27th Apr 2015 08:19
LONDON (Alliance News) - Transplantation technology company Lifeline Scientific Inc Monday posted a rise in pretax profit for 2014 as increasing adoption of its core product, the LifePort Kidney Transporter, helped drive revenue growth.
The company posted a pretax profit of USD2.3 million, up from USD1.9 million in 2013, as revenue rose to USD35.2 million from USD33.2 million.
Revenue from its transplantation products and services was driven by significant orders for its LifePort Kidney Transporter in North America, China and France. Sales of its single-use consumables related to the product rose 12.3%.
Revenue growth of 12.3% in North America, and 51.3% in China helped offset a decline in Brazil, which the company attributed to complexities and long-lead times associated with importing its product.
Lifeline said that since the year-end revenue has been in line with its expectations, with consistent demand in the US and Europe. It remains optimistic about its growth prospects in Brazil and China. Additionally, it has continued to advance regulatory registrations for its new LifePort Liver Transporter product and preparing for its launch ahead of regulatory clearance.
"Expanding our presence within emerging markets in South America with an emphasis on Brazil will be a strong focus, and we presently expect significant pick-up in trading there during the course of 2015. I am encouraged about the prospects of the business in 2015, both in terms of potential for delivering continued growth in revenues and operating profit and building shareholder value," said Chief Executive Officer David Kravitz in a statement.
Shares in Lifeline are untraded Monday morning at 134.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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