15th Apr 2014 08:09
LONDON (Alliance News) - Immunodiagnostic Systems Holdings PLC said Tuesday that its full-year results will meet its previous guidance, as growth in its automated test kits offset manual kit declines.
The diagnostic test kits and instruments maker expects revenues of around GBP52.3 million, up from GBP49.8 million for the year to the end of March. This was driven by a 21% rise in revenues from its automated products, offsetting a decline in manual products of 18%.
Adjusted earnings before interest, tax and exceptional items is expected to marginally ahead of the GBP9.8 million it posted in the previous year, said the firm.
Direct instrument placements, meaning instruments sold or placed with customers in its core markets of the US and Europe, were 35 during the year, compared to 88 during the previous year.
Although this was down on the previous year, Immunodiagnostics saw direct placements in the second-half of the year, with 19 compared to 16 in the first, which it said showed an improvement in its US performance following the restructuring of its US business.
The company said it had also made progress on its strategic initiatives of increasing the number of tests available on its IDS-iSYS automated analyser developing a Mark II version of the IDS-iSYS and expanding in growth markets.
The company plans to launch a new version of its 1,25 Vitamin D automated IDS-iSYS system in Europe during the first-half of the new financial year. Immunodiagnostics said it was working towards getting clearances from the US Food and Drug Administration for its bone markers and hypertension markers.
The new Mark II version of the system is on track to launch in Europe in the first-half of 2015, Immunodiagnostics said, and is expected to be "significantly cheaper" to manufacture than the existing system.
It expects registration of the IDS-iSYS system to be completed by the third quarter of the new financial year in China.
The continued progression of its strategy are expected to lead to continued revenue growth in the new year, the company said, although it will be offset somewhat by the investments it made during the year just ended.
Shares in Immunodiagnostics were trading up 0.3% at 499.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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