets and broadened scientific expertise acquired via the Smithers Avanza acquisition to reach additional clients. The Evansville new building expansion and facility improvements continue to move forward. We obtained funding to support our acquisitions and expansion, and other improvements to our facilities and equipment, to allow for continued growth and to enhance our scientific capabilities and client experiences. We continue to invest in further integrating our facilities to develop existing facilities and services into “Centers of Excellence” to distinguish our services in the industry, and will continue to evaluate additional opportunities for internal and external growth. ”
“Our team at BASi is very proud of what we have accomplished over the last year and we look forward to the future that we are building together,” Mr. Leasure concluded.
Third Quarter Results
For the quarter, revenue amounted to $10,861,000, a 79.8% increase from $6,039,000 in the third quarter of fiscal 2018. Revenue growth was mainly driven by the incremental sales associated with the Seventh Wave and Smithers Avanza acquisitions, plus increased organic sales in the Services segment.
Net loss for the third quarter of fiscal 2019 amounted to $426,000, or $0.04 per diluted share, compared to a net loss of $75,000, or $0.01 per diluted share for the third quarter of fiscal 2018.
Net income and earnings per share were impacted by, among other factors, the mix of revenues, recruiting and relocation of management and scientific teams and growing the employee base, acquisition related costs, as well as higher sales and marketing expenses. The higher sales and marketing expenses are driven by our focus on promoting our combined brand and revenue growth.
The following information was filed by Bioanalytical Systems Inc (BASI) on Wednesday, August 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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