SeraCare swings to Q1 profits

February 9, 2010 by MassDevice staff

SeraCare Life Sciences Inc. (NSDQ:SRLS) posted strong first-quarter sales and earnings results, swinging back into the black after posting quarterly losses last year.

The Milford, Mass.-based life sciences service provider posted sales of $11.3 million for the three months ended Dec. 31, 2009, up 21.4 percent compared with $9.3 million during the same period in fiscal 2009. SeraCare reported net income of $1.3 million, or 7 cents per share, for the quarter, compared with net losses of $16.9 million, or 91 cents per share, during Q1 2009.

President and CEO Susan Vogt credited a number of factors for the improved results, including the addition of five new products and 40 new customers, strong international sales and its efforts to streamline operations.

Last October, SeraCare paid off a $10 million revolving credit facility with GE Capital and inked a purchase and sale agreement for its former headquarters in West Bridgewater, Mass., for $1.35 million. In September, the company won a pair of new HIV research contracts from the Centers for Disease Control and the National Institutes of Health and renewed a third NIH contract for a combined $10.8 million.

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