This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ERBA Diagnostics, Inc. Reports Second Quarter 2012 Financial Results

ERBA Diagnostics, Inc. (NYSE MKT:ERB), a fully integrated in vitro diagnostics company, reports its financial results for the quarter ended June 30, 2012.

Kevin D. Clark, Chief Executive Officer, Chief Operating Officer and President of ERBA Diagnostics, said, “I am pleased to report a continuation in the second quarter of 2012 of the turnaround we are experiencing, with a significant year-over-year reduction in operating loss to almost break-even, resulting from a significant reduction in operating expenses. Our expenses have continued to stabilize in the first half of 2012. We have seen growth in reagent sales throughout the last three quarters. Our cash position has also stabilized with a much lower amount of cash used in operations. Looking ahead into the remainder of 2012, now that we have become much more streamlined, we are continuing to focus on implementing a number of new initiatives in an effort to grow sales and product range, organically as well exploring potential acquisitions, both in the United States and internationally. These efforts are backed by our previously reported stock purchase agreement and warrant with our principal stockholder, ERBA Diagnostics Mannheim GmbH, which has already provided us with $5.45 million of equity funding and which has agreed to provide us with another $10.0 million pursuant to the stock purchase agreement and which has the right to provide us with an additional $14.55 million pursuant to the warrant.”

Financial Highlights for the Quarter and Six Months Ended June 30, 2012

Net revenues for the second quarter of 2012 were $4,315,000 compared with $4,375,000 in the second quarter of 2011, a decrease of $60,000, or 1.4%. The decrease in revenue was primarily the result of a decrease of $233,000 in instrument sales from domestic operations partially offset by an increase of $173,000 in net revenue from increased instrument sales and contract research and development agreement with ERBA Diagnostics Mannheim from European operations. Net revenue in the six months ended June 30, 2012 increased by $75,000, or 1%, from the same period last year. The increase in revenue for the six month period was primarily driven by the increase in instrument sales and contract research and development agreement with ERBA Diagnostics Mannheim in Europe.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,077.59 +39.62 0.22%
S&P 500 2,113.40 +4.48 0.21%
NASDAQ 5,063.2910 +3.0450 0.06%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs