Akers Biosciences plummets as interim loss widens

18th Aug 2015 11:28

(ShareCast News) - Akers Biosciences plummeted after the medical device company said its pre-tax loss widened in the first half as revenue declined.Akers posted a pre-tax loss of $3.41m for the six months ended 30 June, wider than the $1.1m loss in the same period last year. This included a one-time reserve of $864,000 for a past due receivable.Total revenue came to $1.48m for the period, down 42% from the first half of 2014 and the company attributed the decline to an initial stocking order for Tri-Cholesterol "check" tests in the first half of last year that was not repeated this year.It also noted the impact on sales of its BreathScan breathalyser products after the French government decided to indefinitely postpone a fine that was to be imposed on drivers failing to possess breathalysers in their vehicles.The company said it was beginning to see increased demand for its alcohol breathalyser, mainly from the EU, with $209,805 shipped in the first half and a larger pipeline of orders through the remainder of the year.Akers Bioscences the benefits of the newly-expanded sales team were being felt, with domestic sales of its flagship product up 44% compared with the first half of 2014.Co-founder and executive chairman Raymond F. Akers said: "While we have good revenue visibility through the remainder of the year in our core business, the company's ability to meet full revenue expectations for the year remains partially dependent on the timing of large stocking orders from international distributors like those in China, which are influenced by external factors such as regulatory approvals."We are confident that such orders will materialize but there can be no certainty over their timing. We also expect to see initial revenue contributions this year from our Akers Wellness line as these transformative products establish their place in the market."At 1140 BST, Akers shares were down 17.6% at 212.21p.