LONDON (Alliance News) - Akers Biosciences Inc on Wednesday reported a wider pretax loss in 2015 and a fall in revenue, but said it has made a positive start to 2016 with increased sales of its flagship heparin allergy test, although it still expects to incur losses in the near term.
The biotechnology company said its pretax loss in 2015 tripled to USD9.3 million from USD3.1 million in 2014, as it booked higher administrative, sales and marketing, research and development costs, and as revenue declined by more than half to USD2.1 million from USD4.4 million.
Revenue was partly hit due to the deferment of some international orders into 2016, Akers said, and partly because three significant transactions in 2014 did not repeat in 2015, but it did achieve a 12% increase in US sales of its heparin allergy test to USD1.4 million from USD1.2 million.
So far in 2016, Akers said orders for the rapid heparin allergy tests have exceeded USD3 million, with sales into US hospitals up 70% over the first quarter of 2014. It has also received orders worth USD2.5 million from China, after entering the market in 2015.
Akers still expects to incur losses in the near term, however, due to continued marketing and development of its products.
"We hope to see a continuing upward trajectory in the US heparin allergy test business and look forward to seeing meaningful contributions beginning to flow through again from our alcohol breathalysers and from the newly launched Akers Wellness line," Executive Chairman Raymond Akers said in a statement.
Shares in Akers were untraded on Wednesday, having last traded at 120.00 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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