Biosensors hit with $303.6m loss in FY15

Blame it on a goodwill impairment.

Biosensors International reported a net loss of $303.6m (US$224.8m), compared to a net profit of US$6.1m in the previous financial year.

The hefty loss was due to a number of non-exceptional items, including a US$256.1m goodwill impairment for its subsidiary JW Medical Systems.

During the year,Biosensors also struggled with lower licensing and royalty revenue as well as unfavourable foreign exchange rates.

Biosensors cautioned that market competition and pricing pressure will continue to stay as headwinds in FY16.

It also expects licensing income from its partner Terumo to continue to decrease.

The currency environment is also expected to remain challenging as the company has concentrated risk with a majority of its revenue coming from non-US dollar denominated regions.