In-Brief

Pharma-Bio Serv reports $5M in revenue for quarter ended July 31

Pharma-Bio Serv Inc., a compliance, project management and technology transfer support consulting firm based in Dorado announced revenue from continuing operations for the three and nine months ended July 31, 2019 of $5 million and $14.7 million, respectively.

The results represent an increase of approximately $300,000 and $2.6 million, or 7% and 21%, respectively, when compared to the same periods last year, according to a release by the company that provides services to the pharmaceutical, biotechnology, chemical, medical device, cosmetic, food and allied products industries.

Net income from continuing operations for the three and nine months ended July 31, 2019 was approximately $400,000 and $1.6 million, respectively, a decrease of $300,000 and an improvement of $3.4 million when compared to the same periods last year, respectively.

The improvement considers last year’s non-recurring 2018 US Tax Reform $2.7 million Transition Tax charge recorded in February 2018, the company stated.

In September 2018, Pharma-Bio Serve sold the assets of its laboratory segment. Its net income for the three and nine months ended July 31, 2019 showed a $300,000 a decrease and an improvement in earnings of approximately $3.7 million, respectively.

The results included the effect of its discontinued laboratory segment and last year’s non-recurring 2018 U.S. Tax Reform $2.7 million Transition Tax charge recorded in February 2018.

“We continue executing on our strategy focused on providing our consulting portfolio of services to our clients and paying close attention to any new opportunities for growth” said Victor Sánchez, CEO of Pharma-Bio Serv.

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This story was written by our staff based on a press release.

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