Akers Biosciences Inc. (NASDAQ:AKER) develops, manufactures and supplies rapid, point-of-care screening and testing products in the U.S. and internationally. The company has an innovative product pipeline that includes rapid test products for lung cancer, asthma, chronic obstructive pulmonary disease, diabetes and heart attack.
The Thorofare, NJ-based diagnostic device provider has released its first-quarter 2016 earnings results. We hereby highlight some of the key details from the just-released announcement below:
Revenues: First-quarter product revenue increased 79.3% from the year-ago quarter to $738,023. The year-over-year top line improvement is primarily driven by sales of PIFA Heparin/PF4 Rapid Assay products, which rose by 88%.
Key Stats: The company's MPC product sales increased 57% owing to sales of the company's BreathScan Alcohol Breathalyzer products in Great Britain and increased domestic demand for the product. Domestic sales of PIFA Heparin/PF4 Rapid Assay products increased 80%.
Major Factors: Akers received a $2.5 million order for its PIFA Heparin/PF4 Rapid Assay products from Novotek, Akers’ exclusive distributor in the Peoples Republic of China, during the first quarter. The company received an initial payment of $250,000 on Apr 29, 2016 for the first scheduled product shipment. Moreover, management expects new sales strategy of targeting hospital networks to begin to accelerate growth in volumes as well as price, going ahead.
Stock Price: Following the earnings release, the company’s share price did not show any movement in the pre-market trading session.
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