Akers Biosciences Inc. develops, manufactures and supplies rapid, point-of-care screening and testing products in the U.S. and internationally. The company has an innovative product pipeline that includes rapid test products for lung cancer, asthma, chronic obstructive pulmonary disease, diabetes and heart attack.

The Thorofare, NJ-based diagnostic device provider has released its second-quarter 2016 earnings results. We hereby highlight some of the key details from the just-released announcement below:

Revenues: Second-quarter product revenues increased 28% from the year-ago quarter to $956,486. The year-over-year top line improvement is primarily driven by sales of PIFA Heparin/PF4 Rapid Assay products, which surged 57%.

Key Stats: Akers’ MPC product sales plunged 73% owing to tough year-over-year comparisons. The year-ago quarter included almost $146,000 related to a distributor's initial stocking order of the company’s BreathScan Alcohol Breathalyzer product in the Great Britain.

Net of this significant order, MPC product sales increased 100% in the second quarter of 2016.

Major Factors: Akers received a second payment of $250,000 on Jun 28, 2016 for the scheduled product shipment related to the $2.5 million PIFA Heparin/PF4 Rapid Assay products order from Novotek in China.
 

Akers noted that other MPC products within its health and wellness line, primarily the BreathScan OxiChek disposable breath test for oxidative stress started generating sales in the reported quarter.

Stock Price: Following the earnings release, the company’s share price did not show any movement in the pre-market trading session.

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