Holliston Pharmacy Operator Posts Q4, Annual Losses
Nyer Medical Group Inc. reported a $33,338 net loss for the fourth quarter of its fiscal year ended June 30 compared to a profit of $345,184 in the same period the prior year.
The Holliston-based company operates pharmacies and provides pharmacy management services to nonprofit agencies in the Greater Boston area. It brought in revenue of $19.5 million during the quarter, an increase of 9.1 percent compared to a year ago.
Its revenue for the fiscal year increased by 8.9 percent to $74.7 million, and was attributed to the opening of five new pharmacies during the year.
Net loss for the year was $93,859 compared to a loss of $109,472 the previous year.
The company said the losses were primarily due to increased costs and expenses related to the opening of the five new pharmacies and the creation of an operating system to serve the assisted living industry, into which the company plans to expand.
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