27th Apr 2016 10:23
LONDON (Alliance News) - Lifeline Scientific Inc Wednesday said it is looking forward to an "exciting" 2016 as it reported a rise in pretax profit for 2015, helped by sales growth across all of its markets.
The transplantation technology company reported a pretax profit of USD5.7 million, up from USD2.3 million in 2014, as revenue rose to USD39.4 million from USD34.6 million.
Lifeline said that revenues from its transplantation products and services increased 14%, driven by significant orders in North America, China, Brazil and France for its flagship LifePort Kidney Transporter.
Additionally, sales of its higher margin single use consumables for the LifePort Kidney Transporter also increased 14% compared to the previous year.
Elsewhere, the company has been undertaking a strategic review, considering options including the potential sale of the company and the potential listing of its shares on the NASDAQ in New York. It noted that whilst an outcome for this review has not yet been reached it is in talks with a "number of interested parties" which may or may not leas to an offer for the company.
It expects to provide a further update on the progress of this review by the end of June.
"We have seen significant improvements in our full year revenues and profitability, and this performance has advanced across all strategic initiatives. We have seen growth in all of our major markets and continue to maintain a robust cash position. The prospects for the company remain strong and we believe we are at a key inflection point for future growth. We look forward to an exciting 2016 where we are focused on building and delivering further shareholder value," said Chief Executive Officer David Kravitz in a statement.
Shares in Lifeline Scientific were untraded Wednesday morning, having last traded at 134.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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