05: Interim financial report Q1
May 26 2010
Announcement no. 5
Interim Financial Report for Q1 2010 for the BioPorto Company
Revenues in Q1 were the highest so far in one quarter, and good growth was achieved compared to Q1 2009. The development of the NGAL Test is completed; the test has been transferred to the production upgrade phase and is expected to be launched, as planned, in early 2011.
·Revenues in Q1 2010 rose by 20% to DKK 3.53 million (DKK 2.95 million). Revenues generated by the Group’s NGAL portfolio continue to show high growth (65%), compared to Q1 2009.
·The interim result shows a loss of DKK -3.38 million (DKK -3.61 million) for the first three months of the year.
·The development of the NGAL Test, BioPorto’s homogeneous renal injury test, is completed, and the production process will now be upgraded. This work is proceeding according to plan and is expected to be completed in Q3. Already at the launch, the test is expected to be adapted to several of the larger producers’ fully automated systems currently in use in hospitals worldwide.
·Preparations for launching the NGAL Test in early 2011 also commenced in Q1. The test will be distributed through national distributors, who deliver homogeneous tests for other producers’ systems and through large global diagnostic companies for use on their own systems. In Q3, BioPorto expects to conclude the first distribution agreements with national distributors and is also currently in dialogue for the establishment of delivery agreements with large global diagnostics companies.
·In February, BioPorto received ISO certification to European ISO 13485:2003 and ISO 13485:2003 under CMDCAS (Canada) and, in Q1, BioPorto initiated efforts to incorporate US standards with a view to having the NGAL Test registered with the FDA.
Forecasts for the 2010 fiscal year upheld
·In 2010, BioPorto expects that product sales will continue to grow by around 15-25%, and revenues are expected to be DKK 12.5-14 million, not including income from selling licenses.
·Without licensing income, a net loss of around DKK 14–15 million is expected for 2010.
·In terms of the Group’s IP rights to the NGAL measurement method, BioPorto expects to enter into agreements concerning other vendors’ use of these for developing and marketing the NGAL Test in assay formats other than homogeneous and expects to achieve licensing income in 2010 in the form of one or more down payments.