EKF Diagnostics Holdings PLC Trading update (4524Z)
25 Enero 2022 - 1:00AM
UK Regulatory
TIDMEKF
RNS Number : 4524Z
EKF Diagnostics Holdings PLC
25 January 2022
This announcement contains inside information
for the purposes of UK Market Abuse Regulation.
EKF Diagnostics Holdings plc
("EKF", the "Company" or the "Group")
Trading update
EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed
point-of-care, central lab devices and chemistry reagents business,
confirms that continued strong trading will result in its
performance for the financial year ended 31 December 2021,
including adjusted EBITDA, being ahead of already upgraded market
expectations.
Trading in EKF's core business in the final quarter continued to
be robust and ongoing demand for sample collection kits and testing
remained strong through to the end of the year. The Group announces
that core business revenues grew over 13% compared with the
previous financial year. The Group's cash, net of borrowings, at 31
December 2021 was GBP19.6m (31 December 2020: GBP21.4m), reflecting
further strong operational cash generation offset by substantial
investment in the business, some working capital expansion to
support anticipated growth, and the payment of the 1.1p per
ordinary share cash dividend in December 2021 in line with the
Company's progressive dividend policy.
During the year, and as part of the Group's strategy,
significant investment was made to expand fermentation capabilities
and contract manufacturing to drive further organic growth. Further
investment in enzyme fermentation is scheduled for FY22 in this key
strategic growth area. Growth and investment in the core business
is complemented by a strategy to exploit expanded capabilities to
meet the demand for contract manufacturing services. Advanced
Diagnostic Laboratory LLC , the CLIA-certified lab testing business
acquired in October 2021 is integrating well and has begun
diversifying into non-COVID testing, as evidenced by the recent
partnership relating to the provision of a non-invasive prenatal
testing service.
EKF will give further guidance on current trading and the
outlook for FY22 and beyond when it reports its audited full year
results.
The persons responsible for arranging the release of this
announcement
on behalf of the Company are Mike Salter, CEO, and Marc Davies,
CFO respectively.
EKF Diagnostics Holdings plc www.ekfdiagnostics.com
Christopher Mills, Non-executive Chairman Tel: +44 (0)29 2071 0570
Mike Salter, CEO
Marc Davies, CFO
Singer Capital Markets (Nominated Adviser & Tel: +44 ( 0)20 7496 3000
Joint Broker)
Aubrey Powell / George Tzimas / Tom
Salvesen
Investec Bank plc (Joint Broker) Tel: +44 (0)20 7597 4000
Gary Clarence / Daniel Adams / Ben
Farrow
Walbrook PR Limited Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com
Paul McManus / Lianne Applegarth 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, central lab devices
and chemistry reagents business, with an estimated 80,000
hemoglobin, hematocrit, HbA1c, glucose and lactate analysers in
regular use across more than 100 countries. EKF specialises 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 analysers.
EKF specialises in the development, production and worldwide
distribution of point-of-care analyzers and clinical chemistry
reagents for use in hospital and research laboratories, doctor's
offices, blood banks and for in-field anaemia screening programmes.
EKF is also a bulk manufacturer of enzymes and has custom
manufacturing facilities across sites in the US, UK and Europe for
a variety of life science products. Driven by customer demand EKF
has invested significantly in increasing the Company's fermentation
capacity. The Company's capabilities and capacity in contract
manufacturing for sample collection, tests and test kits have seen
dramatic growth following strong demand for during the COVID-19
pandemic, and these income streams are now being diversified for
application to other non-COVID areas of diagnostic testing,
molecular disease and forensic test manufacture.
In May 2021, EKF outlined its strategy through to 2024 for
delivering additional growth. As well as the growth expected in
Contract Manufacturing across Life Sciences, molecular diagnostics
and other applications, the Company expects to leverage existing
distribution channels for organic growth, both in the core business
and from additional products to expand the core range, but also
through executing earnings enhancing acquisitions and delivering
further value creating investments associated with the preferred
partnership agreement with Mount Sinai Innovation Partners.
In October 2021, EKF completed the acquisition of Advanced
Diagnostic Laboratory LLC, a Texas based testing laboratory
certified under the Clinical Laboratory Improvement Amendments
("CLIA") for high complexity testing. The laboratory provides
testing for a variety of clinical, forensic and microbiological
sample types using a range of analytical techniques. This
acquisition positions EKF as a leading 'one stop' provider of
diagnostic products and services from sample collection to
results.
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