Akers Biosciences Inc. (NASDAQ:AKER) (LON:AKR) reported a 40% increase in full year revenue, boosted by sales of its flagship Heparin allergy test.
Total revenue rose to US$2.9mln in the year to 31 December 2016, compared to US$2.1mln the previous year.
PIFA Heparin PF/4 - a diagnostic test for allergic reactions to blood thinning agent Heparin - achieved an 85% jump in sales to US$2.6mln from US$1.4mln.
Akers said it hit record sales of PF/4 products in the US in the second half. The group also significantly raised the price of the products.
A three-year agreement was signed to introduce PF/4 to the Greater New York Hospital Association’s network of more than 300 member hospitals and health systems
As revenues jumped and the company cut costs, the loss from operations narrowed to US$3.3mln in 2016 from US$9.3mln the prior year.
On another positive note for the group, Akers has won its first order for its rapid, over-the-counter cholesterol self-test.
First Check Diagnostics, the exclusive distributor in the US, will sell it under its "First Check" brand, through retailers such as CVS, Rite Aid, Target, Kmart and others.
The test estimates good cholesterol or High Density Lipoprotein (HDL) levels and can differentiate this from a person's Low Density Lipoprotein, their 'bad cholesterol'.
Meanwhile, Akers has completed successful trials for BreathScan DKA, a rapid breath test for diabetic ketoacidosis. It has also had positive trials for the PIFA/Chlamydia Rapid Assay, a rapid blood test for chlamydia, and for a rapid breath test for oxidative stress called BreathScan OxiCheck.
Akers chief executive, John Gormally, said: “I expect 2017 to be characterised by further growth in our flagship PIFA Heparin PF/4 Rapid Assay product line, sales of our rapid cholesterol test direct to consumers through major US retailers under the First Check brand, growing sales from our new generation of app-connected wellness products and, subject to regulatory approvals, the launch into the market of the first rapid blood test for chlamydia and a breath test for nutritional ketosis or fat burning.”
The company has applied for a 15-day extension to file its Form 10-K containing its 2016 earnings. Doing so will allow time for the company and its auditors to incorporate data from “certain subsequent events” and complete “management discussion and analysis”, Akers said.
“We look forward to publishing our Form 10-K earnings statement in due course,” Gormally said.