SOLNA, Sweden--(BUSINESS WIRE)--Regulatory News:
January – March 2014
· Global Net sales increased by 4% to SEK 35.0m (33.7)*. Adjusted for currency fluctuations, net sales increased by 1% Year over Year (Y-o-Y).
· Net sales for clinical use of NIOX MINO/NIOX VERO increased by 12% in total despite a decrease in the US by 12% (13% in local currency) due to the remodeling of the sales force and selling process. The total units sold and placed for evaluation during the first quarter for clinical use in the US was 321 vs 156 in the first quarter 2013, a growth of 106%.
· Strategic sales/shipments (sales to Pharmaceutical companies and CROs for clinical trials) decreased by 24%. These sales fluctuate substantially between quarters.
· Total worldwide number of tests sold (repeat and initial) reached almost 0.6m (0.5) tests, an increase of 14% Y-o-Y and in the US for clinical use decreased by 4%. The remodelling of the sales efforts have focused more on the placement of devices to increase the installed base.
· Total repeat test volume for clinical use increased by 20% and in the US by 16%.
· Gross Margin was 70% (75%). Main reason for the decrease is a changed channel mix. This is balanced by a reduction in operating expenses.
· The loss after tax improved to SEK 52.9m (54.3), corresponding to a loss per share before and after dilution of SEK 0.3 (0.4). The operating loss improved to SEK 44.6m (53.5).
· Aerocrine signed an exclusive agreement with UK & Irish medical device company Healthcare 21 Ltd for sales, marketing and distribution of the NIOX VERO® across the UK and Ireland.
· Health Care Service Corporation (HCSC) will implement a positive coverage policy for Fractional exhaled Nitric Oxide (FeNO) testing for the diagnosis and management of asthma effective April 1, 2014. HCSC, the 5th largest private payer in the US, provides insurance coverage for 14 million individuals.
Key events after the period
· NICE (National Institute for Health and Care Excellence) has published guidelines (http://www.nice.org.uk/newsroom/news/SimpleTestToHelpDiagnoseAndManageAsthma.jsp) recommending the use of Aerocrine’s NIOX MINO® and NIOX VERO® to help guide the diagnosis and management of asthma in both adults and children.
AEROCRINE IN BRIEF
|Jan - March||Full year|
|-of which strategic sales||4.3||5.6||26.0||27.3|
|Gross margin %||70%||75%||70%||72%|
|Net profit after tax||-52.9||-54.3||-224.5||-225.6|
|Cash flow, current operations||-58.1||-64.1||-204.3||-212.1|
|Total cash flow||-59.3||-65.9||96.3||89.7|
*Note all numbers in ( ) are the corresponding period previous year and in the same unit.
This is information that Aerocrine AB (publ) is required to publish in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Trading Act. This information was submitted for publication on May 12, 2014, at 8.00 a.m.
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