HemaCare Corp. increased revenue and narrowed its operating loss in 2015, the company announced Monday.
The Van Nuys provider of blood cells and other biological material for scientific research reported net income of $3.2 million for last year, compared to a loss of nearly $4.8 for the previous year. Revenue increased 102 percent to $9.7 million.
The company attributed its profit to the sale of its therapeutic apheresis business for $4.6 million. Without that one-time factor, the company’s operations lost $1.38 million, an improvement from the $4.75 million loss the previous year.
No analysts follow the company.
“2015 was a pivotal year for us, as we divested the last of our non-core businesses, allowing us to intently focus exclusively on the high margin, rapid growth opportunities presented by our bio research products and services business, which sells human blood cells and other biological materials to companies and research institutions,” Chief Executive Pete van der Wal said in a statement. “We now have the people, facilities, and business plan, along with a substantially improved balance sheet, to produce further gains in revenue and gross profit margin in 2016 and beyond.”
Shares closed up 3 cents or 4 percent to 78 cents on the over-the-counter market.