PRZOOM - /newswire/ -
Thorofare, NJ, United States, 2008/04/07 - ABI, manufacturer of rapid diagnostic products, announced that 2007 revenues totaled $5.5M, the highest in company history - AkersBiosciences.com.
Other highlights include the first positive EBITDA of $1.4M which represents ABI’s maiden positive operating cash flow.
Akers Biosciences, Inc. a leading designer and manufacturer of rapid diagnostic screening and testing products, announces its annual results for the year ended 31 December, 2007.
· Revenues of $5.5 million (2006: $ 1.0 million) are the highest in the Company’s history
· First positive EBITDA of $1.4 million (2006: negative EBITDA of $7.8 million)
· Maiden positive cash flow from operations
· Significant orders from United States military departments received and shipped
· $4.5 million in fixed convertible debt financing completed during the period to enhance stability of capital structure
· Acquisition completed of ‘Bout Time Marketing, LLC, a distributor of breathalyzer product, providing a direct channel to the US Military for BreathScan ® resulting in increased margins.
· New distribution arrangement signed for Tier 1 status with Cardinal Health, a distributor to over 4,000 US hospitals, resulted in a significant increase in sales of the PIFA Heparin/Platelet Factor 4 Rapid Assay.
Thomas A. Nicolette, Chief Executive Officer of ABI, commented: “In early 2007 we set about to effect a bold and immediate transition. Our strategy has been to transform the significant investment in our patented platform technologies over the past decade into real value by establishing routes to markets of our core products leading to profitable revenue generation. In 2007 we achieved that with the highest sales in the Company’s history, its first positive EBITDA from operations and the establishment of significant recurring revenue streams. These are the foundation blocks upon which we intend to build our core product line sales both domestically and abroad and bring forward new and mass market potential products."
About Akers Biosciences, Inc. (ABI)
Akers Biosciences, Inc. (akersbiosciences.com) was founded in 1989, with the objective of developing proprietary, in vitro diagnostic technologies that accelerate the rate at which clinicians can obtain single-patient results. The tests and sample preparation devices that emerge from our rapid technology platforms are designed to provide the same level of accuracy as traditional laboratory testing methods, but at a fraction of the cost and turn-around time.