Interim Financial Report for the first half of 2014 for the BioPorto Group
ET | Source:BioPorto A/S
The focused execution of BioPorto new strategy is continued in Q2 2014. After several years of declining activity, the strategy change has led to a revenue increase within the last 12 months by 14%, and the downward trend is broken.
BioPorto is signing an agreement with Massachusetts General Hospital regarding sampling for the clinical study in the USA and is replacing another site to ensure the planned progress. Management expects that the collection is completed in the first quarter of 2015, so that the study can be carried out and an application submitted in the first half of 2015.
BioPorto’s Advisory Board held its first meeting in May. The meeting gave rise to the development of a scientific article on The NGAL Test, which is expected to be filed with a recognized journal in the second half of 2014. Articles in scientific publications in the first half of 2014 has supported the use of NGAL as a marker of acute kidney injury. Among the most recent are a report on the most commonly used markers in clinical studies and a study of acute kidney injury (AKI) in an ICU setting.
On April 1, 2014, The European Patent Office decided that BioPorto's NGAL cutoff patent does not meet the requirements for adequate description. The company is working on a divisional application, which upon approval can provide the same coverage. In BioPorto’s assessment, the company still has a very strong patent portfolio of patents and patent applications.
In the first 6 months, BioPorto generated total revenues of DKK 9.2 million (first 6 months 2013: DKK 7.3 million). Sales in the 2nd quarter amounted to DKK 4.5 (2013: DKK 4.3 million).
The loss for the first 6 months of 2014 was DKK -8.3 million (2013: DKK -10.8 million).
Sales of the group’s NGAL products for human diagnostics, including The NGAL Test™, amounted to DKK 1.9 million for the first 6 months of 2014 (2013: DKK 1.3 million). Sales of The NGAL Test™ accounted for DKK 1.3 million of this amount.
Expectations for 2014 maintained
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
Peter Mørch Eriksen, CEO, commented, "The rolloutof the new strategy is on track to create the results we put up as targets at the beginning of the year. This past year, we have broken the negative curve and is now back in positive growth. Particularly The NGAL Test™ is performing well, the elapsed year has doubled on top of past increases of around 20%. We are therefore well on track to achieve our long-term strategic and financial objectives."
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