A new BioPorto management team was appointed, and this substantially strengthens the company’s strategic and commercial expertise. In July, Peter Mørch Eriksen took over as the new CEO, and a new CFO and Executive Vice President Sales were subsequently appointed.
In Q3, BioPorto carried out a successful, fully-subscribed share issue with gross proceeds of DKK 71 million. The proceeds were used to extinguish debt and consolidate the capital base to make it possible to implement a long-term strategy.
During 2013 and 2014 management has been reassessing BioPorto’s strategy and set new objectives and milestones which will take effect from 2014. In addition, a restructuring process was carried out to adapt the organization to the intensified focus on product sales.
After the balance sheet date, BioPorto has entered into a cross-licensing agreement with Abbott and has entered into a settlement agreement with Phadia. This will vastly improve BioPorto’s market access and is one of the first results of the new strategic direction.
Financial trends in 2013
The group generated net revenues of DKK 16.6 million in 2013 (2012: DKK 17.9 million). The net revenue is on a par with the most recently announced expectations.
In 2013, sales of The NGAL Test reached DKK 2.2 million, compared with DKK 1.8 million the previous year. The combined NGAL product portfolio contributed sales of DKK 6.4 million (DKK 6.5 million). Sales of reagents and kits for the R&D market (including NGAL) declined by 12% to a total of DKK 10.5 million (DKK 12 million). Licensing income, primarily from Instrumentation Laboratories, amounted to DKK 0.6 million in 2013 (DKK 0.6 million).
The net loss for the year was DKK 20.6 million (DKK -14.7 million). The loss conforms to the most recently announced expectations.
Forecast for 2014
BioPorto expects to generate revenue of around DKK 19–23 million in 2014, equivalent to a growth rate of 15–40%.
A loss of around DKK 10–14 million is expected in 2014.
BioPorto Diagnostics A/S is an in-vitro diagnostics company that provides healthcare professionals in clinical and research settings a range of diagnostic tests and antibodies. Our pioneering product portfolio includes assays for underserved disease states such as NGAL for acute kidney injury. We sell our products in more than 80 countries through diverse sales channels and partners. BioPorto has its headquarters in Copenhagen, Denmark and is listed on the NASDAQ OMX Copenhagen stock exchange.
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.