Interim Results
30 Abril 2007 - 9:34AM
UK Regulatory
RNS Number:7818V
IDMoS plc
30 April 2007
For Immediate Release 30 April 2007
IDMoS plc
Interim Results for the six months ended 31 January 2007
IDMoS plc (AIM: IDO) ("IDMoS" or the 'Group'), the specialist in disease
detection and monitoring technology, is pleased to announce its Interim Results
for the six months ended 31 January 2007.
Highlights
* IDMoS Dental Systems Limited:
* CE mark accreditation attained for CDD and CMSS;
* 510K marketing certificate expected to be sought promptly by
Dentsply;
* launch of CDD and CMSS in US and EU expected in 2007.
* IDMoS Medical Limited - three devices making rapid progress:
* clinical patient studies (30 patients) successful for new
osteoporosis diagnostic device
* clinical patient studies (30 patients) successful for new
skin cancer diagnostic device
* successful validation studies for device for research
applications
* first sales of non dental device expected in 2007/early 2008
* Financial
* consolidated loss of #1.82m in period reflecting costs of
finalising dental products for launch
* net assets of #1.0m and cash resources of #1.1m for
period end
* #1.84 million raised by placing in December 2006
Stephen Westwood, Chief Executive said:
"We are pleased with the progress made to date and the encouraging results shown
not only for our dental but also our new medical devices. Our immediate task is
to complete the launch of the CDD and CMSS products for the dental markets with
our partner, Dentsply.However, we are excited at the rapid progress we have made
with ourmedical devices, and will continue their commercialisation, as resources
allow ."
For further information please call:
IDMoS plc 01382 598 440
Stephen Westwood
Buchanan Communications 020 7466 5000
Tim Anderson / Isabel Podda
Chairman's Statement
I am pleased to present IDMoS's interim report for the six months ended 31 January.
During this period, and subsequent to the period end date we have made substantial
progress in both our dental activities and medical activities, in line with investor
emphasis to broaden our activity base.
IDMoS Dental Systems Limited
A key achievement has been the attainment of CE mark accreditation for
our initial launch products, the Caries Detection Device ("CDD") and the
Caries Management Support System ("CMSS"), whose progress we reported on
the 31 January of this year. This was very much in line with our
expectations as stated in the 2006 Annual Report.
We are now very close to the completion of the review of the
comprehensive data that we have prepared to support the product claims
and to refine the marketing proposition, with our global collaboration
and distribution partner, Dentsply International Inc. ("Dentsply"). On
completion of this review, we expect that the submission for the 510K
marketing certificate will be made promptly in anticipation of the
launch of both products later this year in the US and European markets.
While this is behind our earlier expectations, as I stated in the Annual
Report for 2006 we believe that the launch of both products to the
market will generate significant financial benefits in the medium and
long term. We see that the obvious benefit of providing both products to
the market is the potential to increase the number of installed units
with the consequent generation of significant potential revenue streams
through increased consumables usage. We also believe that the time we
have spent in the development of, and subsequent verification and
validation of, the crucial performance data is of significant value in
establishing long term functionality and value both in the products and
the technology.
While our focus has largely been on the finalisation of the CDD and CMSS
for launch, we have at the same time continued to make further progress
with the development of the 3D CMSS. Our plan remains to have this
product available to the market within 12 to 18 months of the launch
products.
IDMoS Medical Limited
As we have previously stated, a key business objective of the IDMoS
group has been to apply its proprietary technology in bioimpedance to
the spectrum of opportunities across the medical sector. We see that
this can generate substantial opportunities for the development of
medium and long term value for shareholders, and at the same time
reducing the reliance on the dental segment only.
I indicated in the 2006 Annual Report that we expected to develop our
medical activities to start to fulfil this objective, and I am delighted
to report that we now have three products in development, with the
potential for substantial revenues to be generated from our osteoporosis
screening and monitoring device by mid 2009.
These products are :
* a device for screening and monitoring of osteoporosis;
* a device for screening, detection and monitoring of skin cancer; and
* an in vitro research device for cell and cell-based systems.
Screening and monitoring of osteoporosis
This market is currently estimated at around #200 million per annum, and
the trends indicate that the requirement for the early stage diagnosis
of osteoporosis will increase in line with the growing elderly
population. We see a significant opportunity for a point of care device,
which can provide reliable results in real time on a cost-effective
basis.
Our device which will target the screening and monitoring of
osteoporosis, has been developed from the CDD caries detection device
that we are introducing to the dental market. This common hardware base
should significantly shorten the time to market as it is derived from a
certified product family.
We have conducted initial patient feasibility studies involving 30
patients under clinical trial conditions which have shown highly
encouraging correlation in comparison to the gold standard. Our next
step is to conduct further studies to build on the success of these
initial results.
Screening, detection and monitoring of skin cancer
Skin cancer is one of the most common cancers with an annual growth in
excess of 10% per annum and with a current market size of up to #200
million per annum. The conventional detection technique is a biopsy.
We see a significant opportunity for a device which can act in real time
as a screening aid at the initial point of care, which can provide a
detection technique and deliver an effective monitoring capability.
The initial clinical patient feasibility study involving 30 patients,
has been completed and again the results, as compared to biopsy results,
are encouraging and further studies are scheduled in order to expand the
performance data. Key to the success of the technique is the application
of our proprietary sensor technology which embodies the principle of
electrical shielding, which increases the sensitivity of detection.
In vitro research device
A further application of the sensor technology has been introduced for
the laboratory based research assessments of cell structures and
characteristics and cell-based systems. We regard the initial market
opportunity as relatively small, up to #50 million per annum, but as an
in vitro application we anticipate that the time to market can be
relatively short, with the potential that first sales could be made by
the end of 2007.
The identification of these market opportunities has resulted from our
extensive research which we undertook through 2006, with the objective
of identifying a pipeline of significant opportunities categorised by
value and speed to market, specifically to enable us to expand our
technology platform to deliver solutions across a broader market. Our
goal is to address unmet clinical needs for which the present solutions
are limited by efficacy, delay or cost.
Underpinning our capability to deliver solutions to the market is our internal
expertise in bioimpedance and the expertise which exists in the network
of relationships with academic, clinical and technical institutions
across Europe we have built up over the last three years. This expertise
includes scientific and clinical expertise, and design and prototype
manufacturing capabilities. Key contributors include Professor P Los,
Professor T Krecicki and Dr M Just.
The next key phases for the business are to expand the clinical studies
in anticipation of extensive multi-site clinical trials to be undertaken
in the key US and European markets, and to develop relationships with
key opinion leaders and strategic commercial partners in order to
establish the routes to market.
I am confident that these recent accomplishments, give us a much broader
platform to expand the group's markets and activities as we have always
intended..
Results
The company is reporting a consolidated loss of #1.82m, which reflects
the increased levels of costs as we finalise the initial dental products
for launch.
As of 31 January 2007, net assets were #1.0m with cash resources of
#1.12m. This reflects the placing in December 2006 of #1.84m net.
Outlook
The immediate task is to complete the launch programme for the initial
products for the dental market and at the same time to continue with
further clinical studies for our medical product developments to give
further validation to the encouraging results to date.
As the market launch of the dental products is anticipated to be later
in the year we now expect only limited sales in the year to 31 July
2007. Consequently we expect that we will report a loss for the full
year greater than the Directors' previous expectations.
The delay in the launch of our initial dental products has meant that
the revenues and cash flows from product sales have not arisen as
quickly as we had anticipated. We have made an appropriate level of
reductions in our operating cost base to recognise this, at the same
time we determined that it was appropriate to complete the first phase
of the development of our medical products in order to further build
shareholder value. We are actively pursuing a number of options
concerning the on-going financing of the business.
In conclusion, our dental products are on the verge of launch and sales.
We have the backing and support of one of the most powerful operators in
the market through our agreement with Dentsply and our relationship has
grown significantly stronger. Meanwhile the application of our
technology grows to meet a range of medical needs, and the Directors
remain convinced about the strong prospects of the Company.
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 31st January 2007
Six months Six months Year
ended 31 ended 31 ended 31
January 2007 January2006 July
2006
unaudited unaudited audited
#'000 #'000 #'000
Turnover
Cost of sales
GROSS PROFIT
Other Operating Income and (1,837) (1,188) (2,887)
Charges
OPERATING LOSS (1,837) (1,188) (2,887)
Interest receivable 15 65 117
Interest payable 0 0 (1)
LOSS ON ORDINARY ACTIVITIES (1,822) (1,123) (2,771)
BEFORE TAX
Tax on loss on ordinary
activities
RETAINED LOSS FOR THE PERIOD (1,822) (1,123) (2,771)
Loss per ordinary share basic (10.59p) (7.07p) (17.27p)
UNAUDITED CONSOLIDATED BALANCE SHEET
as at 31st January 2007
31January 31 January 31July2006
2007 2006
unaudited unaudited audited
#'000 #'000 #'000
FIXED ASSETS
Tangible assets 146 160 153
CURRENT ASSETS
Stock 228 0 58
Debtors 120 105 142
Cash 1,157 2,998 1,434
1,505 3,103 1,634
CREDITORS: AMOUNTS FALLING DUE WITHIN (664) (636) (808)
ONE YEAR
NET CURRENT ASSETS 841 2,467 826
TOTAL ASSETS LESS CURRENT 987 2,627 979
LIABILITIES
CREDITORS : AMOUNTS FALLING DUE AFTER 0 0 0
MORE THAN ONE YEAR
NET ASSETS 987 2,627 979
CAPITAL AND RESERVES
Called up share capital 918 812 812
Share Premium account 7,693 5,969 5,969
Other reserves (35) (35) (35)
Profit and loss account (7,589) (4,119) (5,767)
SHAREHOLDERS' FUNDS 987 2,627 979
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31st January 2007
Six months Six Year
ended months ended
31January2007 ended 31July
31January 2006
2006
unaudited unaudited audited
#'000 #'000 #'000
NET CASH OUTFLOW FROM OPERATING (2,099) (1,375) (2,972)
ACTIVITIES
RETURNS ON INVESTMENT AND SERVICING
OF FINANCE
Bank Interest received 15 65 117
Interest paid 0 0 (1)
CAPITAL EXPENDITURE
Payments to acquire tangible fixed (23) (133) (151)
assets
MANAGEMENT OF LIQUID RESOURCES 1,062 0 (1,062)
FINANCING
Issue of ordinary shares ( net of 1,830 2,272 2,272
expenses )
INCREASE/(DECREASE) IN CASH IN THE 785 829 -1,797
PERIOD
RECONCILIATION OF OPERATING LOSS TO
NET CASH
OUTFLOW FROM OPERATING ACTIVITIES
Operating loss (1,837) (1,188) (2,887)
Depreciation and amortisation 30 13 37
Decrease/(Increase) in debtors 22 -8 (45)
Increase in stock (170) 0 (58)
Decrease in creditors (144) (192) (19)
NET CASH OUTFLOW FROM OPERATING (2,099) (1,375) (2,972)
ACTIVITIES
RECONCILIATION OF NET CASH MOVEMENT
TO NET FUNDS
Increase in cash in the period 785 829 (1,797)
(Decrease)/Increase in liquid (1,062) 0 1,062
resources
Movement in net funds during the (277) 829 (735)
period
Net funds at start of period 1,434 2,169 2,169
Net funds at end of period 1,157 2,998 1,434
Notes to the Interim Unaudited Financial Statements
Six months ended 31 January 2007
1.Accounting Policies
The interim financial information does not constitute statutory accounts for
the purpose of section 240 of the Companies Act 1985. The figures for the
year ended 31 July 2006 have been extracted from the Group accounts for that
year. Those financial statements have been delivered to the Registrar of
Companies and included an auditors' report, which was unqualified.
The interim financial information has been prepared using the same
accounting policies and estimation techniques as set out in the Group
accounts for the year ended 31 July 2006.
2.Loss per share
The calculation of the basic loss per share is based on the loss
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the period.
FRS 14 requires presentation of diluted EPS to reflect all outstanding share
options where their future exercise would decrease net profit or increase
net loss per share. For a loss making company with outstanding share
options, net loss per share would only be increased by the exercise of
out-of-the-money options. Since it seems inappropriate to assume that option
holders would act irrationally and there were no other diluting share
issues, diluted EPS has not been presented for the period ended 31 January
2007.
Reconciliations of the loss and weighted average number of shares used in
the calculations are set out below.
6 months 6 months Year ended
ended ended
31 January 31 January 31 July
2007 2006 2006
Unaudited Unaudited Audited
#000 #000 #000
Loss for the (1,822) (1,123) (2,771)
financial period
Number of Number of Number of
Shares Shares Shares
000 000 000
Weighted average number 17,199 15,887 16,045
of shares
Basic and diluted loss (10.59p) (7.07p) (17.2p)
per share
This information is provided by RNS
The company news service from the London Stock Exchange
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