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SeraCare Reports Fiscal Year 2011 and Fourth Quarter Financial Results
Date:11/17/2011

MILFORD, Mass., Nov. 17, 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 financial results for its 2011 fiscal fourth quarter and year ended September 30, 2011.

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"During the fourth quarter, we drove an improvement in the direction of our product sales, halting a four-quarter trend of year-over-year declines," said Greg Gould, Interim President, Chief Executive Officer and Chief Financial Officer. "We believe this improvement is a direct result of our new sales strategy. Specifically, we executed on a high-touch customer interaction initiative to educate key accounts on the full scope of our product portfolio and to deliver exceptional service—resulting in new sales opportunities from existing customers. In addition, we continued to expand our offerings by introducing 12 new products designed to improve patient care during the quarter. We introduced 24 new products in fiscal 2011.

"While, as anticipated, revenues are down in comparison to fiscal year 2010, we have made significant progress in our underlying business operations," said Gould. "We are confident that the actions we're taking and the momentum we are generating will lead to improved top and bottom line financial performance in 2012."  

For the quarter ended September 30, 2011, SeraCare reported revenue of $11.0 million, a 17.3 percent decrease compared to $13.3 million in revenue for the quarter ended September 30, 2010. Gross margins remained relatively flat at 39.0 percent, compared to 39.1 percent for the same quarter in the prior year. The Company reported a net loss of $831,000, or ($0.04) per share on a basic and diluted ba
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