SeraCare turns a corner during the second half of 2009

November 19, 2009 by MassDevice staff

The Milford, Mass.-based life sciences service provider posts its second profitable quarter in a row as it closes out the year, but full-year net losses still widen.

SeraCare Life Sciences Inc. (SRLS) posted its second profitable quarter in a row to close out fiscal 2009, but net losses for the full year still widened by nearly 30 percent.

The Milford, Mass.-based life sciences service provider reported sales of $12.5 million during the three months ended Sept. 30, up 9.5 percent compared with $11.4 million during the same period last year. Fourth-quarter net income was $1.4 million, compared with a net loss of $10.4 million during Q4 2008.

But net losses for the full year rose 28.6 percent to $15.4 million, compared with $12 million during fiscal 2008, on sales of $44.4 million and $49 million, respectively — itself a 9.3 percent decline in revenues.

Excluding a $15.7 million hit from having to hold on to its former headquarters in West Bridgewater, Mass., which had languished on the market since 2008 before selling for $1.35 million in October, operating profits for the full year were $600,000.

SeraCare spent much of the year cutting back on its research and development and selling, general and administrative expenses. Its R&D burn went from $1.8 million in 2008 to $1.1 million during the just-finished year, a 36.8 percent reduction. The company cut its SG&A burn by nearly 15 percent, from $16.1 million last year to $13.7 million during fiscal 2009.

"SeraCare's 2009 operating initiatives resulted in a strong financial position at the end of the year and we anticipate sustained and profitable growth in 2010," CFO Gregory Gould said in a statement.