MEDICAL device maker Biosensors International Group said its fourth quarter net profit rose by 9 per cent to US$29.6 million (S$37.4 million).
Revenue for the three months ended March 31 inched up 1 per cent to US$88.8 million as a 17 per cent rise in product revenue was largely negated by a 46 per cent drop in licensing and royalties revenue.
For the full year, net profit fell by 68 per cent to US$115.4 million on the back of a 15 per cent increase in revenue to US$336.2 million.
The profit drop was skewed by huge one-off gains last year relating to a joint venture.
"Our product revenue continued to achieve a strong growth, despite the overall drug-eluting stent (DES) market facing increasing pressures and challenges," Biosensors chief executive Dr Jack Wang said in a statement.
"Our gross margin also showed substantial year-on-year improvement."
Full year earnings per share slipped to 6.7 US cents from 24.12 US cents previously while net asset value per share grew by 7.44 US cents to 72.43 US cents.
Biosensors recently raised about US$240 million through the issuance of four-year fixed rate notes with an interest rate of 4.875 per cent, payable semi-annually in arrear.
Its interest expense will increase in future periods as a result of issuing these notes.
Looking ahead, management anticipates total revenue for the year ending March 31, 2014 to grow by around 15 per cent.
This guidance is driven primarily by continued product revenue growth, expected commercialisation of four new products and the newly acquired business of Spectrum Dynamics.
Royalty income is expected to remain stable.
The company has proposed a final dividend of two US cents a share.