ERBA Diagnostics, Inc. (NYSE MKT: ERB), a fully integrated in vitro diagnostics company, reported its financial results for the quarter and nine months ended September 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 third quarter of 2012 of the turnaround we are experiencing this year. A significant year-over-year reduction in operating loss to almost break-even has resulted from significant decreases in operating expenses. Comparing the third quarter of 2012 to the third quarter of 2011, our operating expenses decreased by $979,000 and we have reduced our loss from operations by $955,000. Comparing the nine month period ended September 30, 2012 to the same period of 2011, our operating expenses decreased by $3,040,000 and we have reduced our loss from operations by $2,870,000. The Company continues to implement certain initiatives in an effort to keep operating expenses under control for 2012. Looking ahead into the fourth quarter of 2012, we intend to continue to focus on implementing a number of new initiatives in an effort to grow sales in the US and internationally.”
As previously reported, on October 3, 2012, ERBA Diagnostics acquired all of the issued and outstanding shares of capital stock of Drew Scientific, Inc., a Delaware corporation, from Drew Scientific Inc., a Texas corporation, a subsidiary of Escalon Medical Corp., a Pennsylvania corporation. The acquired businesses had been commonly known as the Escalon Clinical Diagnostics Business, which consists of Drew Scientific, Inc. (located in Waterbury, Connecticut, and Dallas, Texas), and its wholly owned subsidiaries JAS Diagnostics, Inc. (located in Miami Lakes, Florida), and Drew Scientific Limited Co. (located in Barrow-in-Furness, United Kingdom). This group of companies develops and sells Diabetes A1c and Hematology diagnostic instruments, reagents and chemistries. According to the World Health Organization more than 347 million people are afflicted with Diabetes worldwide. Drew Scientific provides instrumentation and consumables for the physician office labs, small hospital labs and veterinary research laboratories. Drew Scientific also supplies the reagent and other consumable materials needed to operate the instruments. JAS Diagnostics manufactures of a broad range of liquid stable, diagnostics chemistry reagents used in in vitro diagnostics tests.