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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowArcadia Resources Inc., an Indianapolis-based provided of health care services, this morning reported a loss of $2.6 million on revenue of $35.2 million for its third fiscal quarter, which ended Dec. 31.
The loss was 7.7 percent more than the company reported in the same period a year earlier.
Arcadia provides home health care equipment, medical staffing and pharmacy services.
Overall revenue dipped 5.4 percent, though sales in its key pharmacy and home health care units collectively increased by 20.5 percent, the company said.
As part of a restructuring, Arcadia completed the consolidation of its Paducah, Ky., pharmacy operations into a “state-of-the-art” pharmacy near its northeast-side headquarters in Precedent Office Park.
The company also slashed 40 jobs, reduced annual payroll by about $1.9 million, and sold its home health equipment operations in San Fernando, Calif.
Executives anticipate fiscal fourth quarter revenue from Arcadia’s pharmacy segment to climb 20 percent, largely due to increased sales for its DailyMed product, a pill-dispensing system that helps patients take the right dosage of drugs at the right times.
Arcadia moved from Southfield, Mich., to Indianapolis in the fall of 2007. In exchange for incentives worth more than $6 million, the state landed the headquarters of a publicly traded life sciences firm with more than 5,000 employees.
Company shares were trading late this morning at 48 cents, up 2 cents on the day.
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