Interim results

 24th Sep 2012

EKF Diagnostics Holdings plc (AIM: EKF), the point-of-care diagnostics business, announces its unaudited interim results for the six months ended 30 June 2012. Full results are attached.

 Financial Highlights

  • Revenue up 71% to £12.65m (H1 2011: £7.38m)
  • Gross margins up to 57% (H1 2011 restated: 48%)
  • Operating profit of £0.34m (H1 2011: loss of £1.49m)
  • Adjusted EBITDA before exceptional items and share based payments of £1.40m (H1 2011: £0.21m)
  • Cash at 30 June 2012 was £3.16m, with a net cash position of £0.96m.

Operational Highlights

  •  Consumable growth of 32% across four major volume products
  • Significant improvement in BHB reagent sales
  • Commencement of shipments of HemoPoint H2 analysers and consumables to Alere in North America
  • Cuvette patent awards in USA and China
  • Final exit from sports licensing business with disposal of IBL AG

Post-period end

  • Alere orders for HemoPoint H2 already exceed first year minimum, five months after launch
  • Commercial launch of Quo-Lab HbA1c analyser for emerging markets (early July)
  • Collaboration with the Joslin Diabetes Centre to expand future pipeline
  • Settlement of patent related litigation with HemoCue, resulting in release of provision for costs of £0.50m

Commenting on the Company’s outlook, David Evans, Executive Chairman of EKF, said:

“We are confident that the recent product launches and other programmes that are in place will drive further organic growth in the second half of 2012 and beyond. We will continue to assess acquisition opportunities as they present themselves and progress those which offer good synergy and represent good value for shareholders.”