Final results for the year ended 31 December 2012

 18th Mar 2013

EKF Diagnostics Holdings plc, the growing in-vitro diagnostics company, announces its audited final results for the year ended 31 December 2012, a year of consolidation and preparation for future growth while driving the profitability of the business. 

Financial Highlights

  • Revenues up 20.3% to £26.1m (2011: £21.7m)
  • Gross margins improved to 55% (2011: 48%)
  • Adjusted EBITDA (before exceptional costs and share based payments) up 100% to £3.2m (2011: £1.6m)
  • Operating profit of £0.2m (2011: loss of £2.0m)
  • Cash generated from operations of £2.5m (2011: £0.2m used) – with net cash of £2.0m (2011: £2.8m)

Operational Highlights

  • Margins improved through increased sales of Beta-Hydroxybutyrate (BHB) liquid reagent
  • Commercial launch of the Quo-Lab HbA1c analyser for emerging markets in July 2012 – almost 600 units sold by the end of February 2013
  • Revised contract for Quo-Test in China with significantly increased minimum volumes
  • Strong sales of HemoPoint H2 in North America since April 2012 to drive consumable sales in 2013
  • Further order for HemoPoint H2 cuvettes from the Mexican Institute of Social Security ($0.7m recognised in 2012, $1.4m in 2013)
  • Exclusive licence with Joslin Diabetes Center for two key diabetes markers

Strong product development pipeline – further analytes for launch on Quo-Test and Quo-Lab, RenaStat, a strip version of the STATSite M Hgb analyser and an enhanced version of Lactate Scout.

Post Period End

Acquisition of 360 Genomics Limited to form the basis of new operating business, EKF Molecular Diagnostics

David Evans, Executive Chairman of EKF, said:
“2013 is a year where I anticipate seeing further advancement across all areas of our business as we continue to execute against an ambitious growth plan. Trading in the period to the date of this announcement is in line with expectations and we anticipate continued growth throughout the year.”