|By PR Newswire||
|August 6, 2014 08:14 AM EDT||
SINGAPORE, Aug. 6, 2014 /PRNewswire/ -- 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, today announced financial results for its first fiscal quarter ended 30 June 2014 ("Q1 FY15").
Quarter Highlights and Recent Developments:
- Total revenue was US$80.2 million, representing a 5% growth from the quarter ended 30 June 2013 ("Q1 FY14"). Product revenue increased 8% year-over-year, partially offset by lower licensing and royalty revenue.
- Cardiac Diagnostic division sales grew substantially from Q1 FY14. This is a significant achievement as it represents a new product category and demonstrates the Company's ability to pursue growth through portfolio expansion.
- In the drug-eluting stent (DES) business, both the BioMatrix™ family of stents and Excel recorded double-digit volume increases compared with Q1 FY14.
- Although the Company's DES average selling prices (ASPs) were lower in comparison with Q1 FY14 which is in line with the trend observed across the industry, the Company's ASPs were relatively steady as compared with the fourth quarter of FY14 ("Q4 FY14").
- Under the leadership of Mr. Yoh-Chie Lu, Biosensors' Chairman and interim CEO, the Company continued to make steady progress in improving its operational efficiency through cost reduction and other initiatives, as observed in the gradual reduction in sales and marketing ("S&M") expense as a percentage of product revenue versus Q1 FY14.
"In the first quarter, although weak market sentiments continued to pressure our DES revenue, we are encouraged by the good volume growth compared to Q1 FY14," said Mr. Lu. "In addition, our Cardiac Diagnostic segment recorded satisfactory growth and improved profit which 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.
Financial Guidance for FY15
For the fiscal year ending 31 March 2015 ("FY15"), the management expects challenging market conditions such as increased competition and price erosion to continue in the global DES market. The Company will continue to bring new innovative products to the market, expand its existing product portfolio, and enter new geographical territories to improve its overall performance.
"Biosensors is transitioning from being heavily reliant on licensing and royalty income to becoming more capable of generating profits from its own operations, which is ultimately more sustainable," said Mr. Lu. "The Company is also taking steps to improve the operational efficiency and productivity for our existing businesses and markets. We are happy to see the progress we have achieved so far, especially in the area of sales and marketing expense. At the same time, we will continue to actively identify new growth opportunities, including acquiring new businesses and other ways to improve our overall performance. We firmly believe that we have the right combination of leadership, strategy and resources to propel us forward and enable us to become a leading international medical device player."
Media/Investor Relations Contact
Wong Teck Yenn
Director, Investor Relations
Tel: (65) 6213 5777
Email: [email protected]
About Biosensors International Group, Ltd
Biosensors International Group, Ltd. develops, manufactures and markets innovative medical devices, aiming to improve patients' lives through pioneering medical technology that pushes forward the boundaries of innovation. Founded in 1990, the Company was listed on the Mainboard of the Singapore Stock Exchange in 2005.
The Group currently operates through four business units ("BU"): the Cardiovascular BU, composed primarily of Excel™ and the BioMatrix™ family of drug-eluting stents and stent technologies such as BA9™; the Cardiac Diagnostic BU, including Spectrum Dynamics products that offer advanced medical imaging and clinical solutions to help interventional cardiologists determine the most appropriate treatment for patients; the Peripheral Intervention BU, offering solutions for the treatment of patients with peripheral arterial disease; and the Critical Care Products BU, which fosters the development of critical care catheters, hemodynamic monitoring, and related devices used during heart surgery procedures, vascular surgery procedures and intensive care treatment.
The Group has operations worldwide and is headquartered in Singapore.
For more information, please visit www.biosensors.com.
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.
SOURCE Biosensors International Group, Ltd.
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Apr. 29, 2017 11:15 PM EDT Reads: 2,020
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Apr. 29, 2017 11:15 PM EDT Reads: 9,235
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Apr. 29, 2017 10:45 PM EDT Reads: 1,785
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 29, 2017 10:30 PM EDT Reads: 2,767
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 29, 2017 10:15 PM EDT Reads: 2,591
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 29, 2017 10:15 PM EDT Reads: 1,731
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Apr. 29, 2017 10:00 PM EDT Reads: 2,630
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 29, 2017 09:45 PM EDT Reads: 1,426
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Apr. 29, 2017 09:30 PM EDT Reads: 2,275
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 29, 2017 09:30 PM EDT Reads: 2,544
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 29, 2017 09:15 PM EDT Reads: 2,551
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 29, 2017 09:15 PM EDT Reads: 1,556
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 29, 2017 08:30 PM EDT Reads: 2,449
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 29, 2017 08:15 PM EDT Reads: 3,093
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
Apr. 29, 2017 07:30 PM EDT Reads: 825