Integrated BioPharma Releases Financial Results for Q1 2024

Integrated BioPharma, Inc., based in Hillside, NJ, announced its financial outcomes for the first quarter ending March 31, 2024. The quarterly revenue remained stable at approximately $13.1 million, similar to the same period in 2023. Notably, the operating income saw a significant rise, reaching $0.4 million from the prior year's $44,000.

For the nine-month timeframe that ended with this quarter, the revenue saw a slight decline from $37.7 million in 2023 to $37.6 million in 2024. The operating results shifted from a modest income last year to a loss of $0.2 million in the current cycle. Net income for the quarter was about $0.3 million, which contrasts sharply with the $16,000 reported in the previous year.

The Co-CEOs of Integrated BioPharma, Riva Sheppard and Christina Kay, shared that revenue from the company's two major clients in their Contract Manufacturing Segment now constitutes around 90% of total revenue. They expressed a commitment to reducing dependency on these key customers by expanding the customer base and focusing on core businesses in the forthcoming fiscal year.