21st Sep 2015 13:12
(Correcting description of the company.)
LONDON (Alliance News) - Lifeline Scientific Inc said Monday that it has launched a strategic view with a view to a potential sale and listing on the NASDAQ, as it reported a swing to a pretax profit for the first half of 2015.
The human organ transplant technology company said it believes it is at an "inflection point" in its growth, and that opportunities for its business are not reflected in its current market value. It has retained Piper Jaffray to assist in its strategic review, which will explore a range of options which could include a merger, acquisitions, a potential sale of the company and a potential listing on the NASDAQ.
"All options will be thoroughly reviewed and we will take the time we require to evaluate our opportunities, and achieve the best results for our shareholders, business partners and associates," said Chief Executive Officer Dave Kravitz in a statement.
Lifeline Scientific ported a pretax profit of USD98,108 for the half year to end-June, swung from a pretax loss of USD59,402 a year before, on revenue of USD15.0 million compared to USD15.1 million, mostly as a result of lower research and development costs.
Whilst revenue in its core North American market rose 3.8% in the half year, sales outside of North America fell to USD2.6 million from USD2.8 million. The company said it expects to make headway in its second half in Brazil and Asia after getting formal regulatory approvals for its full suite of LifePort Kidney Transporter products and preservation solutions.
The company said it remains confident in delivering full year growth in line with market expectations.
"We are encouraged by the positive outlook for the second half of 2015 and into 2016 and it is in this context that we are exploring a full range of strategic and financial alternatives to best deliver maximum shareholder value," Kravitz said in a statement.
Shares in Lifeline Scientific were up 8.7% at 224.00 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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