Drug-device combination products maker Biocompatibles International plc (BII.L) reported Thursday, in preliminary results, a wider loss before tax for the full year, reflecting higher expenses that include charges related to the acquisition of BrachySciences. Revenues grew year-over-year, driven by improved sales of oncology products. The Farnham, Surrey-based company also provided a revenue guidance for full year 2010.
For 2009, loss before tax widened sharply to GBP 7.20 million from GBP 1.19 million last year. Loss attributable to shareholders was GBP 5.85 million or 15.2 pence per share, much wider than loss of GBP 0.46 million or 1.2 pence per share last year.
The recent year results include an impairment charge of GBP 2.5 million related to the intangible assets arising from the BrachySciences acquisition in 2008.
Revenue increased 50% to GBP 26.56 million from GBP 17.69 million a year ago. On constant currency basis, revenue grew 29%.
Division-wise, sales of Oncology products advanced by 66% year-over-year to GBP 18.0 million, including full year sales of the lower growth Brachytherapy products. Within the segment, sales from BrachySciences grew by 161% to GBP 6.06 million. On a constant currency terms, oncology division's sales grew 42%.
Licensing division's revenue dropped 9% to GBP 8.5 million, hurt by the absence of the one-off PC licensing milestone received last year. Within the segment, sales at CellMed grew by 239% to GBP 3.85 million, driven primarily by revenue from the research and development agreement with AstraZeneca related to the type II diabetes drug CM3. On a constant currency terms, licensing division's sales dropped 21%.
Operating expenses was 63% higher at GBP 28.6 million compared to GBP 17.6 million a year ago. Selling and marketing costs increased by 215% to GBP 9.4 million, driven by the additional sales and marketing expenditure as well as the impairment of the intangible assets of BrachySciences.
Research and development costs increased by 22% to GBP 14.5 million, mainly due to CellMed's additional costs in support of the AstraZeneca Agreement and further investment into clinical activities.
Looking ahead, for 2010, the company expects revenues in a range between GBP 28 million and GBP 32 million, the mid point of which represents a year-over-year growth of 13%, or 21% in constant exchange rate. Revenue growth is expected to be generated by the Oncology products division. The company paid its first dividend of 5 pence per share in May 2009, and said today that the Board intends to increase the dividend by 25% to 6.25 pence per share, to be paid in May 2010.
On the operating side, the company expects to complete recruitment in the CM3 Phase I clinical trials and commence recruitment in the CM3 Phase II clinical trial in fiscal 2010. Also, it intends to file regulatory submission for the DC Bead in Japan.
BII.L shares are currently trading at 235.0 pence, down 3.29% on the London Stock Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.