“Also, the recent developments of our U.S. and German patent litigations as a result of Apieron Inc. filing for bankruptcy will allow us to focus fully on sales promoting activities in the U.S.”
Aerocrine AB (STO:AEROB) today announced that its first quarter sales development has been below expectations. Revenues are estimated to reach approximately 18 MSEK compared to 26,9 MSEK previous year.
Following a strong sales performance in the first quarter of 2009, Aerocrine estimates that sales in the first quarter of 2010 will be lower than the previous year and reach approximately 18 MSEK. Sales have been negatively affected by a combination of several factors. Heavy restrictions on healthcare expenditures have been imposed in a number of key countries, partly due to unbudgeted expenses for flue vaccinations last autumn. The company's sales growth is sensitive to healthcare budget priorities pending inclusion in clinical guidelines and full reimbursement supporting the critical importance of inflammation monitoring in the management of asthma. Sales in December last year was particularly strong, affecting the start of this year. Price competition is also emerging in a limited number of countries where smaller competing suppliers offer low prices to larger customers. Finally, Aerocrine has been through a period of intense legal proceedings which has consumed considerable time and organizational focus.
"While gross margins and control of operational costs have been maintained, our sales performance in the first quarter has been disappointing. However, our sales pipeline is encouraging and we feel confident that we will bring the company back to sales growth going forward," said Paul de Potocki, CEO of Aerocrine AB. "Also, the recent developments of our U.S. and German patent litigations as a result of Apieron Inc. filing for bankruptcy will allow us to focus fully on sales promoting activities in the U.S."
Aerocrine will issue its full first quarter financial report on 27 April.
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