Axis Shield sees L1.9M operational profit in 2005

Dundee, Scotland-based in vitro diagnostics firm Axis-Shield says that its revenues increased 11% to L58.2 million ($101.0 million) during 2005, compared with the L52.3 million it earned in 2004. The company also says it recorded its first annual operational profit of L1.9 million for the year, up on the L800,000 loss it incurred the year-earlier. In addition, the group carried out its proposed reduction in R&D expenditure, investing L8.7 million in product development compared with the L9.9 million it spent in 2004

The firm says that its success in 2005 was led by growth in its product sales, particularly citing the performance of NycoCard HbA1c, its glycemic control test, which grew 14.8% in revenue to L15.7 million. Sales of the group's homocysteine product lines also increased, reaching L8.2 million from L6.5 million in 2004.

Axis' Afinion point of care system received marketing clearance from the US Food and Drug Administration, with Massachusetts, USA-based health care major Abbott gaining exclusive distribution rights to the product in its home territory. Additionally, Axis says it has signed a contract covering the development of its anti-CCP and homocysteine technologies for use in conjunction with Abbott Laboratories' high-throughput Architect analyser.