DORADO, PUERTO RICO / ACCESSWIRE / January 30, 2023 / Pharma-Bio Serv, Inc. ('Pharma-Bio Serv' or the 'Company') (OTCQB:PBSV), is a regulatory, compliance, project management and technology transfer support consulting firm that provides services to the pharmaceutical, biotechnology, medical device, cosmetic, food and allied products industries.
Today, Pharma-Bio Serv announced that revenues for the year ended October 31, 2022 were approximately $19.4 million, a decrease of approximately $0.7 million when compared to last year. Additionally, net income for the year ended October 31, 2022 was approximately $1.0 million, an improvement of approximately $3.0 million when compared to last year. The net income variance is mostly due to the recording of an account receivable provision of approximately $5.2 million in 2021 which was partially offset by the recording of a PPP loan forgiveness for approximately $2.0 million in 2021.
'As the Company emerges from fiscal year 2022, management sees evidence that our efforts and execution in the continental United States and European markets have strengthened our foundation for organic growth. During fiscal year 2023, we continue our efforts to expand our network of clients in these and other targeted markets. Furthermore, we continue to pursue strategic acquisition opportunities in our efforts to achieve external growth and maximize shareholder value.,' stated Mr. Sanchez, Chief Executive Officer of the Company.
About Pharma-Bio Serv, Inc.
Pharma-Bio Serv services the Puerto Rico, United States, Europe and Latin America markets. Pharma-Bio Serv's core business is FDA and international agencies regulatory compliance consulting related services. The Company's global team includes leading engineering and life science professionals, quality assurance managers and directors.
This news release contains 'forward-looking statements' within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Pharma-Bio Serv. Forward-looking statements are based on the expectations, estimates, or projections of management as of the date of this earnings announcement. Although Pharma-Bio Serv's management believes these expectations, estimates, or projections to be reasonable as of the date of this earnings announcement, forward-looking statements are inherently subject to significant business risks, economic uncertainties, and competitive uncertainties, and other factors, which could cause its actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Pharma-Bio Serv's actual results or performance to differ materially from the forward-looking statements include those set forth in the 'Risk Factors' section of Pharma-Bio Serv's Annual Report on Form 10-K for the year ended October 31, 2022, and in its other filings with the Securities and Exchange Commission, which filings are available on www.sec.gov. Pharma-Bio Serv disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.
Pedro J. Lasanta
Chief Financial Officer
787 278 2709
SOURCE: Pharma-Bio Serv Inc.
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