Akers Biosciences (AKER) Q2 Loss Narrows Y/Y, Stock Gains
Zacks Investment Research | Aug 11, 2016 09:16PM ET
Shares of Akers Biosciences Inc. (NASDAQ:AKER) increased almost 3% to close at $3.17 on Aug 11, after the company reported second-quarter 2016 results. We note that the company posted a loss of 19 cents per share in the quarter, narrower than the loss of 41 cents reported in the year-ago quarter, primarily buoyed by higher product revenues.
Quarter Details
Product revenues surged 28.4%, thanks to massive China and U.S. sales for the PIFA Heparin test segment. The company sold about $880,000 PIFA Heparin tests, up 57% from the year-ago quarter. However, as the company had no contribution from License fees, total revenues dropped 1%.
Notably, Akers Biosciences won an order worth $2.5 million from Novotek in China for PIFA Heparin test in the previous quarter, of which $0.5 million has been shipped in the reported quarter. Meanwhile in the U.S., sale of PIFA Heparin is being exclusively strategized to gain market share, by utilizing the ‘Integrated Delivery Networks’ (the regional healthcare providers).
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