Irvine’s Pacific Biometrics Posts Bigger Quarterly Loss

Pacific Biometrics Inc., Irvine developer of diagnostics and laboratory services for chronic diseases, posted a third-quarter net loss of $1.1 million, or 62 cents a share, compared with a net loss of $439,026, or 12 cents a share, for the like period last year. Sales for the quarter ended March 31 declined 14% to $558,000 from $649,000.

The company attributed the drop to the conclusion of two laboratory studies that were not fully replaced.

For the nine months, the company posted a loss of $2.7 million, or $1.04 a share, compared with a net loss of $1.3 million, or 40 cents a share, for the first three quarters of fiscal 1997. Revenue was down 11% to $2.1 million from $1.9 million.