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Jill C. Blumhoff
Chief Financial Officer
BASi Closes Fiscal 2019 with Strong Fourth Quarter
WEST LAFAYETTE, IN, December 23, 2019 -- Bioanalytical Systems, Inc. (NASDAQ:BASI) (“BASi”, the “Company”, “We” or “Our”) doing business as Inotiv, a leading provider of nonclinical and analytical contract research services, today announced financial results for the three and twelve months ended September 30, 2019.
Robert Leasure, Jr., BASi’s President and Chief Executive Officer commented “In the fourth Quarter of 2019 we have started to see the financial results of many of the improvements and aquisitions over the last 18 months. In fiscal 2019, we continued the integration of the Seventh Wave acquisition, completed in July 2018, and completed the acquisition of Smithers Avanza’s toxicology facility in Gaithersburg, Maryland, in May 2019. We have been able to take advantage of increases in capacity and broadened scientific expertise acquired to reach additional clients. The Evansville new building expansion and facility improvements are substantially complete and are expected to be available for operations the second half of fiscal 2020. In recent weeks, we finalized the acquisition of Pre-Clinical Research Services, Inc., further adding to our capabilities and strong scientific expertise. We have also seen improvements and internal growth in developing our Discovery and DMPK business models. We obtained funding to support our acquisitions, expansion, and other improvements to our facilities and equipment. We have been able to recruit and retain a significant group of talented people. We continue to invest in further integrating our laboratories in our effort to develop existing facilities and services into “Centers of Excellence” in order to distinguish our services within the industry, and will continue to evaluate additional opportunities for internal and external growth. We have also invested in developing improved internal systems. Our services backlog and quoting activities are growing as a result of the acquisitions and investments in sales and marketing, including our recent launch of our new brand, “Inotiv,” and our unwavering focus on the customer experience.”
Mr. Leasure further commented, “ We saw revenue growth of 36.1% compared to the third quarter of 2019 and overall revenue growth of 65.6% compared to fiscal 2018, including growth attributable to internal growth and our acquisitions. We reported net income of nearly $290,000 in the fourth quarter as compared to a net loss in each prior quarter of fiscal 2019. The fourth quarter of 2019 did include $174,000 in acquisition related expenses. Adjusted EBITDA for the fourth quarter of fiscal 2019 amounted to $1,425,000, compared to Adjusted EBITDA for the fourth quarter of fiscal 2018 of $1,029,000.”
The following information was filed by Interpublic Group Of Companies, Inc. (IPG) on Thursday, January 2, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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