The prospects for PBIO after bookkeeping debacle
PerSeptive BioSystems Inc. shares lost nearly a quarter of their value last week after the company restated the results for its past two fiscal years and reported a net loss of $34 million for the fiscal year ended Sept. 30. But the biotechnology instrument manufacturer could turn profitable in 1995, according to Cowen & Co. analyst David Stone, based on the merits of its technology and "good" product performance. Blaming incorrectly booked sales and other factors, PBIO restated revenues downward from $38.4 million to $28.3 million in the first nine months of FY94, and from $18.7 million to $15 million in FY93. The restated net loss jumped to $13.1 million from the $5.6 million originally reported