Arcadia Resources Inc. this morning reported a loss of $32.7 million in its fiscal fourth quarter, far larger than the $4.5 million loss it announced in the same period a year earlier.
The vast majority of the decline – $29.3 million – was due to one-time costs related to asset-impairment charges, debt restructuring costs and a loss on the sale of discontinued operations, the Indianapolis-based provider of health care services said.
Revenue for the period ended March 31, $25.9 million, was nearly identical to last year’s figure.
“The large net loss in the fourth quarter from significant one-time charges masks the tremendous progress we made in strengthening our financial position and focusing the business for growth,” CEO Marvin R. Richardson said in a written statement.
The asset-impairment charge mostly related to Arcadia’s pharmacy business and reflects on the company’s decision to focus on its growing DailyMed product.
DailyMed sorts a patient’s numerous medications and vitamins into packets labeled for the time of the day they are supposed to be taken. The company claims its service helps patients comply with their doctors’ instructions and avoid hospital visits caused by taking the wrong doses of medicines or taking them at the wrong times.
Yesterday, Indianapolis-based WellPoint Inc. signed a deal with Arcadia to use the DailyMed service for Medicaid patients WellPoint handles in five states.
Revenue from DailyMed jumped 80 percent in the fiscal fourth quarter compared with the same time last year, Arcadia said.
Arcadia shares rose a penny, to 70 cents, this morning.