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Akers Bioscience Inc

  • BY: Andrew Hore |
  • POSTED: 12/09/2008 |

Akers Biosciences moved into profit in the first half of 2008.

Revenues increased 61% to $3.4m while a loss of £1.1m was turned into a $251,000 profit. Most of the revenues came from the company’s breathalyser product, BreathScan, and its Heparin test. There was also income from the sale of the Litium system technology although Akers will still supply the disposables for this.

Akers is launching a new product called Breath Ketone, which could replace the need for diabetics to have regular blood tests or Ketoacidosis screenings. Next year it will start selling Breath PulmoHealth, which provides early signs of lung cancer.

A share placing and conversion of debt in the first half has left Akers with $5m of net cash. The business should continue to be cash generative.

The second half is always much stronger. That is partly due to the fact that US government budgets are agreed at the beginning of October.

Arbtuhnot has increased its 2008 profit forecast from $2m to $2.7m. Revenues of $9.3m are forecast. At 15.75p a share, Akers is valued at £17.5m and the shares are trading on 13 times prospective earnings.

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