Pacific Biomarkers sees surge in revenue, but profits fall short

Seattle-based Pacific Biomarkers saw a significant jump in revenue during the first six months of its fiscal year, but the numbers still didn't pan out quite the way the company would have liked. Revenue jumped 22 percent to more than $5 million; during the corresponding period of the previous fiscal year, that number was just under $4.5 million. Operating loss was $250,252 in the first half.

"Our results for the three months ended December 31, 2010 are a reflection of the challenging drug development environment. While revenue increased from the prior year, gross profit was still short of plan. We remain confident that we are well positioned to execute our strategic plan for continued growth in the specialty laboratory and our biomarker services area," commented Ron Helm, the CEO of Pacific Biomarkers. "We benefited from a large contract in the first two quarters, while other revenues reflected what we have seen in our clinical services market in line with what other Contract Research Organizations have reported."

- here's the release from Pacific Biomarkers