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Akers Biosciences third-quarter revenues up 10%

The figures were buoyed by sales of its breathalyser products and its rapid cholesterol tests
heparin test
Akers has developed a rapid test that can quickly diagnose an allergy to a common blood thinner

Diagnostics specialist Akers Biosciences, Inc.(LON:AKR, NASDAQ:AKER) said its third quarter revenues grew 10% to US$675,831, buoyed by sales of its breathalyser products and its rapid cholesterol tests.

It also said the commercial performance of its core product, used to spot allergic reactions to the blood thinner heparin, was “robust”. However it also noted demand for the IFA Heparin/PF4 Rapid Assay product had “plateaued” somewhat in the three months.

READ: Akers Bio expects sales of its ‘morning after’ alcohol breath test to ramp up as distributor secures major new channel partner

“The company is not satisfied with the plateau in sales of rapid HIT tests, which were broadly flat in the US during the third quarter, and is actively campaigning to drive future growth by pursuing further clinical pathway studies, heparin-induced thrombocytopenia awareness campaigns and a strategic focus on surgeons who are central to any decision to test for heparin platelet factor 4 antibodies,” investors were told.

As might be expected for company at this critical juncture in its commercial development Akers was loss-making. The pre-tax deficit was US$1.18mln.

READ: Akers Bio sees 'material commercial growth' for Heparin allergy test

That said, cash burn is starting to recede while the company boosted its coffers by US$680,748 after certain investors converted their warrants to shares.

Turnover for the nine months were also up 10% at US$2.54mln, with US$1.98mln of that total from the sales of the heparin test kit.

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Akers Biosciences, Inc. Timeline

Article
August 11 2016

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