Akers Biosciences Q1 revenues more thank halved; shares suspended

Health information technology developer Akers Biosciences said revenue from its flagship PIFA Heparin PF/4 rapid assay more than halved to $259,983 in its first trading quarter - a result of a lower rate of success in extracting antigen.

The AIM-listed company experienced lower extraction yields in the process, resulting in production falling below target levels and Akers building up a log of backorders.

As of 0840 BST, Akers shares had been suspended from trading.

Aker's engineers and supplier representatives were working together to adjust processes in order to restore the yield to appropriate levels, the results of which the firm stated were "not yet determined".

Gross profit margins crashed to 2% from the 61% seen a year earlier as costs associated with the low antigen yields and steps taken by Akers to remediate the issue "significantly affected" the direct costs of production.

Overall expenses increased by 7% year-on-year.

For the three months ended 31 March, Akers net loss attributable to shareholders widened 37% to $1.85m.