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Biosensors Reports Financial Results for the Second Quarter and First Half of Fiscal Year 2014
Date:11/12/2013

the reduction in China's DES pricing.

Total operating expense as a percentage of product revenue for the quarter was 61%, compared to 50% in Q2 FY13. 

In detail, the quarter's sales and marketing ("S&M") expense was US$24.1 million; general and administrative ("G&A") expense was US$12.2 million; research and development ("R&D") expense, which included costs for new product development and testing, clinical trials, patent registration and regulatory approval, was US$7.2 million.

Net profit for Q2 FY14 was US$11.3 million, or basic earnings per share ("basic EPS") of 0.66 US cents and diluted earnings per share ("diluted EPS") of 0.65 US cents. This compares to a net profit of US$28.2 million, or basic EPS of 1.63 US cents and diluted EPS of 1.61 US cents, for Q2 FY13.

Performance Summary for the First Half of FY14

For H1 FY14, Biosensors reported total revenue of US$159.7 million, a 4% decline from US$166.1 million in H1 FY13, which was largely a result of lower licensing and royalty revenue. Product revenue of US$137.3 million represented a 2% year-on-year increase over US$134.5 million in H1 FY13, which was the result of contribution from the Company's newly acquired Cardiac Diagnostic business.

Licensing and royalty revenue for H1 FY14 was US$22.4 million, down US$9.2 million or 29% from US$31.6 million in H1 FY13.

Gross margin on total product sales was 74% for H1 FY14, down from 81% in the same period last year, mainly due to lower gross margin for the Company's IVP product line as a result of the Company's distribution activities in Japan for the Nobori DES, coupled with the consolidation of the Company's newly acquired Cardiac Diagnostic business which has a lower gross margin, and the overall reduction in China's DES pricing.

Total operating expense as a percentage of product revenue for H1 FY14 was 63%, com
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SOURCE Biosensors International Group, Ltd.
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