HemaCare Corp. announced Monday a 50 percent increase in revenue and a swing from losses to profits during the first six month of the year.
The Van Nuys provider of blood cells and other biological material for scientific research reported estimated net income of $522,000 for the first two quarter of 2017 ended June 30, compared to a loss of $79,000 for the same period last year. Revenue increased 50 percent to $8.7 million.
No analysts follow the company.
“HemaCare continues to strengthen our leadership position as a critical supplier to customers performing cell therapy research, process development and commercialization,” Chief Executive Pete van der Wal said in a statement. “We have secured long-term access to a state-of-the-art facility allowing HemaCare to optimize process flow, utilize flexible production environments to serve our customers’ increasingly complex requirements, and provide sufficient scalability to support the increasing demand of our global customer base.”
Shares of HemaCare (HEMA) rose 14 cents, or 5 percent, to close Monday at $2.90 on the over-the-counter market.