BioPorto (NASDAQ COPENHAG:BIOPOR) A/S has raised its revenue guidance for fiscal year 2022 after the company achieved strong growth in revenue in the first six months and second quarter of the year.
Revenue came in at 15 million Danish kroner (DKr) (US$2.2 million) in the six-month period ended June 30, 2022, an increase of 23% on the same period last year, while in the second quarter revenue jumped 29% to DKr 8.5 million ($1.2 million).
Growth was driven by both its NGAL Test, which is designed to aid in the risk assessment of Acute Kidney Injury (AKI), and a notable bulk order of antibodies, BioPorto (NASDAQ COPENHAG:BIOPOR) said.
In a statement, Tony Pare, BioPorto’s chief executive officer, said: “I am pleased with our strong second quarter of 2022, a result of disciplined execution on our strategic agenda."
READ: BioPorto reaches target enrollment for the final part of its clinical study on The NGAL Test
“We look forward to completing the NGAL Test clinical trial data analysis and related work, and then submitting the De Novo application to the US Food and Drug Administration (FDA). We remain excited about The NGAL Test’s potential impact to assist clinicians in improving outcomes for critical care patients," he added.
As a result of the strong sales, BioPorto increased its revenue guidance for 2022 to DKr 24-27 million from DKr 24-26 million previously.
The company reported an adjusted EBITDA loss of DKr 32.4 million ($4.8 million) for the first half and a loss of DKr 17.1 million $2.5 million for the second quarter.
It maintained its guidance for an adjusted EBITDA loss of DKr 76-81 million for 2022.
Cash and cash equivalents stood at DKr 107.9 million ($15.1 million) at the end of June 2022, up from DKr 75 million ($12 million) a year earlier.
Operational highlights during the first half included:
- Achieved targeted enrollment in clinical study supporting FDA De Novo submission for The NGAL Test in the US
- Appointed world-leading nephrologist and NGAL biomarker pioneer, Dr Prasad Devarajan, as new senior medical director
- Successful implementation of NGAL testing programs was highlighted at the 40th Vincenza Course on AKI & CRRT meeting in Vincenza, Italy
The company is hosting an online investor presentation on August 17, 2022, at 2.00pm Central European Time/8.00am Eastern Time, via HC Andersen Capital. Investors interested in attending the webcast may register here
Copenhagen- and Boston-based BioPorto is an in vitro diagnostics company focused on saving lives and improving the quality of life with actionable biomarkers.
Contact the author at jon.hopkins@proactiveinvestors.com