Negative sales trends reversed through strategic execution
For BioPorto, 2014 was a landmark year in which we were fully dedicated to executing the growth strategy we implemented in 2013. The company was restructured, and a far more sales-oriented corporate culture was introduced, which created positive results already in 2014. With revenue growth of 12.5% in 2014, BioPorto reversed the negative revenue trend that the company had experienced since 2011, and as expected recorded revenue of DKK 18,7 million. At the same time, the deficit is reduced to DKK 12,9 million, as expected a reduction by DKK 8,9 million relative to 2013.
”The strategic execution in 2014 was the first important step towards meeting our objectives of making BioPorto profitable and cash flow positive in 2016. We increased our sales of ELISA kits and antibodies, and our focus on in-licensing new products will enable us to better utilise the potential of our sales platform. We have entered into collaborative agreements with other test providers to strengthen market awareness of NGAL as a biomarker of acute kidney injury. And while sales growth fell slightly short of our expectations, we did increase our revenue from The NGAL Test™ for heart and kidney transplant centres,” says Peter Mørch Eriksen, CEO of BioPorto.
He expects the positive developments to continue in 2015, when revenue is expected to grow by 15-35%, while the operating loss will be further reduced.
“In 2015, we expect to increase the number of regular users of The NGAL TestTM in Europe considerably. In addition, we intend to file for 510(k) clearance for The NGAL Test™ with the FDA in the USA. FDA approval in the USA will enable BioPorto to address the world's largest IVD market, and we are obviously very alert to this opportunity. Finally, we expect the ongoing strengthening of the MBL ELISA kits and the antibody portfolio to provide the setting for solid revenue growth from these products going forward,” Peter Mørch Eriksen adds.
Read the full report in the enclosed PDF
Further information:
Peter Mørch Eriksen, CEO
Tel. no. (+45) 45 29 00 00(+45) 45 29 00 00, e-mail investor@bioporto.com
