Pharma-Bio Serv Announces Results for the Quarter Ended July 31, 2024

Rhea-AI Summary

Pharma-Bio Serv (OTCQB:PBSV), a consulting firm for pharmaceutical and related industries, reported financial results for Q3 2024. The company experienced a significant decline in revenues and profitability. Revenues for the three and nine months ended July 31, 2024, were $2.4 million and $7.2 million respectively, representing decreases of $2.2 million and $6.2 million compared to the same periods last year. The company reported net losses of $0.3 million and $0.8 million for the three and nine-month periods, contrasting with net incomes of $0.5 million and $1.4 million in the previous year. CEO Mr. Sanchez acknowledged industry challenges but highlighted investments in technological tools to identify global business opportunities, aiming to restore profitability and revenue growth.

Positive

• Investment in technological tools to identify global business opportunities
• Strategic adaptation of resources to solidify market position

Negative

• Revenue decreased by $2.2 million for Q3 and $6.2 million for the nine-month period
• Net loss of $0.3 million for Q3 and $0.8 million for the nine-month period
• Shift from profit to loss compared to the same periods last year
• Challenging investment and project environment in served industries

DORADO, PUERTO RICO / ACCESSWIRE / September 16, 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 nine months ended July 31, 2024 were approximately $2.4 million and $7.2 million, respectively, a decrease of approximately $2.2 million and $6.2 million, respectively, when compared to the same periods last year. Net loss for the three and nine months ended July 31, 2024 were approximately $0.3 million and $0.8 million, respectively, compared to the same periods last year to a net income of approximately $0.5 million and $1.4 million, respectively.

"The industries we serve are going through a challenging time in relation to investments and projects, and we are actively adapting our resources with the goal of solidifying our position in these industries. With that in mind, we have made key investments in technological tools to identify attractive global business opportunities, which we anticipate will return the Company to profitability and grow revenues." 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 Pharma-Bio Serv's (PBSV) Q3 2024 financial results?

Pharma-Bio Serv reported revenues of $2.4 million and a net loss of $0.3 million for Q3 2024, representing a decrease from the same period last year.

How did Pharma-Bio Serv's (PBSV) nine-month financial performance in 2024 compare to 2023?

For the nine months ended July 31, 2024, Pharma-Bio Serv reported revenues of $7.2 million and a net loss of $0.8 million, compared to higher revenues and a net income of $1.4 million in the same period of 2023.

What strategies is Pharma-Bio Serv (PBSV) implementing to address current challenges?

Pharma-Bio Serv is adapting its resources and investing in technological tools to identify global business opportunities, aiming to restore profitability and grow revenues in challenging market conditions.