LONDON (Alliance News) - Medical device maker Akers Biosciences Inc Monday posted a widened pretax loss for 2014 as it continued to invest in its business and launched its initial public offering on the NASDAQ last January.
Akers posted a pretax loss of USD3.1 million, widened from a loss of USD1.5 million a year before, as a rise in revenue to USD4.4 million from USD3.6 million was offset by a step up in administrative expenses, related to the listing and the significant expansion of its sales and marketing teams.
Akers raised USD15 million in its listing in January 2014, which it said has facilitated a significant acceleration of its commercialisation and product development process.
The company cited improved revenues from its PIFA Heparin/PF4 Rapid Assay test products, and its Rapid Enzymatic Assay products, which offset a decline in its MicroParticle Catalyzed product line, some other products and licensing revenues.
In particular revenue related to its breath alcohol products declined to USD918,049 from USD1.9 million, undermined by the French government decision to indefinitely postpone a fine that was to be imposed for drivers failing to possess breathalyzers in their vehicles. Akers noted that, whilst drivers are still required to carry a self-test, the lack of a fine has reduced demand.
"Akers exited 2014 with an improved balance sheet, higher revenues, with a more substantial sales and marketing function, new distribution partners in new markets and with a pipeline of tests advancing through the developmental process," said Co-Founder and Executive Chairman Raymond Akers Jr in a statement.
Shares in Akers are trading down 3.9% at 261.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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