Pharma-Bio Serv Announces Results for the Quarter Ended January 31, 2022

Rhea-AI Summary

Pharma-Bio Serv, Inc. (OTCQB:PBSV) reported revenues of approximately $5.0 million for the quarter ending January 31, 2022, marking a $0.5 million increase from the prior year. Net income remained steady at around $0.3 million. The company emphasized its efforts to diversify geographic revenue sources, noting that the continental US and Europe accounted for 33% of total revenues, up from 22% last year. This geographical expansion aims to provide growth opportunities and mitigate risks associated with reliance on specific locations.

Positive

• Quarterly revenue increased by $0.5 million to $5.0 million.
• Net income remained stable at $0.3 million.
• Geographic revenue diversification improved, with the US and Europe contributing 33% of total revenues, up from 22%.

Negative

• None.

DORADO, PUERTO RICO / ACCESSWIRE / March 17, 2022 / 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, 2022 were approximately $5.0 million, an increase of approximately $0.5 million when compared to the same period last year.

Net income for the quarter ended January 31, 2022 was approximately $0.3 million, reflecting no significant change when compared to the same period last year.

"Our efforts to diversify and expand our geographical revenue should be noted in this quarter's results. The continental US and Europe consulting markets represented 33% of total revenues, against 22% when compared to the same period last year. We seek to continue this geographic expansion and diversification to provide future growth opportunities and reduce risk from any particular geographic location," 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, 2021, 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.

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https://www.accesswire.com/693607/Pharma-Bio-Serv-Announces-Results-for-the-Quarter-Ended-January-31-2022

FAQ

What were the revenue figures for Pharma-Bio Serv for the quarter ending January 31, 2022?

Pharma-Bio Serv reported revenues of approximately $5.0 million for the quarter ending January 31, 2022.

How did the net income for Pharma-Bio Serv change in the recent quarter?

Net income for the quarter was approximately $0.3 million, reflecting no significant change from the previous year.

What percentage of Pharma-Bio Serv's revenue came from the US and Europe in the recent quarter?

The US and Europe accounted for 33% of total revenues, increased from 22% compared to the same quarter last year.

What is the focus of Pharma-Bio Serv's business strategy for future growth?

Pharma-Bio Serv is focusing on diversifying its geographic revenue sources to reduce risks and enhance growth opportunities.