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Tuesday, 12 November 2013

Biosensors Q2 net slumps 60% to US$11.3m


MEDICAL device manufacturer Biosensors Group International reported a 60 per cent drop in net profit for its second quarter ended Sept 30 to US$11.3 million, down from US$28.2 million a year ago.

Revenue was up 4 per cent to US$83 million, with product revenue up 10 per cent to US$72.2 million and licensing and royalties revenue down 25 per cent to US$10.8 million.

Due to weak market conditions and lower selling prices, delays of royalty improvement in Japan, the management revised its previous guidance for a 15 per cent growth in revenue for its fiscal year ending March 31, 2014. It now expects revenue growth to be "moderately positive".

The company said: "Sales growth for this fiscal year could be weak despite the double-digit sales volume growth in the group's drug-eluting stent product lines."


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