Interim Financial Report for Q3 2014 for the BioPorto Group


Summary of Q3 2014

Strategic Development
 

  • In Q3 2014 BioPorto has maintained its focus on commercialization of The NGAL Test ™.  Since June 2014 four additional new routine users of The NGAL Test ™ were added in Europe, bringing the total up to 13. The development in licensing and OEM agreements confirms the interest from potential distribution partners, but this interest is not expected to lead to new agreements in 2014.

 

  • New products, both kits and antibodies, have been in-licensed to BioPorto’s product portfolio. The intention is to expand the product portfolio and generate additional sales on the strengths of the existing sales platform.

 

  • BioPorto has been awarded Frost & Sullivan’s 'Product Leadership Award'. Frost & Sullivan found that The NGAL Test ™ is the best-positioned NGAL product on the market with unique features for the diagnosis of acute kidney injury (AKI).

 

  • BioPortos sample collection for a clinical trial in the United States is progressing according to the plan. The management expects that the sample collection phase will be completed in the first quarter of 2015, so that the study phase can be completed and the FDA filing be submitted in the first half year of 2015.

 

Financial development
 

  • BioPortos revenue in the first nine months of 2014 was DKK 13.8 mio. (2013: DKK 12.2 mio.), representing a growth of 13%. Sales in the third quarter of 2014 amounted to DKK 4.6 mio. (2013: DKK 5.0 mio.).

 

  • Profit after tax for the first nine months of 2014 was improved by DKK 6.5 mio. to DKK -10.7 mio. (2013: DKK -17.2 mio.).

 

  • Sales of the group’s NGAL products for human diagnostics, including The NGAL Test ™, amounted to DKK 3.1 mio. in the first nine months of 2014 (2013: DKK 2.8 mio.). Of this, The NGAL Test ™ amounted to DKK 1.9 mio.

   

Expectations for 2014

 

  • Due to a delay in the execution of licensing and OEM agreements, the revenue expectations can be narrowed from DKK 19-23 mio. to around DKK 19 mio., representing a growth of 15%.

 

  • As a consequence of the above, expectations for net profit after taxes is narrowed from a loss of DKK 10-14 mio to a loss of around DKK 14 mio.

  
Peter Morch Eriksen, CEO, comments: "Although I expected to have signed additional license and OEM agreements in 2014, I am pleased that our focus on increasing the number of routine users in Europe of The NGAL Test ™ is now showing results. This is the first and important step towards ensuring broad commercialization of our marker - and thus an important milestone in the execution of our strategy to double sales and make BioPorto cash flow positive. "

  

Investor Meeting
 

In connection with the publication of the interim report for the first 9 months of 2014, BioPorto’s investor meeting will take place on November 7, 2014, at 15.00 p.m. at the company's address, Tuborg Havnevej 15 st., 2900 Hellerup.

Further details:

Peter Mørch Eriksen, CEO

Christina Thomsen, Investor Relations

Tel.: +45 4529 0000

E-mail: investor@bioporto.com

 

About BioPorto

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.

 

 


Attachments

14 announcement 07.11.2014.pdf