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

pared to 54% in the same period last year. 

In detail, sales and marketing ("S&M") expense in H1 FY14 was US$50.6 million; general and administrative ("G&A") expense was US$21.5 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$13.3 million.

Net profit before exceptional items for H1 FY14 was US$23.6 million, or basic EPS of 1.38 US cents and diluted EPS of 1.36 US cents. This compares to a net profit of US$57.5 million, or basic EPS of 3.34 US cents and diluted EPS of 3.29 US cents, for H1 FY13 after excluding the exceptional items of fair value adjustments for warrants and provisions for restructuring expenses. Including exceptional items, net profit for H1 FY14 was US$23.4 million, or basic EPS of 1.36 US cents and diluted EPS of 1.35 US cents, compared to net profit of US$60.8 million, or basic EPS of 3.53 US cents and diluted EPS of 3.47 US cents, for H1 FY13.

Financial Guidance for FY14

For the fiscal year ending 31 March 2014 (FY14), in view of the overall weak market conditions in the short run, lower ASP in the various markets, and delays of royalty improvement in Japan, management anticipates the sales growth for this fiscal year could be weak despite the double digit sales volume growth in the Group's DES product lines. Thus, management has revised its previous guidance and now expects total revenue growth to be moderately positive over FY13. These challenges are mitigated by product revenue growth in the EMEA and APAC regions, revenues from the commercialization of various new products, as well as the recently acquired business of SD.  In addition, the Company will initiate a limited launch of BioFreedom™ in December 2013.

The Company's practice is to provide guidance on a full year basis only. This forecast reflects Biosensors' current
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SOURCE Biosensors International Group, Ltd.
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