TIDMLSI
RNS Number : 8379W
Lifeline Scientific, Inc
06 February 2012
February 2012
Lifeline Scientific, Inc
("Lifeline" or "the Company")
Trading Update
Lifeline Scientific, the medical technology company, issues the
following trading update for the year ended 31 December 2011.
2011 performance in line with market expectations
Trading in the second half of the year has been in-line with
management expectations and as a result, Lifeline will report full
year revenues and profit before tax in-line with market
expectations.
Revenue growth of over 10 per cent for the period reflects
strong growth across renal transplantation products and services,
thus continuing the positive trend seen in this core business
segment since admission of the company to AIM in 2008. This
performance is underpinned by both:
-- Expanding worldwide adoption and increasing utilization of
the Company's lead technology, LifePort Kidney Transporter, where a
growing body of clinical evidence supports the benefits of LifePort
versus the conventional box-of-ice method for kidney preservation
prior to transplantation.
-- Increasing sales of the Company's portfolio of complementary
transplantation related products.
During 2011, a total of 49 new LifePort Kidney Transporters were
sold bringing the total installed base worldwide to 441. This
includes the sales of initial units into Australia (as reported at
the time of the interims) and 3 new transplant centres in
Switzerland.
Incremental near term investments drive continued geographic
expansion
The Company's focus over the last 12 months has remained the
expansion of its kidney transplantation related business in the US
and Europe. Indeed the Company continues to invest in developing
new regions and securing reimbursement within key European markets.
Incremental investment in staff and infrastructure during 2012 is
targeted mainly to support anticipated growth overseas and ensure
Lifeline is well positioned to respond to new market opportunities
for LifePort as they arise .
Along with US and European expansion, strong progress is being
made with commercialization efforts in Brazil. We are very pleased
to announce that initial orders of approx. $0.95 million for the
Company's LifePort Kidney Transporter and related consumables have
been facilitated by way of government grants within the states of
Rio di Janeiro and Ceara. We anticipate that leading transplant
programs in Rio and Fortaleza will be the first adopters. In the
meantime, Brazilian regulatory clearances for the Company's full
line of clinical transplantation products are near completion while
training and market development efforts in key regions have
commenced in anticipation of full market access. These activities
along with the extensive market development efforts expended during
2011 have reinforced the Board's belief that the Brazil market
offers substantial potential for Lifeline's products and services
in the coming years. The Company is committed to adding further
resources as needed in 2012 to ensure that it can most effectively
serve Brazil's growing transplant community.
Lifeline continues to make progress in China as efforts towards
obtaining regulatory approvals and distribution for its full suite
of transplant products are advancing as planned . Market
development activities have commenced with the securing of a
distributorship agreement for Lifeline's complete product line with
an established China market leading transplant products
distributor. Training and certification of clinical staff at
leading regional kidney transplant hospitals, and support of our
distributor's planning efforts around reimbursement and LifePort
market launch will be ongoing during 2012.
Technology innovation in response to market needs and a changing
regulatory environment
Meaningful innovations to existing products as well the
development of new product lines were also a major focus in 2011.
LifePort Liver Transporter, one of the Company's several new
technology initiatives, made significant progress and presently
remains on target for initial clinical availability by year end
2012. Due to the timing of availability of certain LifePort Liver
Transporter components and vendor resources, approximately $0.5
million of development spend originally anticipated for 2H11, is
anticipated to be incurred in 2012 and contribute to higher product
development costs this year than in 2011.
To further its market leadership position, the Company continues
to invest in technological enhancements for its LifePort Kidney
Transporter. Several important new features were integrated during
2011 including GPS/GPRS, while several more should be realized
during 2012. These include new cannulae to enable LifePort use with
living donor kidneys, precision controlled oxygen delivery
capability, and enhanced data capture of key organ performance
parameters. These advancements arise as our response to demands
from the field to address unmet needs. Forthcoming changes to EU
regulations appertaining to the transportation of donor organs will
drive additional new developments.
2012; another year of revenue growth potential and targeted
investments to secure market leadership into the future
Lifeline see revenue growth and contribution margin within its
core kidney transplantation franchise continuing the positive trend
of prior years. The Company's presently contemplated strategic
investments into geographic expansion and product development
initiatives discussed above suggest that operating and product
development costs for 2012 could be materially higher than 2011 and
prior published (Sept 2011) analyst expectations. However Lifeline
is presently confident that such investments are prudent, timely
and aimed to translate into accelerating revenue growth and
profitability in the medium term.
David Kravitz, Chief Executive of Lifeline Scientific, said:
"Our theme for 2011 was accelerating investment into mission
critical geographic and product development efforts while
delivering strong growth in revenue and profits within our core
LifePort kidney preservation business. Driving further growth in
this area will be a key focus for us during 2012, while we continue
to make meaningful investments in strategic geographic expansion,
product line enhancements, and new product development. We are
especially excited about the opportunities to contribute to the
development of transplantation medicine within the emerging markets
of Brazil, China and other territories where LifePort is starting
to be introduced.
Enquiries:
Lifeline Scientific, Inc. +1 847-294-0300
David Kravitz, CEO
Seymour Pierce +44 (0) 20 7107 8000
Mark Percy (Corporate Finance)
David Banks (Corporate Broking)
FTI Consulting +44 (0) 20 7831 3113
Simon Conway / John Dineen
About LifePort Kidney Transporter
Created with the challenges of organ recovery and transport in
mind, LifePort Kidney Transporter is a proprietary medical device
designed to provide improved kidney preservation, evaluation and
transport prior to transplantation. Today, it is widely recognized
as the worlds leading machine preservation device for kidneys.
Employed by surgeons in over 126 leading transplant programs in 23
countries worldwide, LifePorts have successfully preserved over
38,000 kidneys intended for clinical transplant. The product
provides a sealed, sterile, protected environment where a solution
is gently pumped through the kidney at cold temperatures to
minimise damage while the organ is outside the body. LifePort is
lightweight and portable, allowing organs to be perfused from the
time of recovery until transplant. It is designed to travel
unaccompanied by land or air, safely transporting the kidneys
across town or between countries. While the kidney is being
perfused, LifePort records data on temperature, flow rate, vascular
resistance and pressure every 10 seconds providing surgeons with
additional data prior to transplant. LifePort is the only system
with clinical outcomes data produced from an independent,
prospective, randomised, statistically powered, multi-centre
clinical trial. Study results have been widely published in
scientific journals, including the New England Journal of Medicine.
Data indicates that patients receiving LifePort preserved kidneys
experienced significant reduction in the incidence and duration of
delayed graft function and increased graft survival at 1-year post
transplant. LifePort has also been recognized for its industrial
design and engineering excellence having won medical device
industry design excellence awards, has been selected for exhibition
at the Smithsonian Cooper-Hewitt, National Design Museum and is
part of the permanent Collection of The Museum of Modern Art (MoMA)
in New York City.
About Lifeline Scientific Inc.
Lifeline Scientific, Inc. is a Chicago-based global medical
technology company with regional offices in Brussels, and Sao
Paulo. The Company's focus is the development of innovative
products that improve transplant outcomes and lower the overall
costs of transplantation. Its lead product is the FDA cleared, CE
marked, and clinically validated, LifePort Kidney Transporter.
Devices for preservation of the liver, pancreas, heart, and lung
are in late stage pre-clinical development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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