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Biosensors Reports Continued Strong Sales and Earnings Growth in the Third Quarter of Fiscal Year 2012

SINGAPORE, Feb. 8, 2012 /PRNewswire-Asia/ -- Biosensors International Group, Ltd. ("Biosensors" or the "Company", Bloomberg: BIG SP; Reuters: BIOS.SI; SGX: B20), a developer, manufacturer and marketer of innovative medical devices for interventional cardiology and critical care procedures, today announced financial results for its third fiscal quarter ("Q3 FY12") and nine months ended 31 December 2011 ("FY12 nine-month period").

Q3 FY12 Performance Highlights:

  • Robust total revenue of US$84.8M, almost doubling that of the same period last year
  • Terumo Corporation, the Company's licensing partner in Japan, continued to record strong revenue growth for its Nobori drug-eluting stents ("DES"), resulting in a more than four-fold year-on-year increase in licensing revenue for the Company
  • Full-quarter financial results for JW Medical Systems Ltd. ("JWMS") included, following its successful consolidation
  • Sales of Interventional Cardiology Products ("IVP") recorded a year-on-year increase of 72% to US$58.7M, primarily driven by the Company's flagship BioMatrix™ family of DES and the inclusion of JWMS' results
  • Net profit excluding exceptional items increased 80% year-on-year to US$26.8M
  • Four-year results from the LEADERS trial presented at the Transcatheter Cardiovascular Therapeutics (TCT) conference in November showing improved long-term clinical outcomes for BioMatrix Flex™ in comparison to a sirolimus-eluting stent. The results were also published by leading medical journal The Lancet

"We are delighted to report another strong quarter, driven by continued product revenue increase, robust licensing revenue from our partner Terumo and aided by the successful consolidation of JWMS," commented Co-CEO Mr. Jeffrey B. Jump. "The recent four-year LEADERS trial data we presented at TCT are significant for Biosensors -- they validate our long-standing belief that we have an innovative product with long-term clinical benefits. We are committed to maintaining our focus on developing advanced products with pioneering technologies."

For Q3 FY12, Biosensors reported total revenue, including licensing and royalties, of US$84.8 million, a 99% increase over the US$42.6 million reported in the third quarter of fiscal year 2011 ("Q3 FY11"). IVP sales rose to US$58.7 million, up 72% from US$34.2 million in Q3 FY11, largely due to the full-quarter consolidation of JWMS' result and continued growth in sales of the Company's BioMatrix™ family of DES. Sales of critical care products ("CCP") reached US$4.0 million, an increase of 10% from US$3.6 million in Q3 FY11.

Licensing and royalties revenues in Q3 FY12 grew to US$22.0 million, a year-on-year increase of 366% from US$4.7 million.

Gross margins on total product sales were 70% for the quarter, compared to 75% in Q3 FY11. Currency fluctuations, geographical and product mix, as well as overall market conditions contributed to this difference.

Overall operating expenses as a percentage of total revenue for Q3 FY12 were 50% compared to Q3 FY11's 47%.

In detail, for Q3 FY12, sales and marketing ("S&M") expense was US$27.6 million while general and administrative ("G&A") expense was US$7.3 million. Research and development ("R&D") expense, which include costs for new product development and testing, clinical trials, patent registration and regulatory approval, was US$5.7 million. As a percentage of total revenue, S&M expense was 33% in this quarter, compared to 26% in the same quarter in the previous year; G&A expense was 9% consistent with the previous year, while R&D expense was 7% versus 11%.

For the quarter, the Group's operating profit was US$23.5 million, representing an 80% year-on-year increase.

The Company successfully completed its acquisition of the remaining 50% equity interest in JWMS on 3 October 2011, and started consolidating JWMS' operating results in Q3 FY12. As a result, the Company recorded a one-off non-operating gain of $ 279.6 million on re-measurement of the Group's interest in JWMS this quarter. Excluding this gain, as well as other exceptional items including goodwill impairment and fair value adjustments for warrants, net profit for Q3 FY12 would have been US$26.8 million or basic EPS of 1.63 US cents and diluted EPS of 1.60 US cents. This compares to a net profit of US$14.9 million or basic EPS of 1.37 US cents and diluted EPS of 1.31 US cents for Q3 FY11 after excluding the fair value adjustments for warrants.

Including the one-off gain and exceptional items, net profit was US$291.5 million or 17.78 US cents basic earnings per share ("basic EPS") and 17.42 US cents diluted earnings per share ("diluted EPS"), compared to a net profit of US$13.3 million or basic EPS of 1.22 US cents and diluted EPS of 1.18 US cents for Q3 FY11.

Performance Summary for FY12 Nine-month Period

Total product revenues in the FY12 nine-month period were US$146.0 million, up 46% from the US$99.7 million reported in the fiscal nine months ended 31 December 2010 ("FY11 nine-month period"). IVP revenues rose 50% to US$134.9 million compared to US$90.0 million for the FY11 nine-month period, primarily driven by the Company's DES sales. CCP sales were US$11.2 million, a 15% increase from US$9.7 million for the FY11 nine-month period.

Overall total operating expenses accounted for 47% of total revenue in the FY12 nine-month period, compared to 51% in the previous year's corresponding period.

In detail, for the FY12 nine-month period, S&M expense was US$55.9 million, G&A expense was US$19.7 million, while R&D expense was US$14.4 million. As a percentage of total revenue, S&M expense was 27% in the FY12 nine-month period, compared to 28% for the corresponding period in the previous year; G&A expense was 10% versus 11%, while R&D expense was 7% versus 10%.

For the FY12 nine-month period, the Group's operating profit was US$66.6 million, representing a 123% year-on-year increase.

Excluding the one-off operating gain and other exceptional items, net profit for the FY12 nine-month period would have been US$72.4 million or basic EPS of 5.03 US cents and diluted EPS of 4.91 US cents. For the FY11 nine-month period, excluding the fair value adjustments for warrants and the restructuring charges recorded, net profit would have been US$36.0 million or basic EPS of 3.33 US cents and diluted EPS of 3.23 US cents.

Including the one-off gain and exceptional items, net profit was US$337.0 million or basic EPS of 23.39 US cents and diluted EPS of 22.85 US cents, compared to a net profit of US$25.0 million or basic EPS of 2.32 US cents and diluted EPS of 2.25 US cents for the same period in FY11.

"Despite the volatile macro environment, we continued to gain share in our major markets during this quarter. Once again, our sales growth surpassed our expectation and we are pleased to revise our total revenue guidance to approximately 80% for this fiscal year, as compared to the previous growth range of 70%-80%," concluded Co-CEO Dr. Jack Wang. "As we continue our in-house R&D efforts, we will also actively seek opportunities internationally to enhance our product offerings. Looking ahead, our long-term goal is to focus on diversifying our business and growing Biosensors into a first-class global medical device company."

About Biosensors International Group, Ltd.

Biosensors International develops, manufactures and markets innovative medical devices for interventional cardiology and critical care procedures. We aim to improve patients' lives through pioneering medical technology that pushes forward the boundaries of innovation.

With the increasing use of the BioMatrix™ family of drug-eluting stents and the recent launch of our Axxess™ self-expanding bifurcation drug-eluting stent, we are rapidly emerging as a leader in the global coronary stent market. The development of the BioFreedom™ drug-coated stent will further reinforce our market position.

All three stents incorporate Biolimus A9™ (BA9™), an anti-restenotic drug developed and patented by Biosensors specifically for use with drug-eluting stents. Both the BioMatrix stent family and the Axxess stent feature a unique abluminal biodegradable polymer coating, which fully degrades into carbon dioxide and water after six-to-nine-months as it releases BA9. The BioMatrix stent family features workhorse stent platforms for a broad range of lesions, and the Axxess stent employs a self-expanding stent platform specifically designed for treating bifurcation lesions. BioFreedom, a completely polymer‐free stent abluminally coated with BA9, is currently undergoing clinical evaluation.

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Forward-Looking Statements

Certain statements herein include forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar words. All forward looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, competition from companies that have greater financial resources; introduction of new products into the marketplace by competitors; successful product development; dependence on significant customers; the ability to recruit and retain quality employees as Biosensors grows; and economic and political conditions globally. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and Biosensors assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.

Media/Investor Relations Contact

Biosensors International Group
Mr. Wong Teck Yenn
Director, Investor Relations
Tel: +65-6213-5708

SOURCE Biosensors International Group, Ltd.
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