Microfluidics International Corp. (OTC:MFLU) logged its third consecutive profitable quarter during the three months ended March 31, posting a 21 percent top-line increase.
The Newton, Mass.-based material-processing tools maker posted net income of $106,000, or 1 cent per share, on sales of $4.3 million during the first quarter. That compares with a net loss of $690,000, or 7 cents per share, on sales of $3.6 million during the same period last year.
Microfluidics said the results reflect strong demand from the biopharmaceutical industry, which it will look to leverage this year by introducing new products and services. The results also reflect "the continued realization of multiple cost control initiatives implemented over the last 18 months," CFO Peter Byczko said in prepared remarks.
In January, Microfluidics inked a distribution deal with ATS Scientific Inc., extending its reach across most of Canada. Under the deal, ATS will be the exclusive distributor in Canada of the Microfluidizer processor, which uses fluids to break apart biological materials into uniform particles.
The company named two new members to its board of directors in March, tapping former Boston Scientific executive Henry Kay and Stephen Robinson of Sigma Aldrich division SAFC Hitech.