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Arcadia reports smaller loss on increased revenue

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Arcadia Resources Inc. continued to shed money in its most recent quarter but took a smaller loss than it did in the same period of 2009, the Indianapolis-based health care company said Wednesday.

Arcadia lost $2.3 million, or 1 cent per share, on revenue of $26.2 million in its third fiscal quarter, which ended Dec. 31. That compares to a loss of $3.2 million, or 2 cents per share, on revenue of $25.7 million for the same quarter in 2009.

“These results continue to move us down the path of achieving profitability and becoming cash-flow positive,” said Arcadia President and CEO Marvin R. Richardson in a prepared statement. “We have seen steady improvement in our Services segment profitability, even though underlying market conditions remain challenging.”

In its pharmacy segment, Arcadia reported revenue of $5 million in the latest quarter, marking a 22.6-percent increase for its DailyMed medication-management system over same period in 2009.

Arcadia’s DailyMed service packages doses of prescriptions into individual packets, to make it easier for patients on numerous medications to stick to their regimens.

Quarterly revenue in the services segment was $21.1 million, down slightly from $21.6 million in the same quarter in 2009.

DailyMed currently is offered in WellPoint-affiliated health plans in California, Kansas, South Carolina and Virginia.

Arcadia stock fell 4 cents Wednesday, to 20 cents per share, a decline of 18.2 percent.

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