Mon, Sep 16, 9:01 PM (95 days ago)
Pharma-Bio Serv, Inc. reported a significant decline in financial performance for the quarter ending July 31, 2024, with total revenues of $2,418,163, down from $4,577,167 in the prior year, reflecting a decrease of approximately 47%. For the nine-month period, revenues fell to $7,175,967 from $13,378,665, a decline of about 47% as well. The gross profit margin also decreased, with gross profit at 26.3% compared to 33.9% in the previous year, primarily due to the closure of high-margin projects in Europe. The company incurred a net loss of $309,194 for the quarter, compared to a net income of $526,242 in the same period last year. This trend continued for the nine-month period, resulting in a net loss of $793,730. Operating expenses remained stable, but the company's cash flow from operations was negative at $(670,327) for the quarter. Current assets decreased to $15,935,538 from $19,401,097, while current liabilities were reduced to $1,899,276. The firm’s liquidity appears stable, with $6,520,182 in cash and cash equivalents. Future operations may be impacted by economic uncertainties, including inflation and geopolitical events, which could hinder revenue recovery.