TIDMOMH
RNS Number : 1229Z
Osmetech PLC
17 September 2009
17 September 2009
News Release
Osmetech plc ('Osmetech' or the 'Company')
Osmetech plc (OMH.L), the international molecular diagnostics business, today
announces interim results for the 6 months ended 30 June 2009
Highlights
* Revenues increase by 131% to GBP295,560 (H1 2008 - GBP127,994); revenues
increased by 72% in constant currency terms
* Loss after tax decreases by 17% to GBP5,542,328 (H1 2008 - GBP6,647,138); loss
after tax decreased by 38% in constant currency terms reflecting a lower cost
base for the business
* Continued growth in sales of FDA-cleared Cystic Fibrosis and Warfarin
sensitivity tests
* Installed base of eSensor XT-8 instruments growing with excellent operational
performance
* FDA 510(k) clearance in July 2009 for Cystic Fibrosis Genotyping for use on our
eSensor XT-8 platform
* Osmetech selected as principal supplier of Warfarin Sensitivity tests for a
major new 1,238 patient trial sponsored by the US National Heart, Lung, and
Blood Institute (NHLBI)
* eSensor XT-8 System receives two prestigious industry awards - R&D 100 and
Medical Design Excellence
* Broad range of tests in development for menu expansion
* June 2009 share placing raises GBP5,144,041, after expenses
Chris Gleeson, Chairman, said:
"With our major platform product development successfully completed, we now move
to the relatively lower risk phase of commercial execution and the development
of an increased menu of diagnostic tests. This focus, together with
substantially improving operational performance, will continue into 2010."
"I am looking forward to working with the Board and management team to realise
the opportunity and build a world leading molecular diagnostics company."
Osmetech plc +44 (0) 207 849 6027
David Sandilands, Chief Financial Officer
Madano Partnership +44 (0) 207 593 4000
Matthew Moth, Mark Way
Canaccord Adams Limited +44 (0) 20 7050 6500
Robert Finlay
Henry Fitzgerald-O'Connor
Interim Report 30 June 2009
Introduction
I am delighted to be joining Osmetech at a time when the molecular diagnostics
market is poised for rapid growth, and as new genomic information becomes
clinically validated by healthcare professionals and pharmaceutical companies.
This information, which can be provided by Osmetech's eSensor XT-8 system, will
likely lead to improved diagnosis of certain disease states and treatments that
are more efficacious, better tolerated and more cost effective.
Osmetech has a robust, FDA-cleared instrument and consumable platform with the
eSensor XT-8 system, which was launched in the second half of 2008 together
with a test for Warfarin Sensitivity. In July 2009 we gained FDA clearance for
our second test for Cystic Fibrosis Genotyping. Our eSensor XT-8 incorporates
multiplexed DNA electrochemical detection technology, is easy for customers to
use and is scalable as the volume of DNA tests in hospitals and laboratories
increases in the future. In addition the eSensor technology allows for the
rapid development of new DNA tests and thus an expanded menu consistent with
market demands.
Molecular Diagnostics Market Opportunity
This new and expanding part of the in-vitro diagnostics market has emerged in
response to a need for more rapid, sensitive and specific diagnostic tests than
were available using only traditional techniques, such as growth-based tests,
biochemical tests or immunoassays. We believe that several factors will
contribute to further significant growth of this market, including the
decentralization of testing and advances in personalised medicine.
Traditionally, the market for molecular diagnostics testing has been dominated
by testing methods that rely on optical or fluorescence technologies and complex
research based instruments adapted to meet the very different demands of the
clinical environment. These technologies are expensive to operate and require
specialised facilities and highly-trained personnel. In addition, the devices
that utilise these technologies are sensitive to dust, debris and movement and
require specialised care and maintenance.
In order to facilitate routine testing across a wider range of hospitals and
reference laboratories, the market is demanding cost effective and simple to
perform FDA-cleared tests.
Osmetech's solution
Our eSensor XT-8 platform is a simple, 'clinical lab ready' system designed
specifically for the molecular diagnostics market and fits perfectly into
routine workflows. The system is based on robust and proven proprietary
electrochemical technology enabling multiple tests to be performed on individual
samples in a random access format giving the ability to initiate tests while
other tests are in progress. It is a compact bench-top workstation with an
integrated touch screen computer and disposable test cartridges that can process
up to 3,000 tests a week. It provides a definitive result within 30 minutes from
a prepared sample with limited operator involvement and requires little or no
maintenance.
We are principally targeting those reference laboratories and hospitals that
already possess molecular testing skills but currently do not have a solution
for our particular tests. Our target customers will typically be sending their
testing out to larger institutions but would prefer to retain testing in-house
in order to provide faster results for the patient and to improve the cost
effectiveness of their laboratories. Osmetech is one of a small number of
companies with the capability of meeting the needs of this decentralizing and
growing market.
Our business model is currently to provide customers with an instrument via
outright sale or under a reagent rental agreement earning Osmetech revenues from
the ongoing annuity sale of tests. On a reagent rental basis, the customer
incurs no upfront capital expenditure, has minimal labour costs and dedicates
only a small amount of laboratory space for running the test. With attractive
reimbursement levels in place, molecular diagnostic testing becomes cost
effective for our customers and provides improved levels of patient diagnosis
and subsequent care.
This business model should give Osmetech a high quality revenue stream of repeat
consumable business with growth from an increase in both the number of customers
and the number of tests per instrument through the expansion of our test menu.
Market acceptance
Following FDA clearance and launch in July 2008, our eSensor XT-8 has performed
extremely well in the field, providing our customers with an excellent user
experience. We believe that we have a superior instrument platform to our
competitors, as evidenced by our high conversion rate of product evaluations
into revenue generating contracts. The XT-8 has also been rated ahead of
competitor products by two recent independent studies.
In May 2009 we were successful in becoming principal supplier of Warfarin
Sensitivity tests for a major new 1,238 patient US trial sponsored by the US
National Heart, Lung, and Blood Institute (NHLBI) part of the National
Institutes of Health (NIH) and co-ordinated by The University of Pennsylvania.
Investigators for the Clarification of Optimal Anticoagulation through Genetics
Trial (COAG Trial) selected Osmetech's Warfarin Sensitivity Tests and eSensor
XT-8 molecular diagnostics instrument platform for ten of the twelve sites
identified to run the trial. The study will examine the utility of using genetic
information for warfarin dosing.
In July 2009 the eSensor XT-8 System received an R&D 100 Award. This award,
also called the "Oscars of Invention", recognizes the 100 most technologically
significant products introduced globally in the past year across all market
sectors. Previous award winners include many household names including the
automated teller machine, the halogen lamp, the fax machine, the liquid crystal
display, the printer, and HDTV. This award for Osmetech comes only one month
after the eSensor XT-8 System was named as a gold winner of the 2009 Medical
Design Excellence Awards.
Commercial progress
At 31 December 2008, there were 16 eSensor 4800 and 18 eSensorXT-8 instruments
placed with customers.
As of 30 June 2009, there were 16 eSensor 4800 and 43 XT-8 instruments under
contract with customers, including some eSensor 4800 customers who were
awaiting FDA clearance for the Cystic Fibrosis Genotyping Test for the XT-8.
This test was cleared in July 2009. In the future we will not report on the
number of eSensor 4800 placements and will instead report on eSensorXT-8
instruments under contract only.
The conversion of customers who have been running Cystic Fibrosis Carrier
Detection Tests on our first generation eSensor 4800 System across to the
eSensor XT-8 System will give all of our customers access to new tests when
launched and benefit from the improved features and excellent performance of the
eSensor XT-8 System. Osmetech will benefit from reduced manufacturing costs and
other operational efficiencies.
We now have two FDA-cleared tests for use on the eSensor XT-8 System:
* Warfarin Sensitivity Test. This is a pharmacogenetic test that determines how
an individual metabolizes and responds to the drug warfarin, marketed under the
brand name Coumadin and in other generic forms, which is the most commonly
prescribed oral anti-coagulant in North America and Europe.
* Cystic Fibrosis Genotyping Test. This test is used for cystic fibrosis carrier
screening for adults of reproductive age, as an aid in newborn screening for
cystic fibrosis, and as a confirmatory diagnostic test for cystic fibrosis in
newborns and children.
We also offer a test for research use only for 2C9 Drug Metabolism.
Test pipeline
We plan to expand our test menu further for the eSensor XT-8 System, in each
case focussing on market requirements and validated content where external
research has already identified the relevant biomarkers, thereby enabling us to
control the associated development costs. These tests include the following:
* eSensor Warfarin Sensitivity Plus Test. Based on the eSensor Warfarin
Sensitivity Test, this test incorporates a number of additional markers,
including the exclusively-licensed CYP450-4F2 biomarker. We have withdrawn our
previously submitted FDA 510(k) application for this test and plan to re-submit
an expanded application for clearance, following the anticipated near-term
publication of an external prospective study addressing the clinical utility of
these additional markers.
* Respiratory Viral Pathogen Test. This is a test panel to detect and identify
major respiratory viruses. This test will adapt QIAGEN's QIAplex-based
respiratory viral test for use on the eSensor XT-8 System and is currently in
development. We plan to submit an application for FDA 510(k) clearance following
clinical trials expected to begin this year and to be completed in the first
half of 2010. The FDA has declined our EUA request for early diagnostic
clearance under Emergency Use Authorization for our H1N1 Research Use Only
version of the test as a screen for the swine flu virus.
* Factor II, Factor V and MTHFR Test.Venous thrombosis test for the most common
mutations associated with increased risk of blood clots, which can lead to
stroke and pulmonary embolism. Development has now been completed. Clinical
trials are planned, and an application for FDA 510(k) clearance is anticipated
for later in 2009.
Warfarin sensitivity testing
Warfarin decreases the blood's clotting ability and is widely prescribed with an
estimated 2 million new Warfarin patients each year in the US alone. Individuals
metabolize Warfarin differently, and if its administration is not managed
carefully, life threatening side effects may occur.
There is now rapidly growing awareness of the influence of genetic factors in
establishing correct dosing levels, supported by scientific and medical
research. Furthermore there is now an increasing weight of compelling economic
data to support such testing, demonstrating that not only can patient care be
improved but testing can save costs.
The FDA updated the label for Warfarin to note that people with variations of
the genes CYP2C9 and VKORC1 may respond differently to the drug. This has now
been followed up by the American Medical Association (AMA) sending literature to
U.S. physicians promoting the use of genetic testing as best practice when
establishing Warfarin dosing for patients. The Joint Commission, strong
influencers and monitors of hospital laboratory practice, have identified
anticoagulation therapy, including Warfarin dosing, under their main guidelines
for improving patient safety in 2008 and 2009.
In January 2009, results of the largest prospective study yet performed
supported the use of genetic testing for Warfarin patients, and in February 2009
a paper published in the New England Journal of Medicine by The International
Warfarin Pharmacogenetics Consortium described how clinical and genetic data
produced recommendations that are significantly closer to the required stable
therapeutic dose than those derived from a clinical algorithm or a fixed-dose
approach. These studies are now being followed by the NHLBI study referred to
above.
In addition to the improved standard of care for patients, there are a number of
key organizations, such as pharmacy benefit managers (PBMs), who are also
driving this change from an economic perspective, excited by the costs that can
be saved in healthcare budgets.
While clinical practice has to date been slow to change, we believe that
Warfarin sensitivity testing will become a standard of care, resulting in
widespread genetic testing of new patients.
We further believe that Osmetech is uniquely placed to benefit from the growth
in testing. We recently announced that our exclusive CYP450 4F2 biomarker has
been included on the leading warfarin dosing website, www.warfarindosing.org, a
free Web site to aid doctors and other clinicians in warfarin therapy by
estimating the therapeutic dose in patients new to warfarin or within first 4
INR's. The inclusion of 4F2, exclusively licensed to Osmetech, is further
recognition of the importance of the biomarker's role in establishing a safe and
appropriate personalized dose for each patient.
Board changes
Following the fund raising in June 2009, I joined the Osmetech board of
directors as non-executive Chairman with Jon Faiz Kayyem appointed to the role
of non-executive Vice Chairman.
In July 2009 James White stepped down as Chief Executive Officer after making a
significant contribution to the development of Osmetech's business over a number
of years. Jon Faiz Kayyem is currently acting as full time Chief Executive
Officer until a permanent appointment is made.
Mark Lappe recently resigned from the Board so that he can focus on his
management consulting business. The Board would like to recognize and thank Mr.
Lappe for his excellent contribution to the development of the Company.
Financial review
Continuing operations
Result
The loss from continuing operations decreased by 17% from GBP6,647,138 in the
six month period ended 30 June 2008 to GBP5,542,328 in the six month period
ended 30 June 2009 and the net loss per share from continuing operations
decreased by 81% from 3.27 pence in the six month period ended 30 June 2008 to
0.62 pence in the six month period ended 30 June 2009. Currency exchange rate
differences between the two periods were significant with sterling comparatively
weaker against the US dollar in the first half of 2009. In constant currency
terms the reported loss in the six month period ended 30 June 2009 represented
an approximate 38% reduction over the same period in 2008. This reflects the
reduction in the cost base achieved as a result of the rationalisation of the
business at the end of 2008.
Revenue
Revenue increased from GBP127,994 in the six month period ended 30 June 2008 to
GBP295,560 in the six month period ended 30 June 2009. The increase of
GBP167,566, or 131%, was principally a result of the growth in sales of our
eSensor Cystic Fibrosis Carrier Detection Test and sales of our Warfarin
Sensitivity Test for use on the eSensor XT-8. Product sales were GBP115,398 and
GBP277,793 and license revenues were GBP12,596 and GBP17,767 in the six month
periods ended 30 June 2008 and 2009, respectively. In constant currency terms,
sales revenues increased by 72% in the period.
Changes in inventories of finished goods and work in progress
Changes in inventories of finished goods and work in progress increased from
GBP155,588 in the six month period ended 30 June 2008 to GBP406,913 in the six
month period ended 30 June 2009. The increase of GBP251,325, or 162%, was a
result of manufacturing additional test kits in 2009, following the growth in
our installed base of instruments. Gross loss for product sales (defined as
product sales less changes in inventories of finished goods and work in progress
and royalties on product sales) increased from a loss of GBP40,190 in the six
month period ended 30 June 2008 to a loss of GBP129,120 in the six month period
ended 30 June 2009 representing (35)% and (46)% of product sales in the six
month periods ended 30 June 2008 and 2009, respectively.
Stabilisation and standardisation of our manufacturing processes and
aggressively improving our gross margins are key areas of focus for the
organization now and through 2010.
Employee benefits
Employee benefits costs decreased from GBP3,370,116 in the six month period
ended 30 June 2008 to GBP2,835,119 in the six month period ended 30 June 2009.
The decrease of GBP534,997, or 16%, includes a reduction in share compensation
charges from GBP165,797 for the six months ended 30 June 2008 to GBP55,935 for
the six month period ended 30 June 2009. Excluding share compensation charges,
employee benefits decreased by 13%, reflecting the reduction in our workforce as
part of the rationalisation of our business at the end of 2008.
Research and development costs
Research and development costs decreased from GBP1,092,324 in the six month
period ended 30 June 2008 to GBP588,319 in the six month period ended 30 June
2009. This decrease of GBP504,005, or 46%, reflects the successful completion of
the eSensorXT?8 System product development program in the first half of 2008,
with the focus now on the development of new tests.
Depreciation and amortization
Depreciation and amortization expense increased from GBP264,114 in the six month
period ended 30 June 2008 to GBP530,796 in the six month period ended 30 June
2009. The increase of GBP266,682, or 101%, primarily resulted from both an
increase in the amortization of license costs and increased depreciation in
respect of instruments placed with customers and in use within the business.
Other expenses
In total, other expenses decreased from GBP2,067,058 in the six month period
ended 30 June 2008 to GBP1,494,904 in the six month period ended 30 June 2009.
This decrease of GBP572,154, or 28%, principally reflects a general decrease
operating costs as part of the rationalisation of our business at the end of
2008.
Interest on bank balances and term deposits
Interest on bank balances and term deposits decreased from GBP174,068 in the six
month period ended 30 June 2008 to GBP18,163 in the six month period ended 30
June 2009. The decrease of GBP155,905, or 90%, resulted from a reduction in
average cash balances during the six month period ended 30 June 2009, due to the
ongoing operating expenses of the business and a reduction in interest rates.
Liquidity and Capital Resources
Cash and cash equivalents decreased from GBP6,034,926 at 31 December 2008 to
GBP5,362,139 at 30 June 2009, a decrease of GBP672,787, or 11%. The decrease of
cash and cash equivalents was principally due to the use of GBP5,008,616 in
operating activities and GBP462,407 of capital expenditure, offset by the net
proceeds from the issue of shares of GBP5,144,041.
Net cash used in operating activities decreased from GBP7,257,402 in the six
month period ended 30 June 2008 to GBP5,008,616 in the six month period ended 30
June 2009, a decrease of GBP2,248,786, or 31%. This decrease was partly due to a
decrease of GBP1,260,715 in the operating loss for the period. The remaining
decrease of GBP988,071 is mainly due to decreased cash outflows due to working
capital movements, which were particularly high in the six month period ended 30
June 2008 and included prepaid costs incurred in relation to the proposed NASDAQ
listing in 2008.
Net cash generated from /(used in) investing activities decreased from GBP17,948
for the six month period ended 30 June 2008 to (GBP435,870) in the six month
period ended 30 June 2009, representing a decrease of GBP453,818. This decrease
was principally due to a reduction in interest received on bank balances and
term deposits and an increase in capital expenditure for new eSensor XT-8
instruments now placed with customers.
Net cash generated from financing activities increased from GBP11,550 in the six
month period ended 30 June 2008 to GBP5,144,041 in the six month period ended 30
June 2009, an increase of GBP5,132,491. The increase primarily reflects the net
proceeds from the placing of 262,035,353 new ordinary shares in June 2009. The
directors have prepared a detailed cash flow forecast which indicates the need
for additional financing within the next six months.
Outlook
We believe that the opportunities in the fast growing molecular diagnostics
market remain highly attractive.
Our eSensor XT-8 System is performing well and our customers are reporting high
satisfaction levels. These are significant milestones for a company at
Osmetech's stage of development and together with substantially improving
operational performance, we now move into a lower risk phase of executing our
commercial plans. We are now clearly focused on prioritising our product
development activities to broaden our menu of tests and increasing our sales and
marketing efforts to attract new customers. High value menu extension and
commercial execution are the two key areas we are focused on as we head into the
second half of 2009. This focus will continue into 2010. The eSensor XT-8
System is a platform based on an enabling technology to address the broad
requirements of the molecular diagnostics market. The future success of our
business is not dependent upon any one individual test. By bringing the right
tests to market in a timely manner we will be able to capitalise on the
decentralisation of testing and the anticipated growth in personalised medicine.
Osmetech has a market leading technology platform for multiplexed DNA testing,
but notwithstanding our recent fund raising, financial markets remain
challenging and consequently we continue to examine all strategic options for
Osmetech to ensure that we have adequate funds for our future requirements. I am
looking forward to working with the Board and management team to realize the
opportunity and build a world leading molecular diagnostics company.
Chris Gleeson
Chairman
17 September 2009
Osmetech plc
Unaudited condensed consolidated statements of operations
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | Six months | Six months | Year |
| | Note | | ended | ended | ended |
| | | | 30 June 2009 | 30 June 2008 | 31 December 2008 |
| | | | | | |
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Continuing operations | | | GBP | GBP | GBP |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Revenue | | | 295,560 | 127,994 | 352,069 |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Changes in inventories of finished goods | | | (406,913) | (155,588) | (312,106) |
| and work in progress | | | | | |
| Employee benefits | | | (2,835,119) | (3,370,116) | (6,882,569) |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Research and development costs | | | (588,319) | (1,092,324) | (2,667,855) |
| Depreciation and amortisation | | | (530,796) | (264,114) | (714,637) |
| Other expenses | | | (1,494,904) | (2,067,058) | (5,383,198) |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | (5,856,051) | (6,949,200) | (15,960,365) |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Operating loss | | | (5,560,491) | (6,821,206) | (15,608,296) |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Interest on bank balances and term | | | 18,163 | 174,068 | 213,259 |
| deposits | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Gains on financial instruments | | | | - | 65,630 |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Loss before taxation | | | (5,542,328) | (6,647,138) | (15,329,407) |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Taxation | | | - | - | (122,572) |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Loss for the year from continuing | | | (5,542,328) | (6,647,138) | (15,451,979) |
| operations | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Loss per share: | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| Basic and diluted | 3 | | (0.62p) | (3.27p) | (6.93p) |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
| | | | | | |
+------------------------------------------+--------+-----+--------------------+--------------------+--------------------+
Osmetech plc
Unaudited condensed consolidated statements of total recognised income and
expense
_______________________________________________________________________________
__________
+-----------------------------------------------+----------------------+----------------------+----------------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | 30 June 2009 | 30 June 2008 | 31 December 2008 |
| | | | |
| | | | |
+-----------------------------------------------+----------------------+----------------------+----------------------+
| | GBP | GBP | GBP |
+-----------------------------------------------+----------------------+----------------------+----------------------+
| Exchange differences on translation of | (599,352) | (16,634) | 1,039,827 |
| foreign | | | |
| operations | | | |
+-----------------------------------------------+----------------------+----------------------+----------------------+
| | | | |
+-----------------------------------------------+----------------------+----------------------+----------------------+
| Loss for the period | (5,542,328) | (6,647,138) | (15,451,979) |
+-----------------------------------------------+----------------------+----------------------+----------------------+
| | | | |
+-----------------------------------------------+----------------------+----------------------+----------------------+
| Total recognised expense for the period | (6,141,680) | (6,663,772) | (14,412,152) |
+-----------------------------------------------+----------------------+----------------------+----------------------+
| | | | |
+-----------------------------------------------+----------------------+----------------------+----------------------+
| |
+-----------------------------------------------+----------------------+----------------------+----------------------+
Osmetech plc
Unaudited condensed consolidated balance sheets
_______________________________________________________________________________
__________
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | 30 June 2009 | 30 June 2008 | 31 December 2008 |
| | | | |
| | | | |
+----------------------------------+----------------------------+----------------------------+----------------------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Non current assets | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Other intangible assets | 1,167,472 | | 1,035,333 | | 1,379,009 | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Property, plant and | 1,466,110 | | 988,266 | | 1,603,602 | |
| equipment | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | 2,633,582 | | 2,023,599 | | 2,982,611 |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Current assets | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Inventories | 767,217 | | 598,849 | | 1,109,008 | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Trade and other | 277,909 | | 968,883 | | 812,261 | |
| receivables | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Current tax assets | 12,607 | | 401,877 | | 153,793 | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Cash and cash equivalents | 5,362,139 | | 6,676,043 | | 6,034,926 | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | 6,419,872 | | 8,645,652 | | 8,109,988 |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Total assets | | 9,053,454 | | 10,669,251 | | 11,092,599 |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Current liabilities | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Trade and other payables | (1,976,744) | | (1,100,548) | | (3,047,844) | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Current tax liabilities | (5,459) | | (9,390) | | (8,937) | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | (1,982,203) | | (1,109,938) | | (3,056,781) | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Non current liabilities: | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Provisions | (202,349) | | (170,708) | | (225,212) | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Total liabilities | | (2,184,552) | | (1,280,646) | | (3,281,993) |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Net assets | | 6,868,902 | | 9,388,605 | | 7,810,606 |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Equity | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Called up share capital | | 7,979,478 | | 7,028,952 | | 7,717,443 |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Share premium account | | 62,612,316 | | 51,767,742 | | 57,730,310 |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Other reserves | | 1,879,860 | | 2,304,603 | | 1,823,925 |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Cumulative exchange | | (132,442) | | (589,551) | | 466,910 |
| reserve | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Accumulated deficit | | (65,470,310) | | (51,123,141) | | (59,927,982) |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| Equity attributable to the | | | | | | |
| equity holders of the company | | 6,868,902 | | 9,388,605 | | 7,810,606 |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
| | | | | | | |
+----------------------------------+-------------+--------------+-------------+--------------+-------------+--------------+
Osmetech plc
Unaudited condensed consolidated cash flow statements
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | 30 June | 30 June | 31 December |
| | | 2009 | 2008 | 2008 |
| | Note | | | |
| | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | GBP | GBP | GBP |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| Net cash used in operating | | | | |
| activities | (a) | (5,008,616) | (7,257,402) | (14,305,945) |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| Net cash (used in) / generated | | | | |
| from investing activities | (c) | (435,870) | 17,948 | (760,989) |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| Net cash generated from | | | | |
| financing activities | (c) | 5,144,041 | 11,550 | 6,662,609 |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| Net (decrease)/increase in cash | | | | |
| and cash equivalents | | (300,445) | (7,227,904) | (8,404,325) |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| Cash and cash equivalents at | | | | |
| beginning of the period | | 6,034,926 | 13,910,710 | 13,910,710 |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| Effect of foreign exchange rate | | (372,342) | (6,763) | 528,541 |
| changes | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| Cash and cash equivalents at end | | | | |
| of period | | 5,362,139 | 6,676,043 | 6,034,926 |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
| | | | | |
+----------------------------------+---------+-----------------------+--------------------------+--------------------------+
Osmetech plc
Notes to the unaudited statements of cash flows
_______________________________________________________________________________
______________
(a) Reconciliation of (loss)/profit for the period to net cash outflow from
operating activities
+-------------------------------------------------------+----------------+----------------+--------------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | 30 June 2009 | 30 June 2008 | 31 December 2008 |
| | | | |
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | GBP | GBP | GBP |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Loss for the year | (5,542,328) | (6,647,138) | (15,451,979) |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Adjustments for: | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Depreciation of property, plant and equipment | 427,215 | 214,898 | 584,795 |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Amortisation of other intangible assets | 103,581 | 49,216 | 129,842 |
+-------------------------------------------------------+----------------+----------------+--------------------+
| (Profit) / loss on disposal of property, plant and | (6,993) | - | 20,591 |
| equipment | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Share compensation charge / (credit) | 55,935 | 165,797 | (314,881) |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Interest on bank balances and term deposits | (18,163) | (174,068) | (213,259) |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Income tax | - | - | 122,572 |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Decrease / (increase) in provisions | (22,863) | (387) | 54,117 |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Movement in fair value of financial instruments | - | - | (65,630) |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Operating cash flows before movements in working | (5,003,616) | (6,391,682) | (15,133,832) |
| capital | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| (Increase)/decrease in inventories | 218,231 | (154,184) | (503,530) |
+-------------------------------------------------------+----------------+----------------+--------------------+
| (Increase)/decrease in receivables | 451,925 | (605,149) | (235,783) |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Decrease in payables | (817,071) | (169,255) | 1,355,149 |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Cash used in continuing operations | (5,150,531) | (7,320,270) | (14,517,996) |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Income taxes received/(paid) | 141,915 | 62,868 | 212,051 |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
| Net cash used in operating activities | (5,008,616) | (7,257,402) | (14,305,945) |
+-------------------------------------------------------+----------------+----------------+--------------------+
| | | | |
+-------------------------------------------------------+----------------+----------------+--------------------+
(b) Major non-cash transactions
There were no major non cash transactions in the six months ended 30 June 2009,
six months ended 30 June 2008 or the year ended 31 December 2008.
Osmetech plc
Notes to the unaudited statements of cash flows (continued)
_______________________________________________________________________________
______________
(c) Analysis of cash flows - Gross cash flows
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| | | | |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
| | GBP | GBP | GBP |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Investing activities | | | |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Interest received | 19,543 | 176,907 | 218,505 |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Purchases of property, plant and equipment | (427,559) | (234,313) | (1,089,784) |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Purchases of other intangible assets | (34,848) | - | - |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Receipts from the sale of intangible assets | - | 75,354 | 102,606 |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Receipts from the sale of tangible assets | 6,994 | - | 7,684 |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| | | | |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Net cash (used in) / generated from investing | (435,870) | 17,948 | (760,989) |
| activities (continuing operations | | | |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| | | | |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Financing activities | | | |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Proceeds on issues of shares | 5,144,041 | 11,550 | 6,662,609 |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| | | | |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| Net cash generated from financing activities | 5,144,041 | 11,550 | 6,662,609 |
| (continuing operations) | | | |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
| | | | |
+--------------------------------------------------------+-----------------+-----------------+-----------------+
Osmetech plc
Notes to the unaudited condensed consolidated financial statements
1 Basis of preparation
The annual financial statements of Osmetech plc and its subsidiaries (the
"Group") are prepared in accordance with IFRS as adopted by the European Union
and IFRS as issued by the International Accounting Standards Board. The
unaudited condensed financial statements included in this half-yearly report
have been prepared in accordance with the accounting policies of the Group set
out in the audited financial statements for the year ended 31 December 2008.
During the period ended 30 June 2009 the Group incurred a loss after tax of
GBP5.5 million from continuing operations.
In the prior year, the Group completed the development of the second generation
eSensor XT-8 electrochemical DNA analysis system. The system, along with the
Warfarin sensitivity test, was cleared by the FDA in July 2008 and was launched
shortly thereafter. In July 2009 the second test for the eSensor XT-8, Cystic
Fibrosis Genotyping, was cleared by the FDA and has now also been launched. The
directors intend to continue to commercialise the product throughout the
remainder of 2009 and into 2010 which will involve continued investment in
Group's sales and marketing infrastructure and product pipeline.
In December 2008, the Group raised GBP6,662,609, net of expenses, and a further
GBP5,144,041 was raised in June 2009 through the placing of new shares. The
forecasts prepared by the directors indicate that further funding will be
required within the next six months in order to supplement revenues from the
launch of XT-8 and fully enact their commercialisation plans to optimise value
from the Group's products.
The directors have a reasonable expectation, given these recent achievements and
the current strength of the Group's operations, that the Group will be able to
secure sufficient funding to enable it to properly exploit the commercialisation
opportunities for the eSensor XT-8 and meet its liabilities as they fall due
for the foreseeable future.
The financial information set out in the statement relating to the year ended 31
December 2008, which has been derived from the audited financial statements for
the year ended 31 December 2008, does not constitute statutory accounts for that
period as defined in section 240 of the Companies Act 1985. A copy of the
accounts for that year has been delivered to the Registrar of Companies
following the company's annual general meeting. The auditors report on those
accounts was not qualified but did include a reference to the going concern
basis of preparation, to which the auditors drew attention by way of emphasis
without qualifying the report and did not contain a statement under section 237
(2) or (3) of the Companies Act 1985.
Osmetech plc
Notes to the condensed consolidated financial statements
2 Segment reporting
Revenue is wholly attributable to the Group's principal activity which is the
design, development, manufacture and sale of molecular diagnostics products. The
geographical analysis of segment revenue and segment result is based on the
location of its markets and is analysed as follows:
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | Rest of | | Far East | Rest of | |
| | UK | Europe | USA | | World | Group |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Six months ended 30 June 2009 | GBP | GBP | GBP | GBP | GBP | GBP |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Continuing operations | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Segment revenue | 270 | - | 282,312 | - | 12,978 | 295,560 |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Segment result | (232,970) | - | (5,093,376) | - | (234,145) | (5,560,491) |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Interest on bank balances and term deposits | | | | | | 18,163 |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Loss before tax | | | | | | (5,542,328) |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Tax | | | | | | - |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Loss for the period from continuing | | | | | | (5,542,328) |
| operations | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Six months ended 30 June 2008 | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Continuing operations | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Segment revenue | - | - | 122,567 | - | 5,427 | 127,994 |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Segment result | (462,286) | | (6,110,525) | | (248,395) | (6,821,206) |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Interest on bank balances and term deposits | | | | | | 174,068 |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Loss before tax | | | | | | (6,647,138) |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Tax | | | | | | - |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| Loss for the period from continuing | | | | | | (6,647,138) |
| operations | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
| | | | | | | |
+---------------------------------------------+------------+-----------+-------------+-----------+-----------+-------------+
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| Year ended 31 December 2008 | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| Continuing operations | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| Segment revenue | - | - | 339,144 | - | 12,925 | 352,069 |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| Segment result | (1,404,225) | (3,264) | (13,617,933) | - | (517,244) | (15,542,666) |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| Interest on bank balances and term deposits | | | | | | 213,259 |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| Loss before tax | | | | | | (15,329,407) |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| Tax | | | | | | - |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| Loss for the period from continuing | | | | | | (15,329,407) |
| operations | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
| | | | | | | |
+---------------------------------------------+-------------+-----------+--------------+-----------+-----------+--------------+
The UK segment includes GBP325,221 of corporate costs for the period ended 30
June 2009 (GBP416,113 period ended 30 June 2008 and GBP814,781 for the year
ended 31 December 2008).
This segment result includes GBP55,935 in respect of share compensation charges
(GBP165,797 period ended 30 June 2008 and a credit of GBP314,881 in respect of
the year ended 31 December 2008).
Osmetech plc
Notes to the condensed consolidated financial statements
The geographical analysis of segment assets and liabilities is based on the
location of the assets and liabilities as follows:
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| | | Rest of | | |
| | UK | Europe | USA | Group |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Six months ended 30 June 2009 | GBP | GBP | GBP | GBP |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Continuing operations | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Other information | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Purchases of property, plant and equipment | - | - | 462,407 | 462,407 |
| and other intangible assets | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Depreciation and amortisation | - | - | 530,796 | 530,796 |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Balance sheet | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Segment assets | 4,661,373 | 40,367 | 4,339,107 | 9,040,847 |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Segment liabilities | (887,091) | (2,130) | (1,289,872) | (2,179,093) |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Six months ended 30 June 2008 | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Continuing operations | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Other information | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Purchases of property, plant and equipment | - | - | 234,313 | 234,313 |
| and other intangible assets | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Depreciation and amortisation | - | - | 264,114 | 264,114 |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Balance sheet | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Segment assets | 6,721,705 | 40,718 | 3,906,828 | 10,669,251 |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Segment liabilities | (273,713) | (1,978) | (995,565) | (1,271,256) |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Year ended 31 December 2008 | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Continuing operations | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Other information | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Purchases of property, plant and equipment | - | - | (1,089,784) | (1,089,784) |
| and other intangible assets | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Depreciation and amortisation | 295 | - | 714,342 | 714,637 |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Balance sheet | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Segment assets | 5,764,300 | 45,102 | 5,129,403 | 10,938,805 |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| Segment liabilities | (964,467) | (2,380) | (2,306,209) | (3,273,056) |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+--------------+--------------+--------------+--------------+
Osmetech plc
Notes to the condensed consolidated financial statements
3 Loss per share
+------------------------------------------------------+--------------------+------------------+---------------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
| | GBP | GBP | GBP |
+------------------------------------------------------+--------------------+------------------+---------------------+
| Loss for the period attributable to equity holders | | | |
| of the company - continuing operations | (5,542,328) | (6,647,138) | (15,451,979) |
+------------------------------------------------------+--------------------+------------------+---------------------+
| | | | |
+------------------------------------------------------+--------------------+------------------+---------------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+------------------------------------------------------+--------------------+------------------+---------------------+
| | pence | pence | pence |
+------------------------------------------------------+--------------------+------------------+---------------------+
| (Loss)/earnings per share from continuing and | | | |
| discontinued operations | | | |
+------------------------------------------------------+--------------------+------------------+---------------------+
| Basic and diluted | (0.62) | (3.27) | (6.93) |
+------------------------------------------------------+--------------------+------------------+---------------------+
| | | | |
+------------------------------------------------------+--------------------+------------------+---------------------+
Basic loss per share is calculated by dividing profit or loss for the financial
period attributable to equity holders by 900,293,412 (30 June 2008 -
203,107,701; 31 December 2008 - 222,889,207), being the weighted average number
of shares in issue during the year.
IAS 33 requires presentation of diluted (loss)/earnings per share when a company
could be called upon to issue shares that 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 is inappropriate to assume that option holders would act
irrationally, no adjustment is made to diluted (loss)/earnings per share for
out-of-the-money share options. The number of potential dilutive ordinary shares
was 1,216,607,085 (31 December 2008: 24,975,790 and 30 June 2008: 30,472,450).
Osmetech plc
Notes to the condensed consolidated financial statements
4 Statement of changes in equity
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | Share | | Cumulative | | |
| | Share | premium | Other | exchange | Accumulated | |
| | capital | account | reserve | reserve | deficit | Total |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| At 1 January 2008 | 7,028,892 | 51,756,252 | 2,138,806 | (572,917) | (44,476,003) | 15,875,030 |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Loss for the period | - | - | - | - | (6,647,138) | (6,647,138) |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| New share capital issued | 60 | 11,490 | - | - | - | 11,550 |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Credit to equity for equity- | - | - | 165,797 | - | - | 165,797 |
| settled share-based payments | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Exchange adjustments | - | - | - | (16,634) | - | (16,634) |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| At 30 June 2008 | 7,028,952 | 51,767,742 | 2,304,603 | (589,551) | (51,123,141) | 9,388,605 |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Loss for the period | - | - | - | - | (8,804,841) | (8,804,841) |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| New share capital issued (net of | 688,491 | 5,962,568 | - | - | - | 6,651,059 |
| costs) | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Debit to equity for equity- | - | - | (480,678) | - | - | (480,678) |
| settled share-based payments | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Exchange adjustments | - | - | - | 1,056,461 | - | 1,056,461 |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| At 31 December 2008 | 7,717,443 | 57,730,310 | 1,823,925 | 466,910 | (59,927,982) | 7,810,606 |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Loss for the period | - | - | - | - | (5,542,328) | (5,542,328) |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| New share capital issued (net of | 262,035 | 4,882,006 | - | - | - | 5,144,041 |
| costs) | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Credit to equity for equity- | - | - | 55,935 | - | - | 55,935 |
| settled share-based payments | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| Exchange adjustments | - | - | - | (599,352) | - | (599,352) |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| At 30 June 2009 | 7,979,478 | 62,612,316 | 1,879,860 | (132,442) | (65,470,310) | 6,868,902 |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
| | | | | | | |
+------------------------------------+------------+--------------+------------+-------------+---------------+--------------+
5 Related party transactions
Transactions between the Company and its subsidiary undertakings, which are
related parties, are eliminated on consolidation and are not disclosed in this
note.
6. Seasonality
The business is not seasonal in nature and we do not anticipate any material
impact of uneven costs.
7. Approval of the interim financial statements
The interim financial statements were approved by the board of directors on 16
September 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MGGMLRKLGLZM
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