Final results for the year ended 31 December 2013

 26th Feb 2014

EKF Diagnostics Holdings plc (AIM: EKF), the growing in-vitro diagnostics company, announces its audited final results for the year ended 31 December 2013, a year of strong organic growth and improved earnings. EKF has an installed base of c. 50,000 analysers globally and manufactures nearly 50 million tests annually.

Financial Highlights

• Revenues up 22% to £31.8m (2012: £26.1m) – all from organic growth
• Reported EBITDA up 82% to £6.7m (2012: £3.3m)
• Adjusted EBITDA* up 51% to £4.8m (2012: £3.2m)
• Cash generated from operations of £3.2m (2012: £2.5m)
• Cash at 31 December 2013 of £2.6m (2012: £4.3m) – reflecting deferred consideration payments, investment in additional manufacturing capacity, capitalised development costs and increased working capital due to high December sales
* Excluding exceptional items and share based payments

Operational Highlights

• Hemo Control / HemoPoint sales up 42% – driven by US growth and significant sales to Mexico
• Quo-Lab and Quo-Test sales up 75%
• Biosen product sales up 20%
• βHB reagent sales up 8% - despite return of competitor product to the market
• Central laboratory sales (excluding βHB) rose 26%
• Quo-Lab cartridge automated manufacturing line in Barleben completed
• Establishment of EKF Molecular Diagnostics and launch of seven Research only use PointMan kits
• New products launched and product development pipeline remains strong

David Evans, Executive Chairman of EKF, said:

“The journey in 2014 promises to be exciting as we underpin the advancements we have made in prior years and seek to capture the opportunities that are in front of us.

I truly believe that we are in a golden age for diagnostics and with ever increasing health demands from a growing and ageing population, diagnostics can provide a key role in helping contain costs and at the same time improve overall patient care through disease prevention, early intervention, patient monitoring and ensuring the right patients get the right medicine at the right time.

“We continue to look at opportunities to grow our business. 2013 has shown that we have come an extremely long way and now have a well-integrated business. I am confident 2014 will show that we can do even better.”

Download the full report here.