Akers Biosciences PLC (LON:AKR, NASDAQ:AKER) is primed for a strong end to the year after delivering a robust showing in the third quarter.
Total revenues grew by 262% to US$613,198 in the three months to September 31, driven by sales of the company’s flagship PIFA Heparin-PF4 Rapid Assay.
The product is a breath test that is able determine quickly and efficiently whether a person has an allergy to a regularly prescribed blood thinner.
There are a couple of things note in the update. The first is the 341% rise in sales of the units, which raked in US$514,839. The second is these sales came entirely from the US.
Why is that significant? Well, the company didn’t benefit at all from a Chinese order worth US$2.5mln.
The remaining US$2mln of the deal struck with Novotek for PIFA products is expected to go through in the final three months of the year.
Looking at the remainder of the results, Akers’ gross margin improved to 61%, meaning the company booked a gross profit of US$376,498. The company had cash in the bank of US$795,802.