Proactive Investors - Run By Investors For Investors

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.

View full AKR profile View Profile

Akers Biosciences, Inc. Timeline

Related Articles

May 14 2018
Physiomics' share price surged on a €500,000 contract for its virtual tumour software with Merck KgaA.
September 28 2018
WideCells has undertaken a review of the business to deliver a strategy that will generate revenue, reduce overheads and achieve profitability
cholesterol on a dial
September 24 2018
"The formation of ProBiotix Health and appointment of Adam Reynolds as chairman continues a successful strategy of building value in each division which is materialised by forming separate legal entities and taking them to a public listing,” said chief executive Stephen O’Hara

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use