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SeraCare Reports First Quarter Fiscal Year 2011 Results

MILFORD, Mass., Feb 11, 2011 /PRNewswire/ -- SeraCare Life Sciences, Inc. (Nasdaq: SRLS), a global life sciences company providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics, today reported operational and financial results for its first quarter of fiscal year 2011, ended December 31, 2010.

"In the first quarter of fiscal 2011 we took important steps to position ourselves to achieve our long-term strategic goal of doubling SeraCare's revenues during the next three to four years. As we stated during our previous earnings conference call, we anticipated a moderation in our revenues during the first half of fiscal 2011 as we implement comprehensive sales force improvements and completed our work under a significant services contract," commented Susan Vogt, President and Chief Executive Officer of SeraCare. "Additionally, we are in the final stages of converting a key customer to a new, jointly developed, custom-manufactured bulk product. This transition has resulted in some short term disruption in their ordering, but we believe will ultimately enhance our long term relationship. We believe that the completion of these initiatives will yield a positive revenue uptick and improved operating performance in the second half of the fiscal year."

SeraCare reported revenue of $10.5 million for the quarter ended December 31, 2010 compared to $11.3 million for the same quarter of the prior year, reflecting a 7% decrease. Gross margins decreased to 38% for the quarter compared to 44% for the same quarter of the prior year. The Company earned net income of $1.6 million, which included a non-recurring reorganization benefit of $0.8 million, and earnings per share on a basic and diluted basis of $0.08 for the quarter ended December 31, 2010 compared to net income of $1.3 million and earnings per share of $0.07 during the same period in fiscal 2010.

Recent Corporate Highlights:

  • Achieved seventh consecutive quarter of profitability during the first quarter of fiscal 2011
  • Entered into a loan agreement that provides senior secured credit facilities in the aggregate amount of $20.0 million
  • Began optimization of the sales organization to drive growth, with an increased focus on diagnostics and pharmaceutical product sales in both North America and Europe
  • Introduced five new products in the first fiscal quarter of 2011
  • Increased cash balance to $16.2 million as of December 31, 2010
  • Generated $1.4 million in cash from operations during the quarter ended December 31, 2010, marking our eighth consecutive quarter of positive cash from operations

  • "During the first quarter, SeraCare increased its cash balance to $16.2 million, maintaining our consistent ability to generate cash. We are well positioned to apply the strength of our balance sheet to drive SeraCare's future growth," stated Gregory Gould, Chief Financial Officer. "We are also making adjustments in each of our business segments that we believe will improve gross margins across our business in addition to the increased revenues projected during the second half of fiscal 2011."

    Conference Call InformationThe conference call will be webcast live over the Internet and can be accessed by logging on to the "Investor Center, Events" section of the SeraCare Life Sciences website at The call can also be accessed by dialing (800) 688-0836 (within the United States) or +1 (617) 614-4072 (outside the United States). The passcode for participants is 67124180.

    A replay of the call will be available approximately two hours after the live call concludes through February 25, 2011. To access the replay, dial (888) 286-8010 (within the United States) or +1 (617) 801-6888 (outside the United States). The passcode is 73355913. The webcast will also be archived on the Company's website.

    About SeraCare Life Sciences, Inc.SeraCare serves the global life sciences industry by providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics. The Company's innovative portfolio includes diagnostic controls, plasma-derived reagents and molecular biomarkers, biobanking and contract research services. SeraCare's quality systems, scientific expertise and state-of-the-art facilities support its customers in meeting the stringent requirements of the highly regulated life sciences industry.

    Forward-Looking Statements:This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about SeraCare Life Sciences, Inc. ("SeraCare" or the "Company"). All statements regarding our expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budget, projected costs or cost savings, capital expenditures, competitive positions, growth opportunities for existing products or products under development, plans and objectives of management for future operations and markets for stock are forward-looking statements. In addition, forward-looking statements include statements in which we use words such as "expect," "believe," "anticipate," "intend," or similar expressions. Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, we cannot assure you that these expectations will prove to have been correct, and actual results may differ materially from those reflected in the forward-looking statements. Factors that could cause our actual results to differ from the expectations reflected in the forward-looking statements in this press release include, but are not limited to, failure to maintain proper inventory levels, availability of financing, reductions or terminations of government or other contracts, interruption in our supply of products or raw materials, actions of SeraCare's competitors,  changes in the regulatory environment, delays in new product introductions, lack of market acceptance of new products, decreased healthcare spending, reduced margins resulting from a shift in revenue towards services, prolonged impairment of sales from changes in our sales organization, absence or loss of acquisition opportunities to higher bidders, potential failure to complete any announced acquisition, and potential failure of any acquisition to produce expected revenues, profits or synergies. Many of these factors are beyond our ability to control or predict.Contacts: Gregory A. GouldChief Financial Officer SeraCare Life Sciences, Inc.508-244-6400Chris ErdmanMacDougall Biomedical Communications781-235-3060--Financial Tables to Follow—SERACARE LIFE SCIENCES, INC.STATEMENTS OF OPERATIONS — UNAUDITEDFor the three months endedDecember 31,20102009Revenue

    $  10,462,497$11,257,105Cost of revenue

    6,494,6106,340,331Gross profit

    3,967,8874,916,774Research and development expense

    309,247163,273Selling, general and administrative expenses

    2,946,9283,260,406Reorganization items

    (846,094)—Operating income

    1,557,8061,493,095Interest income (expense), net

    22,282(204,725)Other income, net

    4522,465Income before income taxes

    1,580,5401,290,835Income tax expense

    —8,300Net income

    $  1,580,540$  1,282,535Earnings per common shareBasic


    .07Weighted average shares outstandingBasic


    19,270,47718,875,980SERACARE LIFE SCIENCES, INC.BALANCE SHEETS — UNAUDITEDAs ofDecember 31,2010As ofSeptember 30,2010ASSETSCurrent assetsCash and cash equivalents

    $  16,209,391$  16,074,915Accounts receivable, less allowance for doubtful accounts of $40,000 as of both December 31, 2010 and September 30, 2010

    6,640,5057,288,133Taxes receivable


    9,485,9779,028,809Prepaid expenses and other current assets

    176,359333,191Total current assets

    32,630,71832,843,534Property and equipment, net6,167,2805,970,179Goodwill4,284,9794,284,979Other assets498,358526,810Total assets$  43,581,335$  43,625,502LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilitiesAccounts payable

    $  1,958,207$  2,787,855Accrued expenses and other liabilities

    2,978,0254,041,172Current portion of long-term debt

    49,81155,994Total current liabilities

    4,986,0436,885,021Long-term debt14,40621,970Other liabilities2,187,3072,216,916Total liabilities

    7,187,7569,123,907Commitments and contingenciesStockholders' equityPreferred stock, $.001 par value, 5,000,000 shares authorized; no shares issued or outstanding

    ——Common stock, $.001 par value, 35,000,000 shares authorized; 18,901,366 and 18,853,584 shares issued and outstanding as of December 31, 2010 and September 30, 2010, respectively

    18,90118,853Additional paid-in capital

    104,662,489104,351,093Retained deficit

    (68,287,811)(69,868,351)Total stockholders' equity

    36,393,57934,501,595Total liabilities and stockholders' equity$  43,581,335$  43,625,502

    SOURCE SeraCare Life Sciences, Inc.
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