EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care business, announces its unaudited interim results for the six months ended 30 June 2019. The Company announces earnings ahead of management expectations and continued good cash generation.
- Revenue up 5.3% to £21.44m (H1 2018: £20.36m)
- Adjusted EBITDA* up 13.9% to £5.58m (H1 2018: £4.90m)
- Net profit of £1.43m (H1 2018: £0.75m)
- Strong cash generation from operations of £4.34m (H1 2018: £4.35m)
- Continued capital investments in Germany and USA of £0.71m;
- Investment in inventory protects delivery of major projects in H2 2019
- Further investment in RenalytixAI of £0.12m
- Net cash £11.78m (30 June 2018: £8.82m) (31 December 2018: net cash of £9.40m)
- First dividend to be paid following AGM H1 2020 subject to shareholder approval
* Earnings before interest, tax, depreciation and amortisation adjusted for exceptional items and share-based payments
- Preferred Partnership Agreement with Mount Sinai Innovation Partners giving EKF the opportunity to be the first to review all digital diagnostic opportunities that exist within the Mount Sinai hospital group
- Successful full launch of Consult Hb analyser with McKesson-Surgical Inc. and first revenue contribution
- Further investment in Elkhart enzyme facility to increase capacity
- Revenue contribution from enzyme contract with Oragenics, Inc.
Christopher Mills, Non-Executive Chairman of EKF, commented:
“The outlook for the second half is encouraging with Q3 trading to date in line with management expectations. Revenues are expected to show continuing momentum over the balance of the year, in part due to the increasing contribution from the OEM contract with McKesson Medical-Surgical Inc. for the distribution of DiaSpect Tm in the US and further growth from the enzyme business with Oragenics, Inc.”
Read the full announcement here.
EKF Diagnostics Holdings plc
Christopher Mills, Non-Executive Chairman
Julian Baines, CEO
Richard Evans, Finance Director and COO
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About EKF Diagnostics Holdings plc
EKF is a leading point-of-care diagnostics and central laboratory assay manufacturer with an estimated 80,000 hemoglobin, hematocrit, HbA1c, glucose and lactate analyzers in regular use across more than 100 countries. EKF specializes in developing tests for use in anemia and diabetes diagnosis and management, as well as providing a portfolio of reagents for use in clinical chemistry analyzers.