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Akers Biosciences Inc

BY: Andrew Hore |
POSTED: 07/01/2012 |
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Diagnostic products developer Akers Bioscience Inc says that a delayed order means that 2011 revenues were more than one-third lower than expected.

The share price slumped 44% to 1.32p each, which values Akers at £2.24m.

Revenues will be around $2.2m, compared with earlier expectations of $3.4m. The expected 2011 loss will be more than doubled at $1.9m.

Last summer, Akers won a $3.24m contract to supply Pulse Health with Revelar breath tubes. The majority of this order was expected to be supplied during 2011. Pulse had difficulties with the manufacture of a reagent and this delayed production. This led to a $1.2m revenue shortfall in 2011.

On top of this, US government demand for BreathScan disposable alcohol detectors has been weak.

Sales of the PIFA Heparin/PF4 Rapid Assay, which test for an allergy to Heparin, continue to build. They account for the majority of revenues last year.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2011_27.pdf