ERBA Diagnostics, Inc. Reports Second Quarter 2013 Financial Results

ERBA Diagnostics, Inc. (NYSE MKT:ERB), a fully integrated in vitro diagnostics company, reported its financial results for the three months ended June 30, 2013. Sanjiv Suri, Interim Chief Executive Officer of ERBA Diagnostics, said: “I am pleased to report a continuation in the second quarter of 2013 of the turnaround we are experiencing, with a significant year-over-year improvement from net loss in the second quarter of 2012 to positive net income in the second quarter of 2013, resulting from our recent acquisition of Drew Scientific. Our expenses from recurring operations have continued to stabilize through the second quarter of 2013. We have seen further growth in reagent sales in the second quarter of 2013.”

Mr. Suri continued, “Comparing the three months ended June 30, 2013 to the three months ended June 30, 2012, revenues grew 60% and gross profit grew 56%. We achieved operating income of $87,552 in the three months ended June 30, 2013 compared to an operating loss of $135,940 in the three months ended June 30, 2012. Comparing the six months ended June 30, 2013 to the six months ended June 30, 2012, revenues grew 58% and gross profit grew 50%. We achieved operating income of $151,383 in the six months ended June 30, 2013 compared to an operating loss of $255,424 in the six months ended June 30, 2012. For the remainder of 2013, we plan to continue to streamline our operations as well as to continue to implement a number of new initiatives in an effort to grow sales and product range, organically. As previously mentioned, we continue to explore 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 $11.95 million of equity funding and which has agreed to provide us with another $3.50 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.”

If you liked this article you might like

Insider Trading Alert - CODI, ERB And FDEF Traded By Insiders

Erba Diagnostics (ERB) Downgraded From Buy to Hold

3 Stocks Under $10 Moving Higher