Pharma-Bio Serv Announces Results for the Quarter Ended April 30, 2024

Rhea-AI Summary

Pharma-Bio Serv (OTCQB:PBSV), a consulting firm serving various industries including pharmaceuticals, announced a revenue decline for the three and six months ending April 30, 2024. Revenues were $2.4 million and $4.8 million, respectively, marking a decrease of $2.2 million and $4.0 million compared to the same periods last year. The company reported a net loss of $0.2 million and $0.5 million for these periods, compared to net income of $0.4 million and $0.8 million in the previous year. Despite these setbacks, the company is investing in new client relationships and global events to foster growth and stability in the future.

Positive

• Investing in new client relationships and global events to foster growth.
• Focus on sustainable future growth and profitability.
• Building new collaborations to minimize revenue fluctuations.

Negative

• Revenue declined by $2.2 million for the quarter and $4.0 million for the six-month period.
• Net loss of $0.2 million and $0.5 million for the quarter and six-month period, respectively.
• Previous year showed net income of $0.4 million and $0.8 million, respectively, indicating a significant downturn.

DORADO, PUERTO RICO / ACCESSWIRE / June 14, 2024 / Pharma-Bio Serv, Inc. ("Pharma-Bio Serv" or the "Company") (OTCQB:PBSV), a compliance, project management and technology transfer support consulting firm that provides services to the pharmaceutical, biotechnology, chemical, medical device, cosmetic, food and allied products industries, today announced that revenues for the three and six months ended April 30, 2024 were approximately $2.4 and $4.8, million, respectively, a decrease of approximately $2.2 and $4.0 million when compared to the same periods last year. Net loss for the three and six months ended April 30, 2024 were approximately $0.2 and $0.5 million, respectively, compared to the same periods last year to a net income of approximately $0.4 and $0.8 million, respectively.

"We continue to believe our planned investments for fiscal year 2024 will allow us to achieve sustainable future growth and profitability. After the successful completion of several projects during the last two years, our resources for fiscal year 2024 are being utilized to build new client relationships, foster new collaborations, and participate in events at a global level. We believe these investments will further develop our business strategy, minimize revenue fluctuations, and deliver on our commitment of delivering premium quality and professional consulting services in the markets that need our knowledge, expertise, and skills," stated Mr. Sanchez, Chief Executive Officer of the Company.

About Pharma-Bio Serv, Inc.
Pharma-Bio Serv services the Puerto Rico, United States, Europe and Latin America markets. Pharma-Bio Serv's core business is FDA and international agencies regulatory compliance consulting related services. The Company's global team includes leading engineering and life science professionals, quality assurance managers and directors.

Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Pharma-Bio Serv. Forward-looking statements are based on the expectations, estimates, or projections of management as of the date of this earnings announcement. Although Pharma-Bio Serv's management believes these expectations, estimates, or projections to be reasonable as of the date of this earnings announcement, forward-looking statements are inherently subject to significant business risks, economic uncertainties, and competitive uncertainties, and other factors, which could cause its actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Pharma-Bio Serv's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" section of Pharma-Bio Serv's Annual Report on Form 10-K for the year ended October 31, 2023, and in its other filings with the Securities and Exchange Commission, which filings are available at www.sec.gov. Pharma-Bio Serv disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.

Company Contact:
Pedro J. Lasanta
Chief Financial Officer
787 278 2709

SOURCE: Pharma-Bio Serv, Inc.

View the original press release on accesswire.com

FAQ

What were the revenues for Pharma-Bio Serv (PBSV) for the quarter ending April 30, 2024?

Revenues were approximately $2.4 million, a decrease of $2.2 million from the same period last year.

How did Pharma-Bio Serv (PBSV) perform financially for the six months ending April 30, 2024?

The company reported revenues of $4.8 million, a decrease of $4.0 million compared to the same period last year.

What was the net loss for Pharma-Bio Serv (PBSV) for the three and six months ending April 30, 2024?

Net loss was approximately $0.2 million for the quarter and $0.5 million for the six-month period.

What was Pharma-Bio Serv's (PBSV) net income for the same periods last year?

The company had a net income of $0.4 million for the quarter and $0.8 million for the six-month period last year.

What is Pharma-Bio Serv (PBSV) planning for future growth?

The company is investing in new client relationships, fostering global collaborations, and participating in international events.