Biosensors International Group, today reported a net profit of US$13.3 million ($17 million) for its third fiscal quarter (3Q FY11), compared to US$12.4 million in 3Q FY10.

Total product sales in the third quarter were US$37.9 million, a 17% increase over the previous quarter (2Q FY11), and a 27% increase over the US$29.8 million reported in 3Q FY10. Overall growth was driven largely by continued growth in the sales of the BioMatrix family of drug‐eluting stents (DES), which increased to US$26.3 million, up 26% over 2Q FY11 and 60% over 3Q FY10.

Sales of other interventional cardiology products in Q3 FY11 were US$7.9 million, a 20% decrease over Q3 FY10 due to reduced OEM sales in Asia. Sales of critical care products increased 7% to US$3.6 million from US$3.4 million in Q3 FY10. Total revenue for Q3 FY11, including licensing revenue and royalties, was US$42.6 million, up 32% over the US$32.3 million reported in Q3 FY10.

Jack Wang, Co-CEO and acting CFO, says, “Biosensors has done well to enter into its thirteenth consecutive quarter of product sales growth. The increase in DES sales was driven by increased sales of the BioMatrix DES family in existing markets, continued expansion into new markets through regulatory approvals, and the successful launch of our BioMatrix Flex product. The increase in licensing revenue and royalties was due to increased DES sales of a licensee. We remain on track to achieve our revenue and profitability targets for fiscal 2011.”

Based on its performance through December 2010 and consistent with previous financial guidance, Biosensors expects product revenues for the fiscal year ending 31 March 2011 (FY11) to range between US$135 million and US$145 million.