10th Sep 2019 11:17
(Alliance News) - EKF Diagnostics Holdings PLC on Tuesday said interim earnings were ahead of management expectations and its second half outlook remains encouraging.
"Revenues are expected to show continuing momentum over the balance of the year, in part due to the increasing contribution from the OEM contract with McKesson Medical-Surgical Inc. for the distribution of DiaSpect Tm in the US and further growth from the enzyme business with Oragenics, Inc," said Non-Executive Chair Christopher Mills.
The company, which manufactures diabetes monitors and hemoglobin analysers, also separately said that it has signed a preferred partner agreement with Mount Sinai Innovation Partners, who is responsible for commercialisation of discoveries and inventions made within the Mount Sinai Health System.
The Mount Sinai Health System is New York's largest integrated healthcare delivery system, encompassing eight hospitals, a leading medical school, and a large network of ambulatory practices throughout the greater New York region.
The agreement will allow the EKF Diagnostics to explore licensing of medical technology originating from Mount Sinai.
For the six months to June 30, EKF Diagnostics recorded pretax profit of GBP2.2 million, up 30% from GBP1.7 million in the year ago period. Revenue rose 5.3% to GBP21.4 million from GBP20.4 million.
The rise in profit was attributed to revenue rise and lower share-based payments, which totaled GBP1.1 million versus GBP1.3 million.
Adjusted earnings before interest, taxes, depreciation and amortisation increased 14% to GBP5.6 million from GBP4.9 million.
London-listed shares in EKF Diagnostics were up 10% at 34.12 pence each on Tuesday morning.
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