09: Interim report Q1 2012
May 25 2012
Announcement no. 09
Interim Financial Report for Q1 2012 for the BioPorto Group
Summary of Q1 2012
BioPorto’s kidney injury immunoassay, The NGAL Test™, has been launched for diagnostic use in a number of countries. The implementation in routine diagnostics is in line with the company’s expectations in the form of ongoing studies with a view to technical and clinical validation of the immunoassay, as well as initial collaboration with major players to market the immunoassay.
·In Q1 2012, revenues amounted to DKK 5.1 million (Q1 2011: DKK 6.4 million, including licensing income). Product sales increased by 12% in Q1 2012, compared with Q1 2011, including an increase in the sale of NGAL products by 66% to DKK 2.1 million, compared with Q1 2011.
·The financial result for Q1 was DKK -4.2 million (2011: DKK -1.8 million).
·The NGAL Test™ is being tried out by many different hospitals, and sales for routine use have only just begun. Sales of the immunoassay in Q1 were DKK 518,000, on a par with the company’s expectations.
· In addition to establishing a network of national distributors, BioPorto is making a concerted effort to establish partnerships with regional and global diagnostics companies which market their own analyzers. Negotiations involve several regional and global companies, and the first collaboration is expected to be established in Q2.
·One of BioPorto’s business partners in China has obtained registration of The NGAL Test™ for diagnostic use.
·BioPorto’s NGAL cut-off patent was rejected in February 2012 as a result of an opposition case in Europe, but the company has appealed the decision. The patent is still valid during the appeal.
·The main legal proceedings in the case filed by BioPorto against Phadia for the revocation of its patent at the Maritime and Commercial Court of Copenhagen ended on March 16. The ruling is expected to be available on June 15.
Expectations for 2012 are unchanged
·In 2012, BioPorto expects revenues from product sales to grow to DKK 25–30 million, and sales of The NGAL Test™ are expected to exceed DKK 10 million.
·A net loss of around DKK 10–12 million is expected for 2012.
·The most important task in 2012 will be to ensure the increased use and implementation of The NGAL Test™ for routine use.