Smaller Losses at Pacific Biometrics

IRVINE — Pacific Biometrics Inc., which develops diagnostics and laboratory services to detect and manage chronic diseases, reported narrower losses for the fiscal year ended June 30.

The company incurred a net loss of $1.6 million, or 51 cents a share, for the fiscal year, compared with a net loss of $7.6 million, or $5.89 a share, for the prior year. Revenue increased 65% to $2.8 million from $1.7 million.

For the fourth quarter, the company posted a net loss of $307,188, or 8 cents a share, compared with a net loss of $6.9 million, or $5.22 a share, a year ago. The loss a year ago included a one-time charge of $6.4 million from purchased research and development through the acquisition of BioQuant in June 1996. Revenue more than doubled to $914,797 from $428,926.