With its multimillion-dollar automation and equipment-upgrading project behind it, this Beltsville environmental analysis and health information company must reel in new clients to make full use of its newly automated and re-equipped laboratories, said Margaret E. Grayson, finance vice president.
Though Biospherics' information services, biotechnology and hazard-assessment divisions are profitable, the laboratory division makes up about 40 percent of the company, Ms. Grayson said.
Excess capacity in the company's two labs has cut into profits, though the company made significant improvements in the third quarter compared with last year's losses for the same period. Last year's red ink resulted from financing the renovation, said Ms. Grayson, who didn't specify the total cost of the project.
The company's $23,489 loss for the third quarter and $37,477 loss for the first nine months are attributable to the current utilization level -- 60 percent -- in the two labs. To break even, Biospherics needs to increase that to more than 80 percent, Ms. Grayson said.