Bioanalytical Systems Inc. reported first-quarter fiscal 2016 loss of 6 cents per share which was wider than the figure reported in the previous quarter.
Revenues decreased 16.3% year over year to $48.9 million primarily owing to a 41.9% decline in Products segment revenues.
Most of the decline at the Product segment rose from decreased sales of Bioanalytical’s Culex automated in-vivo sampling systems and analytical instruments.
Service segment revenues also declined 7.8% to $4.5 million primarily due to lower laboratory service revenue from fewer bioequivalence studies.
Gross profits declined 48.3% year over year to $9.8 million primarily due to lower revenues.
Selling expenses, Research and Development (R&D) and General and Administrative (G&A) expenses declined 8.6%, 17.8% and 15.1% year over year, respectively.
Decline in G&A expenses was primarily due to declining commission and deductions made on a growing rental income of $1.59 million.
This resulted in a 14.1% year-over-year decline in operating expenses. Another reason that caused the decline was lower utilization of outsourced engineering services.
Bioanalytical incurred an operating loss of $5.29 million compared to its operating income of $1.42 million in the year-ago quarter primarily due to decreased revenues.
In first-quarter fiscal 2016, EBITDA was a negative $1.71 million compared to a positive $5.05 million recorded in the year-ago quarter.
Well placed stocks in the same space include ABIOMED Inc. (ABMD - Free Report) , CryoLife Inc. (CRY - Free Report) and Edwards Lifesciences Corp. (EW - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy).
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