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SeraCare’s Q3 profits surge 88 percent

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SeraCare Life Sciences Inc. (NSDQ:SRLS) vaulted to its fifth consecutive quarter in the black, posting 88 percent bottom-line growth on a 10.2 percent sales boost.

The Milford, Mass.-based life sciences service provider reported net income of $1.3 million, or 7 cents per diluted share, on sales of $13.0 million during the three months ended June 30. That compares with profits of $697,000, or 4 cents per diluted share, during Q3 2009.

The good news wasn’t enough to buoy SeraCare’s share price, which slid nearly 12 percent to $3.40 in mid-day trading. The company’s diluted EPS included a $300,000, one-time charge "related to exploring potential transactions;" barring that charge diluted EPS would have been 9 cents, SeraCare said.

A SeraCare spokeswoman declined to provide specifics on the character of the transactions the company explored.

The just-ended quarter marked another milestone for SeraCare, which has posted more than $2 million in operating cash flow for four consecutive quarters, CFO Gregory Gould said in prepared remarks.

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