Pharma-Bio Serv Announces Results for the Quarter Ended January 31, 2023

Rhea-AI Summary

Pharma-Bio Serv, Inc. (OTCQB:PBSV) reported revenue of approximately $4.2 million for the quarter ending January 31, 2023, marking a decrease of $0.8 million year-over-year. However, net income rose to $0.4 million, an increase of $0.1 million compared to the previous year. The CEO, Mr. Sanchez, emphasized the strategic focus on more profitable markets, resulting in improved gross profit percentages. The company operates in markets including Puerto Rico, the US, Europe, and Latin America, providing regulatory compliance consulting services across various industries.

Positive

• Net income increased to $0.4 million, up $0.1 million year-over-year.
• Strategic focus on profitable markets improved gross profit percentages.

Negative

• Revenue decreased by $0.8 million compared to the same quarter last year.

DORADO, PUERTO RICO / ACCESSWIRE / March 17, 2023 / 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 quarter ended January 31, 2023 were approximately $4.2 million, a net decrease of approximately $0.8 million when compared to the same period last year. Net income for the quarter ended January 31, 2023 was approximately $0.4 million, an increase of approximately $0.1 million when compared to the same period last year.

"This quarter we were able to successfully maximize our resources in more profitable markets. This strategy yielded a positive effect on our overall gross profit percentage. We plan to continue maximizing our resources to provide increased profitability," 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, 2022, and in its other filings with the Securities and Exchange Commission, which filings are available on 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 source version on accesswire.com:
https://www.accesswire.com/744516/Pharma-Bio-Serv-Announces-Results-for-the-Quarter-Ended-January-31-2023

FAQ

What were Pharma-Bio Serv's revenues for the quarter ending January 31, 2023?

Pharma-Bio Serv reported revenues of approximately $4.2 million for the quarter ending January 31, 2023.

How much did Pharma-Bio Serv's net income change in the last quarter?

Net income for the quarter increased to approximately $0.4 million, up by $0.1 million compared to the same period last year.

What is the stock symbol for Pharma-Bio Serv?

The stock symbol for Pharma-Bio Serv is OTCQB:PBSV.

What markets does Pharma-Bio Serv operate in?

Pharma-Bio Serv operates in Puerto Rico, the United States, Europe, and Latin America.

What consulting services does Pharma-Bio Serv provide?

Pharma-Bio Serv provides regulatory compliance consulting services to the pharmaceutical, biotechnology, chemical, medical device, cosmetic, food, and allied products industries.