NEW YORK (GenomeWeb News) – Pacific Biometrics, a Seattle-based CRO and multiplex assay developer, today reported that its second-quarter revenues increased nearly 100 percent and it swung to a profit from a loss.
The firm brought in total revenues of $3.2 million for the three-month period ended Dec. 31, compared to revenues of $1.6 million for the second quarter of 2007.
Pacific Biometrics posted a profit of $976,671, or $.05 per share, for the quarter, compared to a net loss of $818,219, or $.04 per share, for the second quarter of 2007.
The company did not list any R&D costs for either period, but reported that its SG&A expenses declined around 8 percent to $1.1 million from $1.2 million.
Pacific Biometrics finished the quarter with $1.3 million in cash and cash equivalents.
Ron Helm, CEO of Pacific Biometrics, said that the firm's cash position and lack of debt "better positions the company to execute its strategic plan for continued growth in the specialty laboratory business and to allocate increased resources to support the growth of our Pacific Biomarkers subsidiary."