SeraCare reports 18% increase in second-quarter fiscal 2010 revenues

SeraCare Life Sciences, Inc. (NASDAQ: SRLS), a global life sciences company providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics, today reported operational and financial results for its second quarter of fiscal year 2010, ended March 31, 2010.

“SeraCare's second quarter of fiscal 2010 reflects substantially increased revenues, margins and profitability”

SeraCare reported revenue of $12.9 million for the quarter ended March 31, 2010 compared to $10.9 million for the same quarter of the prior year, reflecting 18% growth. Gross margins increased to 43% for the quarter compared to 34% for the same quarter of the prior year. The Company earned net income of $2.1 million and earnings per share on a basic and diluted basis of $0.11 for the quarter ended March 31, 2010 compared to a net loss of $0.6 million and a loss per share on a basic and diluted basis of $0.03 during the same period in fiscal 2009.

"SeraCare's second quarter of fiscal 2010 reflects substantially increased revenues, margins and profitability," said Susan Vogt, President and Chief Executive Officer. "These strong financial results also mark SeraCare's fourth consecutive profitable quarter—a significant milestone for our Company."

Recent Corporate Highlights:

• Continued a major initiative to drive future European growth, increasing our portfolio of high volume ACCURUN^® Controls with CE marking to more than 60 products as of March 31, 2010 and increasing direct sales representation in Europe
• Increased Diagnostic & Biopharmaceutical Products revenue by $0.7 million, or 8%, and BioServices revenue by $1.3 million, or 51%, for the quarter ended March 31, 2010 compared to the same quarter in the prior year
• Increased Diagnostic & Biopharmaceutical Products gross profit margin to 54% in the quarter ended March 31, 2010 from 39% in the same quarter in the prior year
• Generated $2.6 million in cash from operations during the quarter ended March 31, 2010, an increase of $1.7 million compared to cash from operations of $0.9 million for the three months ended March 31, 2009
• Increased cash balance to $10.8 million as of March 31, 2010 compared to $8.2 million at December 31, 2009

"In the second quarter of fiscal 2010, we continued to grow revenue," said Gregory Gould, Chief Financial Officer. "Additionally, we greatly increased the fundamental financial strength of SeraCare over the last twelve months, generating more than $9.7 million in cash from operations and reducing our debt from $5.1 million at March 31, 2009 to less than $0.1 million at March 31, 2010. We are well positioned for the second half of the fiscal year."