BioSensors

BioSensors: Reported strong set of record profitability in 2Q, with rev at US$36.4m, +34%YoY and +10.3%QoQ, while Net-Income was at US$8.5m, +32%YoY and +166%QoQ, attributed to growing product rev contributions (+10%QoQ) as a result of organic growth and incremental growth due to new and emerging markets Gross margins increased to 76% vs 68%YoY, boosting to bottomline...

Sales of Drug-eluting stents (DES) +63%YoY, and +19% QoQ, while sales of critical care products (CCP) in 2Q11 were steady versus previous qtr at US$3.1 million. Licensing rev in 2Q11 increased to US$4.0m, +90.5%YoY, driven primarily by increased DES sales...

Going forward, grp expects strong demand for products to maintain and will expand share in all of grp’s accessible markets. We note that result brings 1H11 Rev to US$69.5m, +30%YoY and Net profit at US$11.7m, +10%YoY. At current price, grp trades at an annualized forward P/E of 35.5x vs Micropot 31.6x FY10E P/E….

Nomura maintains buy, raising TP to $1.50 from $1.20.