EKF Diagnostics Holdings PLC Update on trading and COVID-19 related contract (9838M)
15 May 2020 - 4:00PM
UK Regulatory
TIDMEKF
RNS Number : 9838M
EKF Diagnostics Holdings PLC
15 May 2020
This announcement contains inside information
for the purposes of Article 7 of Regulation (EU) No 596/2014
(MAR)
EKF Diagnostics Holdings plc
("EKF", the "Company" or the "Group")
Update on trading and COVID-19 related manufacturing
contract
Further increase in expected orders for PrimeStore MTM sample
collection devices
Orders received for the two months ending July totalling
$9.4m
EKF Diagnostics Holdings plc (AIM: EKF), the AIM quoted
point-of-care business, provides an update on the further increase
in manufacturing demand from Longhorn Vaccines and Diagnostics LLC
("Longhorn") in the US, for their FDA-approved PrimeStore MTM
sample collection device, which deactivates viruses, bacteria,
fungi and mycobacterium tuberculosis allowing safe sample handling
and transport, greatly reducing risk of infection.
The Company announced on 27 April 2020 that it expected further
orders worth over $3m for May and that it was in the process of
doubling capacity at its Boerne, Texas site for the reagent used in
the manufacture of the Primestore MTM device, in order to fulfil
those orders and anticipated additional future orders. EKF now
confirms that it has received further orders from Longhorn
totalling $9.4m for the two months ending July. The majority of
these further orders will be for the same core reagent manufactured
by EKF.
The additional contribution now indicated for June under the
Longhorn manufacturing contract means that the Company expects to
further exceed the overall management budgets for H1 2020 more
confidently than was noted on 27 April. EKF now expects to deliver
Group revenues of at least GBP25m for the six months ended 30 June
2020 (H1 2019: GBP21.44m) and adjusted EBITDA of at least GBP7.5m,
a 34% increase on the same period last year (H1 2019:
GBP5.58m).
EKF is substantially increasing its manufacturing capacity to
meet the demand for the Primestore MTM Device. The Company's
facility in Wales is now operational and shipped its first product
this week and EKF has begun the process to start manufacturing in
Germany. The Company also expects to expand capacity in the United
States in the very near future due to an acceleration in its
capital expenditure programme.
Sadly, the pandemic is still gaining momentum in most areas of
the United States. The US Administration is emphasizing testing as
the most appropriate means to contain the virus. In these
circumstances, the Board expects the second half of the year will
see continued momentum and the full year results will exceed,
perhaps considerably, its recently upgraded expectations.
EKF Diagnostics Holdings plc www.ekfdiagnostics.com
Christopher Mills, Non-executive Chairman Tel: +44 (0) 29 2071 0570
Julian Baines, CEO
Richard Evans, FD & COO
N+1 Singer Tel: 020 7496 3000
Aubrey Powell / George Tzimas (Corporate
Finance)
Tom Salvesen (Corporate Broking)
Walbrook PR Limited Tel: +44 (0) 20 7933 8780 or ekf@walbrookpr.com
Paul McManus / Lianne Cawthorne Mob: +44 (0) 7980 541 893 / +44 (0) 7584
391 303
About EKF Diagnostics Holdings plc ( www.ekfdiagnostics.com
)
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.
About PrimeStore MTM
Global demand for the PrimeStore MTM sample containment device
has increased significantly due to COVID-19. The device was
invented in 2006 in preparation for a worldwide pandemic and is
designed to de-activate pathogen rapidly and stabilise the RNA for
up to four weeks with no requirement for cold storage. This
approach also allows samples to be tested by a greater number of
laboratories, as the handling risks for the deactivated virus are
reduced.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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