Arcadia Resources Inc. saw its losses mount in its most recent quarter as revenue from its medical staffing service declined more than its pharmacy business grew.
The Indianapolis-based company lost $4.1 million, or 3 cents per share, in the quarter ended Sept. 30, compared with a loss of $3.2 million, or 2 cents per share, in the same quarter a year ago.
Revenue fell 4 percent, to $25.6 million, compared with the same quarter a year ago.
Arcadia its trying to grow its DailyMed pharmaceutical service, which packages the right dosages of prescriptions into individual packets, to make it easier for patients on numerous medications to stick to their regimens.
Earlier this year, Arcadia announced a partnership with Indianapolis-based WellPoint Inc. to provide the DailyMed service to Medicaid patients WellPoint serves in five states. The project began in Arcadia's most recent quarter in Virginia, but rolled out more slowly than anticipated because Arcadia had trouble reaching patients by phone.
Arcadia announced today it is now rolling out DailyMed to WellPoint customers in California. One of Arcadia's first DailyMed clients was the Indiana Medicaid program.
While Arcadia's pharmacy revenue grew slower than expected, it still soared 181 percent over the same quarter last year, to a total of $3.4 million. Profit margins in that business also grew to 15.1 percent, up from 11.1 percent in the previous quarter. Medical staffing revenue fell 12.5 percent, to $21.7 million.
"We remain dually focused on growth and operational improvements in our two core businesses," said Marvin R. Richardson, Arcadia's CEO, in a statement.