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Bioanalytical Systems, Inc. (NASDAQ:BASI) reported a 38.6% revenue increase to $60.5 million for FY 2020, driven by organic growth and acquisitions. However, the net loss widened to $(4.7 million), or $(0.43) per diluted share, compared to $(0.8 million) in FY 2019. Q4 FY 2020 revenue rose 6.7%, but gross profit declined due to increased fixed costs. The company’s backlog surged 57.6% to $43.8 million, indicating strong future potential. Despite challenges from COVID-19, management remains optimistic about growth in fiscal 2021, citing a book-to-bill ratio of 1.48x as a positive sign.
Bioanalytical Systems, Inc. (NASDAQ:BASI) will report its financial results for the three and twelve months ended September 30, 2020, on December 21, 2020, before market opening. The Company, operating as Inotiv, specializes in contract research services for pharmaceutical and medical research organizations, focusing on enhancing decision-making and accelerating drug development. The announcement includes a note on potential risks related to market demand, technological changes, and economic impacts stemming from the COVID-19 pandemic.
Bioanalytical Systems, Inc. (NASDAQ:BASI), operating as Inotiv, announced the appointment of Andrew N. Alexander, DVM, Ph.D., MBA, DABT, as Vice President of Pharmacology and Toxicology Operations, effective October 19, 2020. Alexander brings significant experience in contract research organizations and has previously founded Scientific Business Advisors. His expertise includes conducting pharmacology/toxicology studies and supporting medical device studies. This addition aims to enhance Inotiv's service offerings and client experiences in the pharmaceutical industry.
Bioanalytical Systems, Inc. (NASDAQ:BASI), operating as Inotiv, will participate in the H.C. Wainright 22nd Annual Global Investment Conference on September 16, 2020, at 2:30 p.m. EDT. A live webcast of the presentation will be accessible on the Investors section of the company's website and will remain available for approximately 90 days. BASi specializes in providing contract research services to pharmaceutical companies, aiming to enhance drug development efficiency and lower costs.
Bioanalytical Systems, Inc. (BASI) announced a 45.2% revenue growth for Q3 fiscal 2020, totaling $15,765,000 compared to $10,861,000 in Q3 fiscal 2019. This growth was driven by acquisitions and increased service offerings despite challenges posed by the COVID-19 pandemic, which caused an estimated $2,000,000 revenue loss due to program delays. The company reported a net loss of $879,000, or $0.08 per diluted share. Adjusted EBITDA was $774,000. The firm continues to invest in expansion and technology to support future growth.
On August 10, 2020, Bioanalytical Systems, Inc. (BASI) announced the appointment of Dr. I.M. (Gina) Grossi as Vice President of Toxicology. This strategic move aims to enhance the company's capacity to meet growing client demands. Dr. Grossi brings extensive experience in preclinical development and laboratory operations. Her role will focus on expanding Inotiv's Evansville facility, which recently underwent significant upgrades. The company's commitment to innovation and client-focused service is highlighted through this addition to their leadership team.
Bioanalytical Systems, Inc. (NASDAQ:BASI) reported a 71.4% revenue increase in Q2 FY2020, reaching $16.0 million, driven by acquisitions and organic growth. The net loss was $588,000, or $0.05 per share, compared to $569,000 in Q2 FY2019. Adjusted EBITDA improved to $1.11 million from $267,000. Service revenue surged 86.8% to $15.19 million. However, product revenue fell 32.2% to $821,000 due to pandemic-related declines. For the first half, total revenue climbed 61.0% to $28.93 million, but the net loss rose to $2.01 million due to increased acquisition costs and non-recurring expenses.
Bioanalytical Systems, Inc. (NASDAQ:BASI), operating as Inotiv, has appointed Dr. Diane Tutko Francisco as Sr. Director of Client Experience, effective April 30, 2020. Dr. Francisco brings extensive leadership experience in managing client-focused initiatives and is expected to enhance Inotiv’s client service functions. This move aligns with Inotiv's core value of prioritizing client experience. The company has also incorporated a business process excellence function, indicating a commitment to operational improvements.