Pharma-Bio Serv Announces Results for the Quarter Ended January 31, 2024

Rhea-AI Summary

Pharma-Bio Serv, Inc. reported a decrease in revenues for the quarter ended January 31, 2024, with approximately $2.4 million in revenues and a net loss of approximately $270,700. The company aims to achieve sustainable growth and profitability through planned investments in business development infrastructure and resources for fiscal year 2024.

Positive

• Revenue for the quarter ended January 31, 2024 was approximately $2.4 million.
• Net loss for the same period was approximately $270,700.
• The company plans to invest in business development infrastructure and resources for fiscal year 2024.
• Mr. Sanchez, CEO of the Company, expressed confidence in achieving sustainable growth and profitability through strategic investments.

Negative

• Revenues decreased by approximately $1.9 million compared to the same period last year.
• Net income decreased significantly from approximately $426,400 to a net loss of $270,700.

DORADO, PUERTO RICO / ACCESSWIRE / March 18, 2024 / Pharma-Bio Serv, Inc. ("Pharma-Bio Serv" or the "Company") (OTCQB:PBSV), a compliance, project management and technology transfer support consulting firm that provides services to the pharmaceutical, biotechnology, chemical, medical device, cosmetic, food and allied products industries, today announced that revenues for the quarter ended January 31, 2024 were approximately $2.4 million, a decrease of approximately $1.9 million when compared to the same period last year. Net loss for the quarter ended January 31, 2024 was approximately $270,700 compared to a net income of approximately $426,400 for the same period last year.

"Although we were challenged during the first quarter, we believe our planned investments for fiscal year 2024 will allow us to achieve sustainable future growth and profitability. During the first quarter, we began strengthening our business development infrastructure by increasing targeted actions in high revenue markets. Furthermore, for the fiscal year 2024, we plan to continue to invest in additional business development resources to take advantage of significant opportunities in underserved markets. We believe these investments will further develop our business strategy, minimize occasional revenue fluctuations, and deliver on our commitment of delivering premium quality and professional consulting services in the markets that need our knowledge, expertise, and skills," stated Mr. Sanchez, Chief Executive Officer of the Company.

About Pharma-Bio Serv, Inc.
Pharma-Bio Serv services the Puerto Rico, United States, Europe and Latin America markets. Pharma-Bio Serv's core business is FDA and international agencies regulatory compliance consulting related services. The Company's global team includes leading engineering and life science professionals, quality assurance managers and directors.

Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Pharma-Bio Serv. Forward-looking statements are based on the expectations, estimates, or projections of management as of the date of this earnings announcement. Although Pharma-Bio Serv's management believes these expectations, estimates, or projections to be reasonable as of the date of this earnings announcement, forward-looking statements are inherently subject to significant business risks, economic uncertainties, and competitive uncertainties, and other factors, which could cause its actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Pharma-Bio Serv's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" section of Pharma-Bio Serv's Annual Report on Form 10-K for the year ended October 31, 2023, and in its other filings with the Securities and Exchange Commission, which filings are available at www.sec.gov. Pharma-Bio Serv disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.

Company Contact:
Pedro J. Lasanta
Chief Financial Officer
787 278 2709

SOURCE: Pharma-Bio Serv, Inc.

View the original press release on accesswire.com

What were Pharma-Bio Serv, Inc.'s revenues for the quarter ended January 31, 2024?

Approximately $2.4 million.

What was the net loss for Pharma-Bio Serv, Inc. for the same period?

Approximately $270,700.

What are the company's plans for fiscal year 2024?

To invest in additional business development resources to capitalize on opportunities in underserved markets.

Who stated the company's commitment to delivering premium quality consulting services?

Mr. Sanchez, Chief Executive Officer of the Company.