SeraCare Life Sciences (SRLS) Posts 6th Consecutive Quarter of Profitable Growth; Solid Fiscal Earnings

QualityStocks would like to highlight SeraCare Life Sciences (NASDAQ: SRLS). SeraCare serves the global life sciences industry by providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics. The company's innovative portfolio includes diagnostic controls, plasma-derived reagents and molecular biomarkers, biobanking and contract research services.

In the company’s news yesterday,

SeraCare Life Sciences announced its financial and operational results for the fourth quarter and fiscal year 2010.

For the year ended September 30, 2010, SeraCare reported revenue at $50.4 million, an increase of 13 percent compared to $44.4 million for the year ended September 30, 2009. Gross margins increased to 41 percent compared to 35 percent for fiscal 2009. The company reported net income of $6.7 million and earnings per share on a basic and diluted basis of $0.36 and $0.35, respectively, for the year ended September 30, 2010, compared to a net loss of $15.4 million (which included impairment charges of $15.7 million) and a loss per share on a basic and diluted basis of $0.83 during fiscal 2009.

For the fourth quarter ended September 30, 2010, the company posted revenue growth of 6 percent at $13.3 million compared to $12.5 million for the same quarter of 2009. Gross margins decreased to 39 percent for the quarter compared to 41 percent for the fourth quarter of 2009. SeraCare reported net income of $2.0 million and earnings per share on a basic and diluted basis of $0.11 for the quarter ended September 30, 2010, compared to $1.4 million and $0.08 per share on a basic and diluted basis during the same period in fiscal 2009.

Susan Vogt, president and CEO, attributed the growth to a solid business pattern and said the company’s solid historical performance supports anticipation for continued growth in the upcoming years.

“Through the continued successful execution of our business strategy, we firmly established SeraCare’s financial strength in fiscal year 2010,” Vogt stated in the press release. “Now, based on six consecutive quarters of profitable growth and the impressive strength of our balance sheet, we are poised for the next step in the evolution of SeraCare—to execute on our goal of doubling the company’s revenues. We expect to achieve this goal over the next three to four years through a combination of both profitable organic growth and opportunistic acquisitions.”

The company also announced operational highlights integral to its positive quarterly and full-year results:

• Increased BioServices revenue by $4.7 million, or 40%, and Diagnostic & Biopharmaceutical

• Products revenue by $1.3 million, or 4%, for the year ended September 30, 2010 compared to the prior year

• Delivered EPS on a basic and diluted basis of $0.36 and $0.35, respectively, for the year ended September 30, 2010 compared to a loss per share on a basic and diluted basis of $0.83 during fiscal 2009

• Generated $10.4 million in operating cash flow during fiscal 2010, ending fiscal year 2010 with $16.1 million of cash

• Achieved sixth consecutive quarter of profitability during the fourth quarter of fiscal 2010

• Introduced 14 new products in fiscal year 2010 including Accurun® controls and seroconversion panels

• Continued a major initiative to drive European sales, obtaining CE markings for high-volume products and growing European sales 14% in fiscal 2010 over the prior year

SeraCare issued operational expectations for the upcoming year, including optimization of its sales force to maximize product sales; the introduction of 12 new products; and improved operating efficiencies, resulting in expanded operating margins and new expansion through allies and acquisitions.

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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.