Acquisition Completed by Nichols Institute

Nichols Institute said it has completed the previously announced acquisition of Medlab Inc., a clinical laboratory in Portland, Ore., for about $5.6 million in cash and notes.

For the fiscal year ended Sept. 30, 1986, Medlab had revenues of about $6.6 million and net income of about $277,000. Nichols, a San Juan Capistrano-based medical testing firm, reported a net loss of $181,000 for its third fiscal quarter ended Aug. 30, on revenues of $8.9 million.