Axis-Shield reports over 60% rise in profit

Scottish-Norwegian in vitro diagnostics firm Axis-Shield reported a 64.3% jump in profit for the first six months of 2008, versus the same period of 2007, as investment in the Afinion Point-of-Care system began to pay off.

The company posted revenue of L42.7 million ($76.8 million), up 28.8% from the same period of the year before, including a L1.0 million boost from the firm's new Swiss subsidiary. R&D expenses remained flat at L4.1 million. Net income was L1.3 million, or 2.65 pence per share, vs L791,000, or 1.63 pence per share.

The firm also says it is developing a full lipid test panel for Afinion, as an aid to cardiovascular risk assessment. The test will measure high-density lipoprotein and low-density lipoprotein-cholesterol and triglycerides, as well as total cholesterol and is expected to be launched in 2011.