Immunodiagnostic Systems Hldgs PLC AGM Statement (7912V)
26 July 2018 - 4:00PM
UK Regulatory
TIDMIDH
RNS Number : 7912V
Immunodiagnostic Systems Hldgs PLC
26 July 2018
AGM Statement
Immunodiagnostic Systems Holdings PLC
26 July 2018
Immunodiagnostic Systems Holdings plc
AGM Statement
Immunodiagnostic Systems Holdings PLC ("IDS" or "the Group"), a
specialist producer of manual and automated diagnostic testing kits
and instruments for the clinical and research markets, will today
hold its Annual General Meeting at 2pm at its registered office at
10 Didcot Way, Boldon Business Park, Boldon, Tyne & Wear, NE35
9PD. At the meeting the Chairman, Dr. Burkhard Wittek, will make
the following statement to shareholders:
"Unaudited group revenues for Q1 FY19 are GBP9.3m, 4% lower than
the same period last year. On a like for like basis ("LFL"), that
is at constant exchange rate, Group revenues declined by 3%.
Revenue Performance in Q1 FY19
The table below summarizes the unaudited revenue performance of
the core segments of our business:
Revenue LFL Change
Q1 FY19 Q1 FY19 v FY18 v FY17
Q1 FY18
---------------------- ----------------------- -------------------------
Group GBP9.3m -3% -8%
---------------------- ----------------------- -------------------------
Automated business GBP5.4m -8% 4%
---------------------- ----------------------- -------------------------
25-OH Vitamin D GBP1.4m -19% -8%
---------------------- ----------------------- -------------------------
Speciality - IDS GBP3.3m -5% 5%
---------------------- ----------------------- -------------------------
Speciality - Partners GBP0.3m 5% 24%
---------------------- ----------------------- -------------------------
Instrument sales and
service GBP0.4m 6% 43%
---------------------- ----------------------- -------------------------
Manual business GBP3.0m -7% -6%
---------------------- ----------------------- -------------------------
Technology business GBP0.9m 67% -55%
---------------------- ----------------------- -------------------------
Automated business
This business continues to be impacted by the challenges set out
in our 2018 Annual Report - namely the rebuilding of our direct
sales team in Europe and delays in product registrations. Revenue
declined 8% on a
LFL basis. The decline was mainly due to two reasons:
-- a reduction in 25-OH Vitamin D assay volumes; and
-- returns of machines from customers running just one Speciality IDS assay
The key strategy response in both instances is to increase the
number of assays running on our installed base. The average number
of assays run on an instrument continues to increase, reaching 4.8
in the quarter (Q1 FY18: 4.3). However, this average still contains
a significant number of analyzers running just one assay, exposing
the Group to the risk of further returns.
The Speciality Partners revenue relates mainly to our Autoimmune
assay range. During the quarter we obtained CE marking under the
IDS brand for these assays. Now that we have the IDS branded
product range available for sale throughout the EU, we aim to
accelerate the growth in this area during the remainder of the
year.
During the quarter we placed or sold 8 machines (Q1 FY18: 12) in
our direct market, and 10 (Q1 18: 5) via our distributors bringing
the total number to 18 (Q1 FY18: 17). Returns in the quarter in our
direct sales territories were 8 (Q1 FY18: 4) meaning that in our
direct sales markets the number of machines remained constant (FY18
Q1: net placements of 8).
Manual business
The manual business declined at 7% LFL, comparable with last
year. Nevertheless, we are starting to see some results from the
efforts of the new commercial team in this business. During the
last six months we have signed up an additional 13 overseas
distributors for our manual products. We are currently completing
the product registration process, and anticipate that we will see
revenues from these new territories in the second half of the
year.
Technology business
Growth in the technology business has been driven by large
volume orders for analyzers by one OEM partner, as they prepare for
the commercial launch of their product offering. Revenue levels in
this business unit for the remainder of the year will largely be
driven by the success of this partner's product roll out.
Other KPIs
Unaudited closing cash and cash equivalents were GBP29.8m as at
30 June 2018 (31 March 2018: GBP28.5m), the growth driven by
favorable working capital movements.
At 30 June 2018 the Group employed 276 people on a full time
employment basis (31 March 2018: 281 people).
Outlook
The target we set in our FY18 Annual Report of returning to LFL
revenue growth in FY19 is a challenging but achievable task. We
believe we have made sufficient progress in rebuilding the sales
team and generating opportunities in the sales pipeline, in both
our automated and manual businesses, to improve the trajectory of
the business over the course of the year and continue to maintain
this guidance for the current year.
For further information:
Immunodiagnostic Systems Holdings plc Tel : +44 (0)191 5190660
Jaap Stuut, Chief Executive Officer
Paul Martin, Group Finance Director
Peel Hunt LLP Tel : +44 (0)207 418 8900
James Steel
Oliver Jackson
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END
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