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Biosensors Reports Financial Results for the First Quarter of Fiscal Year 2015
Date:8/6/2014

ich is in line with our product diversification strategy. We remain excited about this segment's potential. As a result of our cost reduction initiatives, we also reduced our sales and marketing expenses as a percentage of our product revenue compared to a year ago."

Performance Summary for Q1 FY15

For Q1 FY15, Biosensors reported total revenue of US$80.2 million, representing a 5% increase from US$76.7 million in Q1 FY14, as a result of higher product revenue partially offset by lower licensing and royalty revenue. Product revenue of US$70.5 million represents an 8% year-on-year increase from Q1 FY14, largely attributable to growth in Cardiac Diagnostics revenue, which rose to US$4.4 million from US$0.7 million in the same quarter last year. The Company's Critical Care Product ("CCP") business segment also achieved a record quarter of US$4.4 million, representing a 28% growth from the same quarter last year.

Licensing and royalty revenue for Q1 FY15 was US$9.7 million, representing a 16% decrease from US$11.6 million in the same quarter last year.

Gross margin on total product sales was 71% for the quarter compared with 75% for Q1 FY14. This change in gross margin reflects the change in the Company's product mix as well as DES price erosion in various geographic regions as compared to Q1 FY14.

Total operating expense as a percentage of product revenue for the quarter was 64%, which is comparable to the same quarter last year. 

In detail, the quarter's sales and marketing ("S&M") expense was US$26.9 million; general and administrative ("G&A") expense was US$10.7 million; and research and development ("R&D") expense was US$7.0 million.

Net profit for Q1 FY15 was US$9.9 million, or 0.58 US cents basic and diluted earnings per share ("basic EPS" and "diluted EPS" respectively). This compares to a net profit of US$12.1 million, or basic EPS of 0.70 US cents and diluted EPS of 0.69 US cents, for Q1 FY14
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SOURCE Biosensors International Group, Ltd.
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