LONDON (Alliance News) - Akers Biosciences Inc Friday posted a narrowed pretax loss for 2013, as it saw revenues more than double, driven by sales of its breathalyser products, and expressed confidence for 2014 following its dual listing in New York in January.
The company posted a pretax loss of USD1.8 million, narrowed from a pretax loss of USD2.7 million in 2012, as revenues rose to USD3.6 million from USD1.6 million, driven by sales of the company's breathalyser products and its other Micro Particle Catalyzed products.
Micro Particle Catalyzed Biosensor technology is a breath sensor that can be used to identify medical conditions, and test alcohol levels.
Outside of this segment, the company said that sales of its PIFA Heparin/PF4 and PIFA PLUSS PF4 screening tests, which are used to test for Heparin-Induced Thrombocytopenia, had been hampered by the reorganisation of the business. The company switched away from a direct selling model to one that works with the company's US distribution partners.
It expects international sales of the PIFA Heparin/PF4 Rapid Assay to ramp up later in 2014, particularly in China.
Although sales costs increased, the company also improved its gross profit margin to 47% from 36% in 2012, as it saw licensing fees and production volume increase.
The company completed an initial public offering on NASDAQ in January, raising USD15 million which it will use for general corporate purposes. It continues to also be listed on AIM in London.
Akers said that, as a result of its improved revenues in 2013 and the listing on NASDAQ, it was financially stable and could focus on the execution of its business plan, to launch a number of products in the US from its MPC Biosensor technology.
It will also focus its resources to expanding the sales of its PIFA Heparin/PF4 assays, commercialising its near term products including its PIFA-based infectious disease single-use Malaria and Chlamydia assays, and continuing the clinical development of two additional MPC biosensor products.
Shares in Akers were trading down 5.0% on AIM at 285.00 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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