BioSource Reports Loss, Despite Revenue Hike

BioSource International in Camarillo reported revenues for the fourth quarter ended Dec. 31 of $5.5 million, compared with $4.9 million for the same period in 1997.

However, the company reported a loss of $4.1 million or 57 cents per share, versus net income of $696,000 or 8 cents per share for the same quarter a year earlier.

For the year ended Dec. 31, BioSource reported net revenues of $21.9 million compared with $20.6 million in 1997. The net loss for the year was $5.1 million or 68 cents per share, compared with net income of $3.2 million or 36 cents per share reported for the year ended Dec. 31, 1997.

Company officials attributed the rise in revenues during the quarter to increased sales in the United States and Europe. Sales in Japan fell significantly during the quarter because of overall economic conditions in the area, but this decrease was offset by sales from Quality Controlled Biochemicals and Biofluids, whose acquisitions were completed late in the quarter.

The increase in expenses and net loss for the quarter were blamed on nonrecurring charges associated with the acquisition of QCB, the restructuring of certain European operations and an increase in European inventory reserves.

BioSource develops immunological reagents and test kits used in biomedical research.