Akers (AKER) Announces Q3 Earnings: Product Revenue Down 52.9%
Akers Biosciences Inc. 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 third-quarter 2015 earnings results. We hereby highlight some of the key details from the just-released announcement below:
Revenues: Third-quarter product revenue plunged 52.9% from the year-ago quarter to $169,473. The year-over-year reduction is primarily due to lower than usual distributor stock depletion of PIFA Heparin/PF4 Rapid Assay products.
Key Stats: The Company's MPC product sales declined 37% due to lopsided timing of distributor orders. Domestic sales of PIFA Heparin/PF4 Rapid Assay products fell 62%.
Major Factors: International sales of the company’s PIFA Heparin/PF4 Rapid Assay are expected to improve with the recent approval of the product in China. Aker rolled out its METRON disposable breath test for ketones on the Amazon Marketplace during the quarter. Revenue from the product is expected to grow in the fourth quarter.
Stock Price: Following the earnings release, the company’s share price did not show any movement in the pre-market trading session.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Zacks Investment Research
