Biosensors International's core profits plunged 57.3% to US$12.1m

Here's the only bright spot in its weak earnings.

According to OCBC Investment Research, Biosensors International Group (BIG) reported 1QFY14 earnings which were significantly below its expectations, as well as the street's. 

Core PATMI plunged 57.3% YoY to US$12.1m on the back of a 11.2% decline in revenue to US$76.7m. This formed 10.1% and 20.0% of our original FY14 forecasts, respectively.

Here's more:

Management attributed this weak performance to another lacklustre contribution from licensing and royalties revenue (-32.7% YoY) and an inventory drawdown in its distributor sales channels in China in anticipation of new stent tenders pricing taking effect.

The only bright spot came from continued double-digit sales growth for its drug-eluting stents (DES) in the EMEA and APAC regions.