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Akers Biosciences Inc
- BY: Andrew Hore |
- POSTED: 07/04/2008 |
Akers Biosciences is on course to move into profit in 2008.
The diagnostic tests developer reduced its 2007 loss from $10.1m to $2.37m. Sales jumped from $1m to $5.5m. The growth in sales was mainly down to US military orders for its BreathScan breathalysers. The main contract ended in March 2008 so the first quarter of this year will also benefit. There are 1.6m of the tests and key fobs in the hands of the military - they cost $3.60 each. A refill is required after each use. These refills cost $2.35 each.
Most of the rest of the sales came from a test for sensitivity to Heparin, a drug used as an anti-coagulant. The tests identifies the presence of the Heparin/PF-4 antibody, which means that patients are more at risk. A battlefield blood transfusion card used to make sure that the correct blood type is used for transfusions is starting to generate revenues.
Thomas Nicolette has recently taken over as chief executive having been key to the improvement in the company‘s fortunes. He has focused the development of new products and he won‘t start developing a new product unless it is funded by a customer.
New products are being launched this year but little is expected from them in 2008. A Lithium system has been developed to test lithium levels in mental health patients. The tests take two minutes. The machine costs $250 and each test will be sold for $11. Children, which tend to be tested every week, and prison inmates will be the main markets.
A Free Radical Enzymatic Device (FReD) will be launched in the autumn. Neutraceutal companies will use the test to show that their products are having a positive effect.
New house broker Arbuthnot forecasts a swing from an underlying loss of $1.3m in 2007 to a profit of $2.3m in 2008. Sales are expected to increase to $8.5m. Arbuthnot assumes that two refills are sold for each BreathScan breathalyser during the year. There is nothing included in the sales figure for the two new products.
The shares rose 0.25p to 13.75p.
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