LONDON (Alliance News) - Akers Biosciences Inc Thursday expressed confidence for its fourth quarter, after posting a widened loss in the third quarter, although it noted its performance depends on the closing of international product orders in its pipeline.
Akers reported a net loss of USD1.1 million for the quarter to end-September, compared to USD544,370 a year before, despite seeing revenue rise slightly of USD453,313 for the quarter to end-September, up from USD344,709, as it upped costs to hire additional personnel and increase marketing activities.
Cost of sales rose to USD162,145 in the quarter, compared to USD94,036 a year before, and sales and marketing expenses rose to USD358,650 compared to USD126,624 a year before.
The company said revenue growth was driven by sales of its PIFA Heparin and PF4 Rapid Assay products in the US. It said it is working with its four distribution partners to reach new customers and convert trials into sales, and it is also accelerate development of its VIVO product line.
Akers said its revenue during its early commercialisation phase are expected to continue to be staggered as it receives initial orders from new distributors, which results in some quarters being more positive than offers.
As a result, its performance for the full year will depend on when a number of significant contracts are shipped.
"Domestic sales of our current flagship PIFA Heparin/PF4 Rapid Assay products are currently driving sales while we establish the foundations for an international sales push," said Chairman Raymond Akers Jr in a statement.
Shares in Akers are trading down 3.7% at 232.00 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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