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Pacific Biometrics Inc. Reports First Quarter Operating Results
Date:11/16/2009

SEATTLE, Nov. 16 /PRNewswire-FirstCall/ -- Pacific Biometrics, Inc. (OTC Bulletin Board: PBME) ("PBI" or "the Company"), a leading provider of specialty central laboratory and clinical biomarker services, today announced its operating results for the first quarter of FY2010. The Company will host an investor conference call to discuss its FY2010 first quarter operating results at 4:15 p.m. EST today (see details below).

For the three months ended September 30, 2009, revenues increased 27% to $2,301,375, compared with $1,805,042 in the first quarter of the previous fiscal year. The Company posted an operating loss of $213,708 in the most recent quarter, versus an operating loss of $213,372 in the prior-year period. The Company reported a net loss of $273,150, or $0.01 per share, in the most recent quarter, versus a net loss of $5,737, or $0.00 per share, in the corresponding period of the previous fiscal year. The increase in net loss was primarily due to the fact that in the first quarter of FY2009 the Company recorded a significant non-cash gain related to convertible debt that was then outstanding.

"We are pleased that our first quarter revenues were 27% above last year's levels," commented Ron Helm, Chairman and Chief Executive Officer of Pacific Biometrics, Inc. "Having said that, we did not reach our internal revenue goal, in part because of the early termination of several clinical studies for reasons unrelated to our performance. Unfortunately, studies are sometimes terminated unexpectedly by clinical trial sponsors, for a variety of reasons, prior to the completion of our work under the terms of the original contracts. This is simply a feature of our business. We also cannot ignore the ongoing economic difficulties that continue to impact the clinical trials industry, combined with the impact of tight credit markets on spending and investment in all sectors of our markets."

"Although our gross profit m
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SOURCE Pacific Biometrics, Inc.
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