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Biosensors Reports Financial Results for the Third Quarter of Fiscal Year 2013
Date:2/7/2013

roduct, BioFreedom, as well as the completion of our note offering. These are significant accomplishments as we continue to grow our company," said Biosensors' CEO Dr. Jack Wang . "In spite of a weaker pricing environment and other policy adjustments in the third quarter, we were able to outgrow several of our key markets, both for the quarter and year-to-date, due to our differentiated product combined with the execution of our sales strategy. We are also pleased to see that our gross margin has further improved. We will continue to focus on our R&D efforts to further strengthen our DES and related product offerings."

For Q3 FY13, Biosensors reported total product revenue of US$67.6 million, an 8% increase over US$62.7 million in the third quarter of fiscal year 2012 ("Q3 FY12"). Correspondingly, IVP sales rose to US$64.0 million, up 9% from US$58.7 million in Q3 FY12, driven by increased DES sales. Sales revenue of critical care products (CCP) was US$3.6 million, compared to US$4.0 million in the same period last year.

Licensing and royalties revenue was US$13.7 million, down 38% from US$22.0 million in Q3 FY12.

Gross margin on total product sales was 82% for the quarter, up from 70% in Q3 FY12 contributed mainly by geographical, product mix and economy of scale.

Overall operating expense as a percentage of total revenue for the quarter was 51%, compared to 45% in Q3 FY12.

In detail, the quarter's sales and marketing (S&M) expense was US$25.6 million; general and administrative (G&A) expense was US$9.8 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$5.6 million.

For the quarter, the Group's operating profit was US$27.2 million, comparable to the same period last year.

Excluding exceptional items, which comprise fair value adjustments for wa
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SOURCE Biosensors International Group, Ltd.
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