Half-year results: Sirtex, Panbio, Eiffel, Prana, Epitan, Cryptome, BioDiem

Disappointing sales in both the US and Australia, and higher marketing and administration costs have contributed to a lower half-year profit for Sirtex (ASX:SRX). Although sales revenue grew 8 per cent to $4.9 million, the company's gross profit fell to $3.57 million from $3.6 million in 2003.

Sirtex's half-year net loss after tax increased from $180,000 in 2003 to $781,000. Asia-Pacific sales were hampered by lack of Medicare reimbursement, the company said. It is also awaiting a response for its application for reimbursement from the Medical Services Advisory Committee. US sales also failed to meet expectations, and unfavourable exchange rates ate into revenues. The company had cash at December 31 of $9.3 million.

Sales were also slow at Panbio (ASX:PBO). Revenue from the half-year from the company's West Nile virus tests falling to $367,000 year, due to lower incidence level of the disease and competition from another diagnostic. The weakening of the US dollar also hit the company's US dollar denominated sales. Overall revenue fell 3 per cent to $7.5 million and net loss after tax increased to $1.07 million from $1.5 million in the corresponding period last year.

Eiffel (ASX:EIF) -- which today signed a second asthma feasibility study with an unnamed US specialty pharma -- reported a net loss for the half year of $1.83 million, 15 per cent smaller than for the corresponding period last year. At December 31 it had cash in the bank of $1.8 million. Payment from the company\'s first asthma collaboration with the same pharma contributed to an improved revenue from sales and services of $337,488, up from $24,219 in the corresponding period last year. Eiffel is aiming to reduce its costs by 30 per cent.

Prana Biotechnology's (ASX:PBT) half-year operating loss after tax has been bumped up 77 per cent to $7.1 million, mainly by increased research and development expenses and payments employees. Foreign currency losses also contributed to the result. The company had a closing cash balance of $26.9 million.

Epitan (ASX:EPT) has reported a half-year net loss after tax of $4.8 million, up 26 per cent from $3.8 million in the corresponding period in 2003. Research and development costs rose from $880,461 in 2003 to $2.4 million. At December 31 last year, Epitan had $10.3 million in cash.

Cryptome (ASX:CPR) has reported a half-year net loss after tax loss of $1.4 million, up from $1.1 million in the corresponding period last year. At December 31 the company had cash of $3.8 million.

Flu vaccine company BioDiem (ASX:BDM) increased its half-year net operating loss from $1.4 million to $1.6 million, leaving cash reserves of $7 million at December 31 2004. Licence revenue from the company's agreement with Akzo Nobel contributed $1.3 million to the company's bottom line.