26th Sep 2016 10:49
LONDON (Alliance News) - Lifeline Scientific Inc on Monday said it expects its 2016 results to be broadly flat on the previous year, as it reported a more than doubling in profit for its first half.
The company, which provides transplantation technology, reported a pretax profit of USD2.0 million for the first half of 2016, more than twenty times the USD98,108 it reported in the same period the previous year, on revenue of USD18.2 million, up from USD15.0 million.
Lifeline said it had expanded its footprint in China and South America. Revenue in its major market of North America was up 20%, whilst revenue outside of this region rose 24%.
Meanwhile, in France, adoption of its LifePort Kidney Transporter products continued to increase, helping drive a 10% increase in revenue in Europe.
"Achievements during the first half of 2016 have helped grow our diverse commercial base from which we will continue to expand the company's support of clinical transplant markets worldwide. Whilst the first half of 2016 has been materially better than the same period last year, the overall performance for the full year is presently expected to be broadly in line with 2015 due to exceptional demand in H1 2016 normalising in the second half," said Chief Executive Officer David Kravitz in a statement.
"Our focus remains on the development and commercialisation of products and services designed to improve patient outcomes in transplantation," Kravitz added.
Lifeline reported a pretax profit of USD5.7 million on revenue of USD39.4 million for all of 2015.
Shares in Lifeline were untraded Monday morning at 134.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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