Stock Earnings: Biosensor net loss of 22.47 mln!

SINGAPORE (XFN-ASIA) - Biosensors International Group said it incurred a net loss of 22.47 mln usd for the year to last March, reversing a net profit of 20.03 mln usd the year before, because of accelerated expenses for the clinical trials of its drug-eluting stents (DES) and a drop in licensing revenue. Sales declined 47 pct year-on-year to 37.85 mln usd. "This was due to the decrease in non-recurring licensing revenue from milestone payments of 40.8 mln usd," Biosensors said in a statement. Licensing revenue fell to 9.3 mln usd from 50.1 mln usd a year before. "[This] is consistent with the management's expectations, given that most licensing milestone payments have already been received," it said. Research and development expenses rose by 9.6 mln usd to 19.2 mln usd because of increased investment in clinical trials. Looking ahead, Biosensors said it will focus on the launch of its new DES. "While Axxion DES has contributed revenue in the quarters following its CE mark approval last year, we remain focussed on the launch of BioMatrix, which will be the key revenue driver for the company going forward," Biosensors chief executive Yoh-Chie Lu said in a statement.