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Will BASI Hark Back To Its Heydays?

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Shares of Bioanalytical Systems Inc. (BASI), which closed at a new 52-week high of $5.33 yesterday, are up over 300 percent year-to-date.

Bioanalytical Systems is a pharmaceutical development company providing contract research services and monitoring instruments to pharmaceutical and agrochemical companies, biomedical research organizations and government-sponsored research centers.

The Company operates in two principal segments - Services and Products.

The Services segment provides research and development support on a contract basis directly to pharmaceutical companies and other clients, contributing a major chunk to the total revenue, while the Products segment provides liquid chromatography, electrochemical and physiological monitoring products to pharmaceutical companies, universities, government research centers, and medical research institutions. Currently, about 15% of its revenues are generated from customers outside of North America.

Bioanalytical Systems' fiscal year ends in September.

In the fiscal year ended September 30, 2018, the Company slipped to a loss of $194 thousand or $0.02 per share from a net income of $884 thousand or $0.10 per share in the prior year. Revenue for the year climbed to $26 million from $24 million in fiscal 2017.

The financial results for the three and nine months ended June 30, 2019, were reported in August of this year.

Net loss for the first nine months of fiscal 2019 amounted to $1.08 million or $0.10 per share in contrast to net income of $6 thousand or $0.00 per share in the comparable year-ago period. Revenue for the nine-month period of 2019 surged to $28.83 million from $17.36 million in the comparable period last year.

In May of this year, the Company acquired Smithers Avanza Toxicology Services business unit, a contract research organization (CRO) located in Gaithersburg, Maryland, to support the growing Toxicology Business.

The Company ended June 30, 2019, with cash of $506,000.

The fiscal 2019 financial results are scheduled to be reported next month.

Bioanalytical Systems went public in November 1997, offering its shares at a price of $8 each. The stock's all-time high closing price of $13.90 was recorded on July 25, 2001. In the last 1 year, BASI has traded in a range of $1.18 to $5.35.

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