Global life sciences company SeraCare Life Sciences Inc. (NASDAQ: SRLS) has today reported its third quarter fiscal results for the period ending 30 June 2010, showing revenue growth of 10% at $13.0 million compared to $11.8 million in the prior year quarter. Q3 2010 marks SeraCare's fifth consecutive quarter of profitability and its fourth consecutive quarter in which it has posted more than $2 million in operating cash flow.
The Milford-based company, which emerged from bankruptcy two years ago and makes products and provides services used in drug discovery, development and research, reported net income of $1.3 million, or 7 cents per diluted share, compared with profits of $697,000, or 4 cents per diluted share during Q3 2009. It also increased its bioservices revenue by 28% and diagnostic and biopharmaceutical revenue by 4% for Q3 2010.
"We continue to implement a number of initiatives to support our ongoing growth, most recently announcing the addition of two new suites of products to our core offerings in HIV and infectious disease,” said president and CEO Susan Vogt in a statement.
In addition, the company developed a new series of controls in the ACCURUN portfolio for the detection of Chlamydia trachomatis and Neisseria gonorrhoeae (CT/NG), optimized for use on the three most popular assays currently on the market. SeraCare also launched its global patient samples program in alliance with a large European reference laboratory, allowing researchers access to single test, remnant samples inventoried by test results, gender, age and sample type. Over 2,000 test parameters are listed for the 50,000 samples that are tested daily.
Vogt continued: “The expansion of our product portfolio ensures that we offer customers one of the most comprehensive reference platforms available and we believe these, and additional offerings, will support growth in revenues and the expansion of our customer base over the remainder of fiscal year 2010 and into fiscal 2011."
Due to the company`s increased operating cash flow, it has been able to strengthen its balance sheet, reporting $12.7 million of available cash and lowering its debt to less than $0.1 million as of 30 June 2010.
SeraCare`s portfolio includes diagnostic controls, plasma-derived reagents and molecular biomarkers, biobanking and contract research services.