Despite slumping royalty revenue, Singapore's Biosensors is counting on new products and recent acquisitions to carry it to 15% growth in fiscal 2014, expecting more than $386 million in sales for the year.
In fiscal 2013, Biosensors pulled in $336.2 million in revenue, a 15% jump fueled by strong drug-eluting stent sales that offset a 29% decline in licensing and royalty revenues. Interventional products, including the company's line of stents, rose 35% over the previous year to $264.9 million.
Net income came in at $115.4 million for the fiscal year, a huge drop from 2012's $364.3 million, but the latter figure was inflated by a $279.6 million gain from Biosensors' stake in Chinese stentmaker JW Medical, the company said. Excluding that and other special items, Biosensors' net profits grew about 10.5% on the year.
And Biosensors has high hopes for the next 12 months, counting on strong international sales of its CE marked BioFreedom and BioMatrix NeoFlex stents. Furthermore, the company's recently closed $51 million acquisition of Spectrum Dynamics will pair Biosensors' implants with high-definition medical imaging, which the company said will help hospitals save time and money in deciding which patients need which devices.
"Looking ahead, our objective remains to further develop our [drug-eluting stent] business while seeking new growth opportunities," CEO Jack Wang said in a statement. "We are also continuing to make good progress in our discussions with several other potential M&A targets. All in all, we are excited about the developments taking place in Biosensors which we believe will substantially increase shareholder value."
- read the full results