SeraCare Life Sciences Inc. (NSDQ:SRLS) swung to second-quarter profitability on the strength of an 18.3 percent increase in revenues and higher gross margins.
It’s the fourth profitable quarter in a row for the Milton, Mass.-based life sciences service provider, which reported net income of $2.1 million, or 11 cents per share, on sales of $12.9 million during the three months ended March 31. That compares with net losses of $606,000, or 3 cents per share, on sales of $10.9 million during Q2 2009.
SeraCare said gross margins grew from 34 percent in the year-ago quarter to 43 percent during the just-ended period. CFO Gregory Gould said the company closed the quarter with just $100,000 worth of debt, compared with the $5.1 million it owed at the end of the second quarter of 2009.
The company’s cash balance was $10.8 million as of March 31, compared with $8.2 million at the close of 2009.