Biosensors Reports Continued Strong Sales and Earnings Growth in the Third Quarter of Fiscal Year 2012
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TO BUSINESS, HEALTH, AND MEDICAL EDITORS:
Biosensors Reports Continued Strong Sales and Earnings Growth in the
Third Quarter of Fiscal Year 2012
SINGAPORE, Feb. 8, 2012 /PRNewswire-Asia/ -- Biosensors International
Group, Ltd. ("Biosensors" or the "Company", Bloomberg: BIG SP;
Reuters: BIOS.SI; SGX: B20), a developer, manufacturer and marketer of
innovative medical devices for interventional cardiology and critical
care procedures, today announced financial results for its third
fiscal quarter ("Q3 FY12") and nine months ended 31 December 2011
("FY12 nine-month period").
Q3 FY12 Performance Highlights:
-- Robust total revenue of US$84.8M, almost doubling that of the same
period last year
-- Terumo Corporation, the Company's licensing partner in Japan,
continued to record strong revenue growth for its Nobori drug-eluting
stents ("DES"), resulting in a more than four-fold year-on-year
increase in licensing revenue for the Company
-- Full-quarter financial results for JW Medical Systems Ltd. ("JWMS")
included, following its successful consolidation
-- Sales of Interventional Cardiology Products ("IVP") recorded a
year-on-year increase of 72% to US$58.7M, primarily driven by the
Company's flagship BioMatrixT family of DES and the inclusion of JWMS'
-- Net profit excluding exceptional items increased 80% year-on-year
-- Four-year results from the LEADERS trial presented at the
Transcatheter Cardiovascular Therapeutics (TCT) conference in November
showing improved long-term clinical outcomes for BioMatrix FlexT in
comparison to a sirolimus-eluting stent. The results were also
published by leading medical journal The Lancet
"We are delighted to report another strong quarter, driven by
continued product revenue increase, robust licensing revenue from our
partner Terumo and aided by the successful consolidation of JWMS,"
commented Co-CEO Mr. Jeffrey B. Jump. "The recent four-year LEADERS
trial data we presented at TCT are significant for Biosensors -- they
validate our long-standing belief that we have an innovative product
with long-term clinical benefits. We are committed to maintaining our
focus on developing advanced products with pioneering technologies."
For Q3 FY12, Biosensors reported total revenue, including licensing
and royalties, of US$84.8 million, a 99% increase over the US$42.6
million reported in the third quarter of fiscal year 2011 ("Q3 FY11").
IVP sales rose to US$58.7 million, up 72% from US$34.2 million in Q3
FY11, largely due to the full-quarter consolidation of JWMS' result
and continued growth in sales of the Company's BioMatrixT family of
DES. Sales of critical care products ("CCP") reached US$4.0 million,
an increase of 10% from US$3.6 million in Q3 FY11.
Licensing and royalties revenues in Q3 FY12 grew to US$22.0 million, a
year-on-year increase of 366% from US$4.7 million.
Gross margins on total product sales were 70% for the quarter,
compared to 75% in Q3 FY11. Currency fluctuations, geographical and
product mix, as well as overall market conditions contributed to this
Overall operating expenses as a percentage of total revenue for Q3
FY12 were 50% compared to Q3 FY11's 47%.
In detail, for Q3 FY12, sales and marketing ("S&M") expense was
US$27.6 million while general and administrative ("G&A") expense was
US$7.3 million. Research and development ("R&D") expense, which
include costs for new product development and testing, clinical
trials, patent registration and regulatory approval, was US$5.7
million. As a percentage of total revenue, S&M expense was 33% in this
quarter, compared to 26% in the same quarter in the previous year; G&A
expense was 9% consistent with the previous year, while R&D expense
was 7% versus 11%.
For the quarter, the Group's operating profit was US$23.5 million,
representing an 80% year-on-year increase.
The Company successfully completed its acquisition of the remaining
50% equity interest in JWMS on 3 October 2011, and started
consolidating JWMS' operating results in Q3 FY12. As a result, the
Company recorded a one-off non-operating gain of $ 279.6 million on
re-measurement of the Group's interest in JWMS this quarter. Excluding
this gain, as well as other exceptional items including goodwill
impairment and fair value adjustments for warrants, net profit for Q3
FY12 would have been US$26.8 million or basic EPS of 1.63 US cents and
diluted EPS of 1.60 US cents. This compares to a net profit of US$14.9
million or basic EPS of 1.37 US cents and diluted EPS of 1.31 US cents
for Q3 FY11 after excluding the fair value adjustments for warrants.
Including the one-off gain and exceptional items, net profit was
US$291.5 million or 17.78 US cents basic earnings per share ("basic
EPS") and 17.42 US cents diluted earnings per share ("diluted EPS"),
compared to a net profit of US$13.3 million or basic EPS of 1.22 US
cents and diluted EPS of 1.18 US cents for Q3 FY11.
Performance Summary for FY12 Nine-month Period
Total product revenues in the FY12 nine-month period were US$146.0
million, up 46% from the US$99.7 million reported in the fiscal nine
months ended 31 December 2010 ("FY11 nine-month period"). IVP revenues
rose 50% to US$134.9 million compared to US$90.0 million for the FY11
nine-month period, primarily driven by the Company's DES sales. CCP
sales were US$11.2 million, a 15% increase from US$9.7 million for the
FY11 nine-month period.
Overall total operating expenses accounted for 47% of total revenue in
the FY12 nine-month period, compared to 51% in the previous year's
In detail, for the FY12 nine-month period, S&M expense was US$55.9
million, G&A expense was US$19.7 million, while R&D expense was
US$14.4 million. As a percentage of total revenue, S&M expense was 27%
in the FY12 nine-month period, compared to 28% for the corresponding
period in the previous year; G&A expense was 10% versus 11%, while R&D
expense was 7% versus 10%.
For the FY12 nine-month period, the Group's operating profit was
US$66.6 million, representing a 123% year-on-year increase.
Excluding the one-off operating gain and other exceptional items, net
profit for the FY12 nine-month period would have been US$72.4 million
or basic EPS of 5.03 US cents and diluted EPS of 4.91 US cents. For
the FY11 nine-month period, excluding the fair value adjustments for
warrants and the restructuring charges recorded, net profit would have
been US$36.0 million or basic EPS of 3.33 US cents and diluted EPS of
3.23 US cents.
Including the one-off gain and exceptional items, net profit was
US$337.0 million or basic EPS of 23.39 US cents and diluted EPS of
22.85 US cents, compared to a net profit of US$25.0 million or basic
EPS of 2.32 US cents and diluted EPS of 2.25 US cents for the same
period in FY11.
"Despite the volatile macro environment, we continued to gain share in
our major markets during this quarter. Once again, our sales growth
surpassed our expectation and we are pleased to revise our total
revenue guidance to approximately 80% for this fiscal year, as
compared to the previous growth range of 70%-80%," concluded Co-CEO
Dr. Jack Wang. "As we continue our in-house R&D efforts, we will also
actively seek opportunities internationally to enhance our product
offerings. Looking ahead, our long-term goal is to focus on
diversifying our business and growing Biosensors into a first-class
global medical device company."
About Biosensors International Group, Ltd.
Biosensors International develops, manufactures and markets innovative
medical devices for interventional cardiology and critical care
procedures. We aim to improve patients' lives through pioneering
medical technology that pushes forward the boundaries of innovation.
With the increasing use of the BioMatrixT family of drug-eluting
stents and the recent launch of our AxxessT self-expanding bifurcation
drug-eluting stent, we are rapidly emerging as a leader in the global
coronary stent market. The development of the BioFreedomT drug-coated
stent will further reinforce our market position.
All three stents incorporate Biolimus A9T (BA9T), an anti-restenotic
drug developed and patented by Biosensors specifically for use with
drug-eluting stents. Both the BioMatrix stent family and the Axxess
stent feature a unique abluminal biodegradable polymer coating, which
fully degrades into carbon dioxide and water after six-to-nine-months
as it releases BA9. The BioMatrix stent family features workhorse
stent platforms for a broad range of lesions, and the Axxess stent
employs a self-expanding stent platform specifically designed for
treating bifurcation lesions. BioFreedom, a completely polymer-free
stent abluminally coated with BA9, is currently undergoing clinical
For more information, please visit www.biosensors.com.
Certain statements herein include forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements generally can be identified by the
use of forward-looking terminology, such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project" or "continue"
or the negative thereof or other similar words. All forward looking
statements involve risks and uncertainties, including, but not limited
to, customer acceptance and market share gains, competition from
companies that have greater financial resources; introduction of new
products into the marketplace by competitors; successful product
development; dependence on significant customers; the ability to
recruit and retain quality employees as Biosensors grows; and economic
and political conditions globally. Actual results may differ
materially from those discussed in, or implied by, the forward-looking
statements. The forward-looking statements speak only as of the date
of this release and Biosensors assumes no duty to update them to
reflect new, changing or unanticipated events or circumstances.
Media/Investor Relations Contact
Biosensors International Group Mr. Wong Teck Yenn Director, Investor
Relations Tel: +65-6213-5708 Email: firstname.lastname@example.org
SOURCE Biosensors International Group, Ltd.
/Web Site: http://www.biosensors.com/
CO: Biosensors International Group, Ltd.; Terumo Corporation; JW Medical Systems Ltd.
ST: Singapore United States of America
IN: HEA MTC FIN MEQ PHA
SU: SLS ERN
-- HK49777 --
0000 02/08/2012 13:22:40 EDT http://www.prnewswire.com