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TAMPA -- SRI/Surgical Express Inc. (symbol: STRC) attributed a $534,000 net loss on $26.4 million in third quarter revenues to “uncharacteristically high” health insurance costs.
SRI Surgical provides instrument processing and supply chain management services to hospitals and surgery centers throughout the U.S. A year ago, the company earned a tiny profit -- $21,000 — on roughly $25 million in business. But this year, increased expenses led to a quarterly loss.
SRI attributes about half of the swing from gain to loss -- $340,000 -- to health insurance costs, with the rest being explained by higher commodity prices, particularly cotton (used for towels its provides) and diesel fuel.
The Tampa firm has seen its stock price fall by roughly 13% so far in 2011. In September, SRI said it had retained McColl Partners LLC to explore a possible sale or merger.
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