Final results for the year ended 31 December 2011

 21st Mar 2012

EKF Diagnostics Holdings plc (AIM: EKF), the growing in-vitro diagnostics company, announces its audited final results for the year ended 31 December 2011, a year of continued progress (see attached pdf for the full results).

Financial Highlights (from continuing operations)

- Revenues more than tripled to £21.7m (2010: £6.5m) following a strong second half 
- Gross margins improved to 48% (2010: 45%) 
- Adjusted EBITDA (before exceptional costs and share based payments) of £1.6m (2010: £1.0m) 
- Operating loss of £2.0m (2010: loss of £1.9m) – reflects investment in people and infrastructure 
- Loss before tax of £2.4m (2010: £2.1m) includes Stanbio acquisition costs 
- Cash at 31 December 2011 of £5.3m (2010: £3.2m)

Operational Highlights

- Acquisition of Stanbio for a maximum consideration of US $25.9m 
- Agreement signed with Alere Inc to distribute HemoPoint H2 analysers and cuvettes in the USA 
- Major Mexico contract win – 3,594 HemoPoint H2 analysers and related cuvettes – cuvette replenishment order already underway 
- SFDA approval for Quo-Test in China has helped drive increased sales 
- Placement of 1,000th Quo-Test analyser (September 2011) 
- Investment in key people and key infrastructure – including £0.6m invested to triple manufacturing capacity for Quo-Test and Quo-Lab and move to a bigger manufacturing plant in Poland 
- Strong product development pipeline – with Quo-Lab, HbA1c analyser and our Biosen HbA1c and glucose analyser launched at Medica with commercial launches expected in first half of 2012 
- Richard Evans appointed as Finance Director

Post Period End

- US State of New Mexico contract win – 220 HemoPoint H2s (outside Alere Inc Agreement) 
- US patent granted for HemoPoint H2 cuvettes 
- Tony Wilks appointed as Group Head of Sales 
- First shipment of HemoPoint H2 analysers and cuvettes to Alere Inc made in March 2012

David Evans, Executive Chairman of EKF, said:

“Today’s announcement shows a year of continued progress towards our goal of building a successful, profitable, international IVD business with our results significantly better than our expectations. The progress to date in 2012 has been in line with our expectations in the first quarter. I am genuinely excited by the prospects for EKF Diagnostics and believe that the core team has the dynamism and desire to succeed which will power the business towards continued growth and success.”

PDF available here.