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Wednesday, 27 July 2011

Biosensors Reports Continued Strong Sales and Operating Results for the First Quarter of Fiscal Year 2012

Highlights of quarterly performance:

 Continued robust revenue growth in Q1 FY12, with total revenue of US$57.0M, representing a 73% increase year-on-year

 Approximate six-fold increase in net profit over Q1 FY11 to US$22.6M

 Agreement announced to acquire the remaining 50% interest in JW Medical System Limited (“JWMS”) from Shandong Weigao Group Medical Polymer Company Limited (“Weigao”) subject to regulatory and shareholders’ approval

 Plans for Global LEADERS, the largest ever “all comers” randomized clinical trial between two drug-eluting stents, announced during the EuroPCR congress in Paris

 Terumo commenced sales of its Nobori drug-eluting stent in Japan during May resulting in an increased licensing revenue for the quarter

“This is yet another quarter of improvement in our product sales, achieved without any major new geographical market access,” commented Co-CEO Mr. Jeffrey B. Jump. “Our results reflect an increased penetration in existing territories, due to greater levels of acceptance of our products by physicians, as well as the launch of the Nobori stent in Japan.”

For Q1 FY12, Biosensors reported total revenue, including licensing and royalties, of US$57.0 million, a 73% increase over the same quarter of fiscal year 2011 (“Q1 FY11”). Total product revenue in Q1 FY12 was US$41.4 million, a 41% increase from Q1 FY11’s US$29.4 million.

Total Interventional Cardiology Products (“IVP”) revenue was US$37.7 million, a 43% increase from Q1 FY11’s US$26.3 million. The increase was primarily driven by continued growth in the sales of the Company’s BioMatrix™ family of drug-eluting stents (“DES”). Total Critical Care Products (“CCP”) revenue for Q1 FY12 was US$3.7 million, a 23% increase from Q1 FY11’s US$3.0 million.

Licensing and royalties revenue in Q1 FY12 grew to US$15.6 million. This is an approximate four-fold increase over Q1 FY11’s revenue of US$3.6 million.
Gross margins on total product sales were 74% in Q1 FY12, an improvement of 1% from Q1 FY11. This was driven primarily by the shift in product mix towards the Company’s higher margin DES products, combined with increased economies of scale in manufacturing.

Sales and marketing expenses were US$16.1 million in Q1 FY12 compared to US$9.4 million in Q1 FY11. The increase was due to higher payroll and related expenses associated wit the build up of the sales and marketing function as well as higher expenses for participation in medical congresses and travel.

General and administrative expenses were US$6.1 million in Q1 FY12 compared to US$4.5 million in Q1 FY11. The increase was mainly attributable to higher professional and patent renewal fees, as well as increased payroll-related and travel expenses.

Research and development (“R&D”) expenses, which include costs for new product development and testing, clinical trials and regulatory approvals, were US$4.4 million in Q1 FY12 compared to US$3.2 million in the prior year’s corresponding period. The increase was mainly due to higher clinical trial expenses.

Included in the Q1 FY12 results is the equity method of accounting for the Company’s 50% ownership interest in JWMS. This resulted in a net income of US$4.1 million, compared to US$5.2 million for Q1 FY11.
For Q1 FY12, the Group reported a net profit of US$22.6 million or 1.68 US cents basic earnings per share (“basic EPS”) and 1.64 US cents diluted earnings per share (“diluted EPS”), compared to a net profit of US$3.2 million or basic EPS of 0.30 US cent and diluted EPS of 0.29 US cents for Q1 FY11.

Excluding the fair value adjustments for warrants, net profit would have been US$24.1 million, or basic EPS of 1.80 US cents and diluted EPS of 1.76 US cents. For Q1 FY11, excluding the restructuring charges related to the closure of the U.S. operations and fair value adjustments for warrants, net profit would have been US$9.9 million or basic EPS of 0.93 US cents and diluted EPS of 0.90 US cents.

The Company continues to expect its full year FY12 total revenue to be 50% - 60% higher than its full year FY11 total revenue. In this assumption, the Company anticipates to complete the acquisition of the remaining 50% equity of JWMS within the second quarter of this fiscal year, subject to regulatory and shareholders’ approval.

"Looking ahead for this new fiscal year, we believe the market dynamics will continue to improve for Biosensors,” concluded Co-CEO Dr. Jack Wang, “This last period represents our fifteenth consecutive quarter of product sales growth. We will continue to invest in our sales and marketing channels to maintain this sales momentum. During the past quarter, we announced the intention to take over the remaining equity of JWMS from our JV partner. Subject to various approvals, once this deal is concluded, it will present better opportunities for Biosensors in China. Last but not least, we remain committed to investing in R&D to develop superior cardiovascular solutions for the future."

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