Akers Biosciences Announces Its Financial Results for Fiscal 2013
March 28 2014 - 7:00AM
Akers Biosciences, Inc. (AKR.L) (Nasdaq:AKER), (the "Company" or
"Akers"), a leading designer and manufacturer of rapid diagnostic
screening and testing products, reports its financial results for
the fiscal year ended December 31, 2013.
Fiscal Year 2013 Financial Highlights:
- Revenue increased 129% year-over-year to $3.6 million
- Gross margin percentage increased to 47% from 36% in the
year-ago period
- Gross profit increased 199% year-over-year to $1.7 million
- EBITDA improved 50% to a loss of $1.2 million, from a loss of
$2.4 million in 2012
- Net loss after tax benefit decreased to $1.5 million, an
improvement of 40% compared to the year-ago period
"We've significantly strengthened our financial position through
strong revenue improvement in 2013 and our successful NASDAQ IPO in
January," stated Raymond F. Akers, Jr. PhD, Co-founder and
Executive Chairman of the Board. "Our IPO provided a net cash
infusion of $13.1 million, which allows us to focus on the next
phase of our corporate strategy – the rapid commercialization of
our robust product portfolio."
Dr. Akers continued, "With a solid war chest in place, we are
embarking on a comprehensive U.S. launch of a number of products
derived from our breath condensate MPC Biosensor technology, namely
CHUBE breathalyzers and our growing wellness product roster that
includes METRON and VIVO. We are also dedicating resources to
expanding sales of our FDA-cleared PIFA Heparin/PF4 assays, both
internationally and domestically, and we continue to work on our
clinical development program to support the regulatory approval
process of two additional MPC Biosensor products, Breath Ketone
"Check" for diabetic screening and Breath PulmoHealth "Check" for
asthma, chronic pulmonary disease, and lung cancer."
Revenue for the year ended December 31, 2013, totaled $3.6
million, an increase of 129% over the same period in 2012.
Licensing revenues increased by 1,820% and product revenues
improved by 98%. Gross profit increased 199% to $1.7 million in
2013, up from $0.6 million in 2012, while the gross margin
percentage increased to 47% in 2013, up from 36% in 2012.
Sales and marketing expense increased 7% to $0.7 million in
2013, up from $0.6 million in 2012. The increase was the result of
royalties and sales commissions related to the improved
breathalyzer sales.
General and administrative expenses for the year ended December
31, 2013, totaled $1.5 million, up 2% compared to the year ago
period.
Earnings before interest, depreciation, taxes and amortization
improved 50% to a loss of $1.2 million in 2013, from a loss of $2.4
million in 2012. Net loss after tax benefit for 2013 was $1.5
million, which was a 40% improvement from a net loss of $2.6
million in 2012.
"Our improved financial position provides the necessary
foundation for us to execute our well-defined business plan,"
continued Dr. Akers. "We look forward to sharing results of our
ongoing progress in the coming months and appreciate your
continuing support of our strategic initiatives."
Conference Call
Information: |
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Monday, March 31, 2014 @ 10:15
a.m. Eastern time |
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Domestic: |
877-941-8416 |
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International: |
+1-480-629-9808 |
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Conference ID: |
4675979 |
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Webcast: |
http://ir.akersbiosciences.com/events.cfm |
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Replays - Available
through April 14, 2014 |
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Domestic: |
877-870-5176 |
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International: |
+1-858-384-5517 |
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Conference ID: |
4675979 |
ABOUT AKERS BIOSCIENCES, INC.
Akers Biosciences develops, manufactures, and supplies rapid,
point of care screening and testing products designed to bring
healthcare information both rapidly and directly to the consumer or
healthcare provider. The Company has advanced the science of
diagnostics while responding to major shifts in healthcare through
the development of several proprietary platform technologies. The
Company's state-of-the-art rapid diagnostic assays can be performed
virtually anywhere in minutes when time is of the essence. The
Company has aligned with major healthcare companies and high volume
medical products distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics. Additional
information on the Company and its products can be found
at www.akersbiosciences.com.
Cautionary Statement Regarding Forward Looking
Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding the intended terms of the offering, closing of the
offering and use of any proceeds from the offering. When used
herein, the words "anticipate," "believe," "estimate," "upcoming,"
"plan," "target", "intend" and "expect" and similar expressions, as
they relate to Akers Biosciences, Inc., its subsidiaries, or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
CONTACT: For more information:
Raymond F. Akers, Jr. PhD
Executive Chairman of the Board
Akers Biosciences, Inc.
Tel. +1 856 848 8698
Brendan Hopkins
RedChip Companies, Inc. (US Investor Relations)
Tel. +1 407 644 4256 x134
Antony Legge / James Thomas
Daniel Stewart (UK Nominated Adviser and Broker)
Tel. +44 (0)20 7776 6550
Ben Simons
Vigo Communications (UK Investor Relations)
Tel. +44 (0)20 7016 9574
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