Smaller Losses at Pacific Biometrics

Pacific Biometrics Inc., which develops diagnostics and laboratory services to detect and manage chronic diseases, reported narrower losses for the fiscal year ended June 30.

The company incurred a net loss of $1.6 million, or 51 cents a share, for the fiscal year, compared with a net loss of $7.6 million, or $5.89 a share, for the prior year. Revenue increased 65% to $2.8 million from $1.7 million.

For the fourth quarter, the company posted a net loss of $307,188, or 8 cents a share, compared with a net loss of $6.9 million, or $5.22 a share, a year ago. The loss a year ago included a one-time charge of $6.4 million from purchased research and development through the acquisition of BioQuant in June 1996. Revenue more than doubled to $914,797 from $428,926.