Pacific Biometrics Sees Losses Mount

Pacific Biometrics Inc., Lake Forest developer of diagnostics and laboratory services to detect chronic diseases, reported that its losses widened in the fourth fiscal quarter as revenue declined 50%.

The company posted a net loss of $1.7 million, or 47 cents a share, for the three months ended June 30, compared with a net loss of $307,188, or 8 cents a share, for the like period in fiscal 1997. Revenue dropped to $453,615 from $914,797. The company said two laboratory contracts ended during the first half and were not fully replaced in the second six months.

For the year, the company had a net loss of $4.6 million, or $1.79 a share, compared with a net loss of $1.6 million, or 51 cents a share, for the prior year. Revenue was down 11% to $2.5 million from $2.8 million.