Unilab Reports Net Loss in 3rd Quarter
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Unilab Corp. posted a large loss on a 5% rise in revenues in the third quarter that ended Sept. 30.
The company posted a net loss of $8.5 million, compared to a $232,000 profit in the same period a year earlier. Revenues in the latest quarter were $52.7 million, up from $50.2 million a year ago. A government investigation into Unilab’s billing practices was also settled during the quarter, which led to a charge of $4.9 million.
Unilab, based in Tarzana, is a major clinical laboratory analysis firm with over 200 offices in the state.
For the nine months, Unilab saw its loss narrow to $16.6 million, down from a $36.7 million loss in the same period last year. Revenues rose 11% in the recent nine-month period to $156.3 million, compared to $140.3 million last year.
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