Biosensors’ profit plunged 61.6% in Q2

Revenue dipped 9.9% to $96.6m.

Mainboard-listed Biosensors International Group reported yet another set of disappointing results in Q2. The group’s core profit plunged 61.6% year-on-year to $5.68m (US$4.4m), while revenue dipped 9.9% to $96.6m (US$74.8m).

According to OCBC, the fall in revenue was in turn driven by a 45.1% slide in its licensing and royalties revenue from Terumo to US$5.9m and weakness in its drug-eluting stent (DES) business in China.

“This was partially offset by a single-digit YoY growth in its DES volume and revenue outside of China. For 1HFY15, revenue slipped 2.9% to US$155.0m and formed 45.4% of our FY15 forecast. Core PATMI of US$14.3m translated into a decline of 39.5%, and constituted just 31.0% and 28.2% of ours and Bloomberg consensus’ full-year estimate, respectively,” stated OCBC.