NEW YORK (AP) — PDI Inc., which provides sales and marketing services to the biopharmaceutical industry, said Monday that it turned a profit in the first quarter.
The Parsippany, N. J., company said contracts that were signed in 2012 boosted its results. PDI also said it cut spending compared to last year.
Net income was $2.1 million, or 14 cents per share. The company had a loss of $272,000, or 2 cents per share, a year ago. Revenue grew 36 percent, to $42.9 million.
Analysts expected a loss of 12 cents per share, according to FactSet.
The company said it signed a $17 million multi-year contract in the first quarter. PDI said it will provide a sales team to promote a central nervous system drug to neurologists and pain specialists as part of that contract. It did not disclose the name of the drug.
PDI expects its revenue to rise around 25 percent this year, which implies about $159 million.
PDI shares were unchanged on Monday.