358 0 Kommentare Akers Biosciences Reports Preliminary Unaudited Earnings Highlights for Fiscal Year 2016

THOROFARE, NJ--(Marketwired - Mar 30, 2017) - Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or the "Company"), a developer of rapid health information technologies, announces preliminary unaudited earnings highlights for the fiscal year ended December 31, 2016.

The Company will apply for a 15-day extension to file the Form 10-K containing its 2016 earnings so as to allow additional time for the Company and its auditors to incorporate data from certain subsequent events and complete the Company's management discussion and analysis. Accordingly, there will be no conference call on Friday, March 31, 2017, as previously announced. The details of a rescheduled conference call and earnings publication date will be notified in the near future.

2016 Financial Highlights:

Total revenue up 40% to $2,960,912 (2015: $2,115,050)
Growth driven by 85% increase in sales of flagship heparin allergy test to $2,557,148 (2015: $1,391,017)
Total product sales of $2,957,162 exceeded 2015 sum by approximately $1.2 million or 65%.
Gross profit margin increased to 63% (2015: 55%) resulting in gross income of $1,877,825 (2015: $1,164,258)
Significant reductions in major expense areas:
- General and Administrative expenses reduced by 51% to $3,008,811 (2015: $6,193,125)
- Sales and Marketing expenses reduced by 16% to $2,137,282 (2015: $2,543,286)
- Research and Development expenses reduced by 15% to $1,188,868 (2015: $1,406,895)
Reversal of an allowance for bad debts of $1,299,609 in exchange for inventory and a prepaid royalty
These factors contributed to a markedly reduced net loss attributable to shareholders of $3,303,538, down 65% compared to 2015 (2015: $9,311,913)
Cash and marketable securities at December 31, 2016 of $122,701 (2015: $4,427,163) bolstered by net proceeds of $1,736,213 from January 13, 2017 public offering
As at December 31, 2016, current assets totaled $3,186,944, current liabilities totaled $1,697,430 and working capital was $1,489,514