BioPorto A/S (CPH:BIOPOR) announced Thursday that first-quarter revenue increased by 20% compared to the year-ago quarter, thanks in part to sales of its flagship NGAL Test used to detect kidney injuries.
The Danish in-vitro diagnostic company said revenue was 5.5 million krones (US$824,822) in the first three months of 2019. In the same quarter last year, revenue was 4.6 million krones (US$689,851).
The company, based in Hellerup, Denmark, attributed the higher quarterly revenue to Research Use Only (RUO) sales of the NGAL Test, which has not been approved yet for medical use in the US.
BioPorto said RUO sales in the US more than doubled year over year -- or 900,000 krones (US$134,970) from 400,000 krones (US$59,987) in the prior-year quarter. Total sales of the test rose by 44% to 1.3 million krones (US$194,958).
It also said revenue got a boost by a slight increase in sales of antibodies -- which rose to 2.9 million krones (US$434,906), compared to 2 million krones (US$299,935) last year.
The company’s earnings report comes as it has been aggressively marketing its proprietary NGAL Test, which provides early risk assessment of acute kidney injury (AKI). The NGAL Test can detect AKI earlier and more reliably than other tests on the market. AKI is common following kidney transplants and heart-bypass surgery.
BioPorto also reported a quarterly loss of 16.5 million krones (US$2.5 million), compared to a loss of 11.3 million krones (or US$1.7 million) in the a year earlier.
BioPorto places focus on flagship NGAL kidney-injury test
BioPorto is seeking US Food and Drug Administration clearance for the NGAL Test to be used both in adults and children. At the FDA’s request, the company is currently running a second study of the test on adults while it expects to submit an FDA application for use in children by the end of June, according to the company’s earnings statement.
“BioPorto is off to a good start in 2019,” said CEO Peter Eriksen. We have expanded our U.S. sales organization as we continue to build awareness of the test prior to FDA clearance.”
BioPorto also offered guidance for the rest of 2019, saying its expects revenue of 40 million krones (US$6 million), which would represent a growth rate of 50% over 2018. BioPorto also expects an operating loss of about 45 million krones (US$6.7 million).
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