ERBA Diagnostics, Inc. (NYSE MKT:ERB), a fully integrated in vitro diagnostics company, reported its financial results for the three and nine months ended September 30, 2013. Sanjiv Suri, Interim Chief Executive Officer of ERBA Diagnostics, said, "I am pleased to report a continuation in the third quarter of 2013 of the turnaround we are experiencing, with a significant year-over-year improvement from net loss in the third quarter of 2012 to positive net income in the third quarter of 2013. We have also now achieved positive net income in two consecutive quarters - the second quarter of 2013 and the third quarter of 2013. We have seen further growth in high margin reagents sales in the third quarter of 2013."
Mr. Suri continued, "Comparing the three months ended September 30, 2013 to the three months ended September 30, 2012, revenues grew 83% and gross profit grew 46%. We achieved net income of $129,229 in the three months ended September 30, 2013 compared to a net loss of $96,616 in the three months ended September 30, 2012. Comparing the nine months ended September 30, 2013 to the nine months ended September 30, 2012, revenues grew 66% and gross profit grew 49%. We recorded net loss of $30,490 in the nine months ended September 30, 2013 compared to a net loss of $533,751 in the nine months ended September 30, 2012.
"We continue to consolidate our operations as well as to implement a number of new initiatives in an effort to grow sales and expand the product range. Our manufacturing facility at Miami Lakes, Florida, is being doubled with the addition of another 30,000 sq.ft. area. We continue to explore potential acquisitions, both in the United States and internationally. These efforts are backed by our previously reported stock purchase agreement and warrant with our principal stockholder, ERBA Diagnostics Mannheim GmbH."
Financial Highlights for the Three Months ended September 30, 2013
Net revenues increased by 83% to $6,941,000 in the three months ended September 30, 2013 from $3,789,000 in the three months ended September 30, 2012. Gross profit increased by 46% to $3,015,000 in the three months ended September 30, 2013 from $2,062,000 in the three months ended September 30, 2012.
Income from operations totaled $78,000 in the three months ended September 30, 2013 as compared to an operating loss of $42,000 in the three months ended September 30, 2012.
We generated a consolidated net income of $129,000 in the three months ended September 30, 2013 (including the net income of $471,000 for Drew Scientific) as compared to a net loss of $97,000 in the three months ended September 30, 2012. Basic and diluted net income per common share was $0.00 in the three months ended September 30, 2013 as compared to basic and diluted net loss per common share of $0.01 in the three months ended September 30, 2012.
Financial Highlights for the Nine Months ended September 30, 2013
Net revenues increased by $8,165,000 to $20,538,000 in the nine months ended September 30, 2013 from $12,373,000 in the nine months ended September 30, 2012. Gross profit increased by $3,115,000 to $9,504,000 in the nine months ended September 30, 2013 from $6,389,000 in the nine months ended September 30, 2012.
Income from operations totaled $230,000 in the nine months ended September 30, 2013 as compared to an operating loss of $298,000 in the nine months ended September 30, 2012.
We generated a consolidated net loss of approximately $30,000 in the nine months ended September 30, 2013 (including the net income of $1,172,000 for Drew Scientific) as compared to a net loss of $534,000 in the nine months ended September 30, 2012. Basic and diluted net loss per common share was $0.00 in the nine months ended September 30, 2013 as compared to $0.02 in the nine months ended September 30, 2012.
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