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Biosensors reports 60% fall in Q2 net profit
LOWER selling prices and sharply higher costs contributed to medical device manufacturer Biosensors Group International's 60 per cent decline in net profit for its second quarter ended Sept 30.
Net profit fell to US$11.3 million from US$28.2 million a year ago, a decline that analysts said was more than expected.
Management also revised its full-year guidance downwards, from its previously stated 15 per cent growth in full-year revenue to growth that it said will be " moderately positive" .
" Although we have adjusted our full-year financial guidance, we remain confident about our company's growth prospects over the long run," said CEO Jack Wang in a statement, pointing to various regulatory approvals that the company obtained for its products as well as new product launches the company is working on.
NAV is around 94 cents. It is quite safe to keep for next few more months unless you are on contra or short positions. Current price is alreadly priced in everything. Biosensors at least still generating profits as compared to those loss-making counters whose share prices not even affected much...
fortunecat ( Date: 12-Nov-2013 18:19) Posted:
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Should let go just now. Regret now.
Second Quarter Highlights and Recent Developments: Growth in total revenue and product revenue both improved compared to the first quarter of Fiscal Year 2014 (Q1 FY14). Total revenue grew 4% year-over-year and 8% sequentially, while total product revenue increased 10% and 11%, respectively. The EMEA and APAC regions continued to lead drug-eluting stent (DES) sales growth with double digit sales volume growth China sales improved following inventory reduction in the first quarter Obtained various significant regulatory approvals, including: Therapeutic Goods Administration (TGA) approval for BioMatrix Flex? in Australia CE Mark for expanded size of Axxess? (4.0 x 9 mm extension) CE Mark for drug-eluting balloons (DEBs) ? BioPath? 014 and BioPath? 035 for the treatment of peripheral arterial disease and BioStream? for the treatment of coronary artery disease China Food and Drug Administration (CFDA) approval for Spectrum Dynamics? (?SD?) D-SPECT Cardiac Imaging System Final results from landmark LEADERS trial published in JACC Cardiovascular Interventions ?In the second quarter, we achieved better results than the first quarter. Our total revenue growth increased sequentially, as the decline in our royalty income began to moderate. We continued to achieve double digit sales volume growth in EMEA and APAC, although this was partially offset by the impact of lower average selling prices. In China, our performance improved but the weak market sentiment in the healthcare industry has caused some pressure on our China revenues. Outside of DES sales, Spectrum Dynamics delivered good results. We are pleased with its business performance as well as the integration progress,? said Biosensors? CEO Dr. Jack Wang. ?We are very excited about the various regulatory approvals recently, in particular those involving BioMatrix Flex? in Australia and Spectrum Dynamics? D-SPECT system in China. These are major markets for Biosensors and represent new growth avenues for us
Biosensors Q2 net slumps 60% to US$11.3m
MEDICAL device manufacturer Biosensors Group International reported a 60 per cent drop in net profit for its second quarter ended Sept 30 to US$11.3 million, down from US$28.2 million a year ago.
Revenue was up 4 per cent to US$83 million, with product revenue up 10 per cent to US$72.2 million and licensing and royalties revenue down 25 per cent to US$10.8 million.
Due to weak market conditions and lower selling prices, delays of royalty improvement in Japan, the management revised its previous guidance for a 15 per cent growth in revenue for its fiscal year ending March 31, 2014. It now expects revenue growth to be "moderately positive".
The company said: "Sales growth for this fiscal year could be weak despite the double-digit sales volume growth in the group's drug-eluting stent product lines."
MEDICAL device manufacturer Biosensors Group International reported a 60 per cent drop in net profit for its second quarter ended Sept 30 to US$11.3 million, down from US$28.2 million a year ago.
Revenue was up 4 per cent to US$83 million, with product revenue up 10 per cent to US$72.2 million and licensing and royalties revenue down 25 per cent to US$10.8 million.
Due to weak market conditions and lower selling prices, delays of royalty improvement in Japan, the management revised its previous guidance for a 15 per cent growth in revenue for its fiscal year ending March 31, 2014. It now expects revenue growth to be "moderately positive".
The company said: "Sales growth for this fiscal year could be weak despite the double-digit sales volume growth in the group's drug-eluting stent product lines."
any seniors able to elaborate about the possible consequences of the report? seems like price will drop in the near future, but long term wise will pick up gradually over the next 2 quarters..
hopefully, everything is already priced in...
Not so bad lah! Within analysts estimation. All areas have been improved as compared to Q1. Good sign of recovery... wait for Q3 and Q4 whereby more new product launches adding in revenues..
wait4opp ( Date: 12-Nov-2013 17:50) Posted:
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pain pain ah...!!
Peter_Pan ( Date: 07-Nov-2013 06:40) Posted:
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VERY BAD RESULTS.
PROFIT DROP MORE THAN 60%.
Those who buy will be trapped.
Price will open back to 88cents and below.
Take care.
Results are out!!
It's going up!!
Yiming with u on this too
All the best
yiming2000 ( Date: 12-Nov-2013 01:52) Posted:
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Eyeing this level as well :)
Spencer
Synapse Trading - Mind over Markets
olehze ( Date: 08-Nov-2013 19:39) Posted:
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Ok guys, the suspense will disappear in 18 hours when we can all either laugh or cry. We are all vested otherwise we won't be waiting for the outcome like expectant parents in the maternity ward. Let's home the mother (our principal) will be fine and the baby (stock price jump) will be beautiful.
Kuan Yin please help!
Almost all company would control expenses in addition to revenue growth ( better profit) . let's wait for Tuesday for their quarter result !
Hi, where did you hear they are freezing headcount? Nothing on their website I could find.
vo610425 ( Date: 09-Nov-2013 09:21) Posted:
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What happened? Ok.. this looks bad.. and wonder if the financial results are affected.. or rather, if it was the results that caused it..
one word..."pain pain"...ok..that's two words..
Peter_Pan ( Date: 07-Nov-2013 06:40) Posted:
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Yesterday they announced immediate freeze of expenses as well as headcounts including replacment head counts .