Bioanalytical Systems Inc. (BASI, Financial) filed Annual Report for the period ended 2011-09-30.
Bioanalytical Systems Inc. has a market cap of $9 million; its shares were traded at around $1.3 with and P/S ratio of 0.3.
Our Services revenue increased 17.1% to $25,613 compared to $21,864 for the prior fiscal year primarily as a result of increases in each of the revenue groups of bioanalytical analysis, toxicology, and other laboratory services. Increases in these groups from the same period in fiscal 2010 are mainly due to increases in new bookings and volumes of studies as well as number of samples to assay, even though pricing still lags pre-recession levels. We have also recently launched our Enhanced Drug Discovery services which have contributed to the revenue increase. The following table shows more detail for our Service revenue.
Sales in our Products segment increased 8.9% from $6,917 to $7,531 when compared to the prior fiscal year. The majority of the increase stems from higher sales of our Culex automated in vivo sampling system over prior fiscal year as customers began to release capital funds for larger projects. Other instruments revenue was negatively impacted in fiscal 2011 as a grant funded by the NIH expired in January 2010. The following table shows more detail for our Product revenue.
Cost of revenue for the year ended September 30, 2011 was $22,638 or 68.3% of revenue compared to $21,448, or 74.5% of revenue for the comparable prior period.
Cost of Product revenue as a percentage of Product revenue in the current fiscal year decreased to 39.3% from 41.6% in the prior fiscal year. This decrease is mainly due to expense reductions and a reduction in the cost of obsolete and slow moving inventory in the current fiscal year compared to the cost recognized in the prior fiscal year.
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Bioanalytical Systems Inc. has a market cap of $9 million; its shares were traded at around $1.3 with and P/S ratio of 0.3.
Highlight of Business Operations:
Net loss attributable to common shareholders was $3,725 and $2,691 for the fiscal years ended September 30, 2011 and 2010, respectively. The diluted net loss per share was $0.66 for the fiscal year ended September 30, 2011 compared to diluted net loss per share of $0.55 for the fiscal year ended September 30, 2010. The net loss available to common shareholders and diluted net loss per share in fiscal 2011 was impacted by dividends on the Series A preferred shares issued on May 11, 2011 of $3,277 and $991 as described in Note 3 to the consolidated financial statements. The net income available to common shareholders would have been $543 for the fiscal year ended September 30, 2011, exclusive of the preferred dividends. The diluted net income per share exclusive of the preferred dividends was $0.09 for the fiscal year ended September 30, 2011. We consider the income available to common shareholders and diluted earnings per share exclusive of the dividends to be a useful measure in comparing operating results of the Company because the preferred dividends are considered nonrecurring items since they are associated with this offering only. The diluted weighted average common shares outstanding include the dilutive effects of the Series A preferred shares, warrants and stock options. We compute diluted earnings per share using the if-converted method for preferred stock and the treasury stock method for stock options and warrants. The following table reconciles GAAP net income (loss) per share to the net income (loss) per share exclusive of the preferred dividends.Our Services revenue increased 17.1% to $25,613 compared to $21,864 for the prior fiscal year primarily as a result of increases in each of the revenue groups of bioanalytical analysis, toxicology, and other laboratory services. Increases in these groups from the same period in fiscal 2010 are mainly due to increases in new bookings and volumes of studies as well as number of samples to assay, even though pricing still lags pre-recession levels. We have also recently launched our Enhanced Drug Discovery services which have contributed to the revenue increase. The following table shows more detail for our Service revenue.
Sales in our Products segment increased 8.9% from $6,917 to $7,531 when compared to the prior fiscal year. The majority of the increase stems from higher sales of our Culex automated in vivo sampling system over prior fiscal year as customers began to release capital funds for larger projects. Other instruments revenue was negatively impacted in fiscal 2011 as a grant funded by the NIH expired in January 2010. The following table shows more detail for our Product revenue.
Cost of revenue for the year ended September 30, 2011 was $22,638 or 68.3% of revenue compared to $21,448, or 74.5% of revenue for the comparable prior period.
Cost of Product revenue as a percentage of Product revenue in the current fiscal year decreased to 39.3% from 41.6% in the prior fiscal year. This decrease is mainly due to expense reductions and a reduction in the cost of obsolete and slow moving inventory in the current fiscal year compared to the cost recognized in the prior fiscal year.
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