Akers Biosciences sees first annual net profit in '08
Jan 8 (Reuters) - Akers Biosciences Inc (AKR.L), a maker of diagnostic test kits, said on Thursday it expected its first annual net profit in 2008, in line with market estimates, helped mainly by the sale of some intellectual property rights.
The company expects lower-than-estimated turnover of $6.5 million for the year to Dec. 31, due to a delay in the reorder of certain product refills to the U.S. military.
An analyst was expecting the company to post a pretax profit before items of $2.7 million, on revenue of $9.3 million, according to Reuters Estimates.
Akers said its second half was more profitable than the first, owing to the sale of the intellectual property rights of its Free Radical Enzymatic Device (FRED).
It had sold the FRED rights and future non-invasive exhaled breath test technology to U.S.-based Pulse Health LLC for $3 million.
The company said it expected cash on hand at year-end to be about $5.0 million.
Akers, which freed itself from all debt including convertible loan notes, said it planned new tests in the diabetes and lung cancer fields, enhanced marketing efforts and new distribution channels for its core tests worldwide in 2009.
At 0917 GMT, shares of Akers were up 3.8 percent at 13.75 pence. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Gopakumar Warrier)
