Revenues for the six-month period ended December 31, 2003 increased to $2.84 million compared to $2.56 million for the same period in the prior fiscal year. Net loss for the six month period ended December 31, 2003 was $(691,567), or $(0.08) per fully diluted share, compared to a net loss of $(472,790), or $(0.08) per fully diluted share, for the same period in the prior fiscal year.
“PBI remains focused on providing quality specialty laboratory services in its core areas including cardiovascular disease, diabetes, and bone and joint disease while increasing its capabilities in specialty areas to include obesity, metabolic syndrome, and osteoarthritis.”
Ron Helm, Chief Executive Officer of Pacific Biometrics, commented, "Given the reduction in our second quarter revenues compared to the prior year's quarter, we have increased our business development activity with new and existing clients for our laboratory services. In the second quarter, we announced that Nordic Bioscience Diagnostics A/S named PBI's central laboratory the exclusive testing site in North America for the proprietary arthritis marker CartiLaps(R) and we have already commenced two trials in which we used this marker. We are continuing to aggressively pursue additional licensing agreements for proprietary biomarkers, similar to CartiLaps, that will further enhance PBI's reputation as a premier specialized central laboratory."
Helm concluded, "PBI remains focused on providing quality specialty laboratory services in its core areas including cardiovascular disease, diabetes, and bone and joint disease while increasing its capabilities in specialty areas to include obesity, metabolic syndrome, and osteoarthritis."
Business Outlook
We expect that revenues in the quarter ending March 31, 2004 will be significantly lower than those in the comparable prior year period. We are accelerating discussions regarding our research and laboratory services with several pharmaceutical companies and other potential customers. The company has seen an increase over the prior year in clinical trial services under bid. In addition, the company is continuing to review its operating and financial plan against this reduced revenue expectation and has implemented several cost reduction initiatives which are outlined in its quarterly report filed with the SEC on Form 10-QSB for the quarter ended December 31, 2003.
About Pacific Biometrics, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The company provides expert services in the areas of cardiovascular disease, osteoporosis, diabetes and nutrition. The PBI laboratory is accredited by the College of American Pathologists and is one of only three U.S. based laboratories approved and accredited by the Center for Disease Control (CDC) as a Cholesterol Reference Laboratory. PBI's clients include many of the world's largest pharmaceutical, biotech and diagnostic companies.
Pacific Biometrics also owns several patented and patent-pending technologies, including an advanced, proprietary, isothermal DNA amplification technology, and a gene-based cell viability technology to distinguish live from dead cells in a broad range of diagnostic applications.
For more information about Pacific Biometrics, visit the company's web site at www.pacbio.com or contact Ronald Helm, Chairman / CEO at 206-298-0068.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including to but not limited to our strategic planning and business development plans, our future growth, and the viability and acceptance of our products and services in the market. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, our ability to bid on and win laboratory services contracts, the success of our marketing and business development efforts, competition in the industry, and our ability to manage growth, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-KSB for the year ended June 30, 2003 and our Form 10-QSB for each of the quarters ended December 31, 2003 and September 30, 2003).
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