Milford's SeraCare Turns $2.1M Quarterly Profit
SeraCare Life Sciences Inc. said it made a $2.1 million profit in its second quarter after losing $605,722 in the same period a year earlier.
Revenue for the quarter was also up 18 percent from $10.9 million to $12.9 million.
The quarter was the company's fourth consecutive profitable quarter. The Milford-based company said sales growth in Europe and improved revenue from diagnostic and biopharmaceutical products have driven the growth.
The company also generated $2.6 million in cash from operations during the quarter and increased its cash balance to $10.8 million compared to $8.2 million at the end of 2009.
Four years ago, the drug discovery products and services company was in bankruptcy and had stopped filing regulatory documents with the U.S. Securities and Exchange Commission. It hired current CEO Susan Vogt and CFO Gregory Gould to turn the company around.
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