Strong growth continues for PanBio

Diagnostic test company PanBio posted a first half sales jump of 49% to stay on track for a full year revenue target of $16.9 million.

The Queensland company's sales were $8.01 million for the six months to Dec 2001. The gains exceeded PanBio's average annual revenue growth of 40% over the past 14 years.

CEO Mel Bridges attributed the strong showing to market acceptance of PanBio's suite of tests for dengue fever, organic growth and acquisition of US company Stellar Biosystems.

Consolidated loss after tax for the half was $1.266 million and the company expects a full year loss of $1.5 million.

A restructuring effort which merged its US facilities will produce an anticipated reduction in annual operating costs of about $600,000, Bridges said.

The company's R&D budget is likely to be underspent for the full year and cash requirements beyond 2001/2002 are expected to be modest with working capital growth requirements coming largely from operations.

PanBio is looking for strong growth in its US business next year and double digit expansion in Latin America.

It ended the half with net cash of $7.9 million, gross cash and liquid investments of about $12 million and debt of $4.2 million.