4th Aug 2015 08:23
LONDON (Alliance News) - Immunodiagnostic Systems Holdings PLC Tuesday said the negative momentum it saw at the end of its 2015 financial has continued, with first quarter revenue declining and poor sales performances across the board.
Immunodiagnostic, which produces manual and automated diagnostic testing kits and instruments for the clinical and research markets, said group revenue in the first quarter was down by 15% and, excluding the Diametra business it bought in September last year, revenues were down by 21%.
Its automated sales were down by 15%, driven by continued pressure on its vitamin D test and by heavy competition. Manual assays sales were down 30%, excluding Diametra, it added.
Immunodiagnostic said the sales decline was in line with the guidance it provided in May.
Chairman Burkhard Wittek said the company "is facing a lot of challenges, but we believe we have addressed a good deal of those and are working hard to return the business to stability, and long term back to profitable growth."
Shares in the company were down 8.3% to 266.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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