THOROFARE, N.J., March 28, 2014 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (AKR.L) (Nasdaq:AKER), (the "Company" or "Akers"), a leading designer and manufacturer of rapid diagnostic screening and testing products, reports its financial results for the fiscal year ended December 31, 2013.
Fiscal Year 2013 Financial Highlights:
- Revenue increased 129% year-over-year to $3.6 million
- Gross margin percentage increased to 47% from 36% in the year-ago period
- Gross profit increased 199% year-over-year to $1.7 million
- EBITDA improved 50% to a loss of $1.2 million, from a loss of $2.4 million in 2012
- Net loss after tax benefit decreased to $1.5 million, an improvement of 40% compared to the year-ago period
"We've significantly strengthened our financial position through strong revenue improvement in 2013 and our successful NASDAQ IPO in January," stated Raymond F. Akers, Jr. PhD, Co-founder and Executive Chairman of the Board. "Our IPO provided a net cash infusion of $13.1 million, which allows us to focus on the next phase of our corporate strategy – the rapid commercialization of our robust product portfolio."
Dr. Akers continued, "With a solid war chest in place, we are embarking on a comprehensive U.S. launch of a number of products derived from our breath condensate MPC Biosensor technology, namely CHUBE breathalyzers and our growing wellness product roster that includes METRON and VIVO. We are also dedicating resources to expanding sales of our FDA-cleared PIFA Heparin/PF4 assays, both internationally and domestically, and we continue to work on our clinical development program to support the regulatory approval process of two additional MPC Biosensor products, Breath Ketone "Check" for diabetic screening and Breath PulmoHealth "Check" for asthma, chronic pulmonary disease, and lung cancer."
Revenue for the year ended December 31, 2013, totaled $3.6 million, an increase of 129% over the same period in 2012. Licensing revenues increased by 1,820% and product revenues improved by 98%. Gross profit increased 199% to $1.7 million in 2013, up from $0.6 million in 2012, while the gross margin percentage increased to 47% in 2013, up from 36% in 2012.
Sales and marketing expense increased 7% to $0.7 million in 2013, up from $0.6 million in 2012. The increase was the result of royalties and sales commissions related to the improved breathalyzer sales.
General and administrative expenses for the year ended December 31, 2013, totaled $1.5 million, up 2% compared to the year ago period.
Earnings before interest, depreciation, taxes and amortization improved 50% to a loss of $1.2 million in 2013, from a loss of $2.4 million in 2012. Net loss after tax benefit for 2013 was $1.5 million, which was a 40% improvement from a net loss of $2.6 million in 2012.
"Our improved financial position provides the necessary foundation for us to execute our well-defined business plan," continued Dr. Akers. "We look forward to sharing results of our ongoing progress in the coming months and appreciate your continuing support of our strategic initiatives."
| Conference Call Information: | |
| Monday, March 31, 2014 @ 10:15 a.m. Eastern time | |
| Domestic: | 877-941-8416 |
| International: | +1-480-629-9808 |
| Conference ID: | 4675979 |
| Webcast: | http://ir.akersbiosciences.com/events.cfm |
| Replays - Available through April 14, 2014 | |
| Domestic: | 877-870-5176 |
| International: | +1-858-384-5517 |
| Conference ID: | 4675979 |
ABOUT AKERS BIOSCIENCES, INC.
Akers Biosciences develops, manufactures, and supplies rapid, point of care screening and testing products designed to bring healthcare information both rapidly and directly to the consumer or healthcare provider. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical products distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics. Additional information on the Company and its products can be found at www.akersbiosciences.com.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.