Interim financial report for Q2 2015 – the BioPorto Group


 Summary

New products and progress in FDA application process

  • The collection of data from the clinical study of The NGAL Test™ in the USA is completed. BioPorto assesses that the data support the further application process, including the formulation of the final application, which is expectedly submitted to the FDA in September 2015.
  • ELISA kits and antibodies have shown a satisfactory revenue growth in the first half of 2015 at around 10%. The antibody portfolio is extended with a generic strip test under the name gRAD (Generic Rapid Assay Device).
  • The revenue growth of The NGAL Test ™ in the first half of 2015 was 3%, which is less than expected. The number of routine users is still 19.

Earnings impacted by research and development costs

  • BioPorto generated revenue of DKK 9.9 million in the first half of 2015 against DKK 9.2 million last year, representing a growth of 8%. Revenue for Q2 amounted to DKK 5.8 million. (2014: DKK 4.5 million.), representing a growth of 29%.
  • Research and development costs in the first half of 2015 increased by approximately DKK 1.6 million. compared to last year, as a result of the completed clinical trials in the USA. General expenses were reduced as a result of efficiency improvements.
  • In the first half of 2015, resources have been used for the commercial preparation for the US market.
  • EBIT amounted to DKK -8.5 million (2014: DKK -9.3 million.) and net profit of DKK -7.2 million (2014: DKK -8.2 million.).

Guidance for 2015 revised

  • Revenue is expected to be DKK 22-23 million in 2015, representing a growth of approximately 18% compared to 2014, against the previous guidance of DKK 22-25 million.
  • In 2015, an EBIT of DKK 12 million and a net result of DKK -10 million is expected, against previous guidance for EBIT level DKK -10 to -12 million and net profit of DKK -8 to -10 million.

 

Peter Mørch Eriksen, CEO, comments: We are making progress in the FDA process and are getting ready for submission of the application in September. Also, we have begun the commercial preparations for the launch of The NGAL Test™ in the US, and are in the process of defining our sales and distribution strategy. Sales represent the best first half year for BioPorto and are generally satisfactory, although NGAL Q2 sales are slightly behind. Sales are expected to pick up in the second half of 2015 based partly on the addition of new routine users, bringing us up to the aim of 25 routine users,  and partly from new products in the AntibodyShop portfolio. We revise our expectations for the full year, and remain on track with respect to the announced strategy.”

 Investor meeting

In connection with the release of the Q2 2015 interim report, BioPorto will arrange an investor meeting to be held on Friday 7 August 2015 at 3:00 pm at the company's address, Tuborg Havnevej 15, DK-2900 Hellerup, Denmark.

         For further information, please contact:
         Peter Mørch Eriksen, CEO
         Christina Thomsen, Investor Relations Manager
         Tel: +45 4529 0000
         E-mail: investor@bioporto.com


Attachments

14 announcement 2015 08 07.pdf