Lifeline Scientific, Inc Trading update (7389Z)
February 11 2014 - 2:01AM
UK Regulatory
TIDMLSI
RNS Number : 7389Z
Lifeline Scientific, Inc
11 February 2014
Lifeline Scientific, Inc.
("Lifeline" or the "Company")
Trading Update
Lifeline Scientific (AIM: LSI), the transplantation technology
company, provides the following trading update for the year ended
31 December 2013.
Lifeline had a strong second half of the year, which saw
continued international growth including significant orders from
Brazil and China for its flagship LifePort(R) Kidney Transporter
and related portfolio of products. As a result the Company expects
to report full year revenues ahead of market expectations with
total revenues for the period up nearly 10% to US$33.2m (2012:
US$30.2m). A key measure of the Company's growth, the sale of
proprietary consumables associated with the LifePort Kidney
Transporter, improved by over 13% compared to last year (2012:
US$16.1m).
Operating profit improved significantly from the US$0.1m
recorded last year. Operating Profit, adjusted for non-recurring
items, will be well ahead of market expectations.
The cash position of the Company remains strong, with cash
balances as at 31 December 2013 in line with levels recorded at the
Interim Results (30 June 2013: US$3.0m), reflecting investments in
both working capital to support growth, and the development of the
LifePort Liver Transporter, which is progressing well.
David Kravitz, CEO of Lifeline Scientific, commented:
"We are encouraged by the solid momentum seen during the second
half 2013, particularly in the EU and two important emerging
markets: Brazil and China where we have made considerable
investments. We expect continued strong demand for our products and
services in 2014. I look forward to expanding the review of the
business in our full year results."
The Company will announce results for the year ended 31 December
2013 on 29 April 2014.
For further information:
Lifeline Scientific, Inc. www.lifeline-scientific.com
David Kravitz, CEO Tel: +1 847 294 0300
Lisa Kieres, CFO Tel: +1 847 294 0300
Panmure Gordon (UK) Limited Tel: +44 (0)20 7886 2500
Fred Walsh/ Freddy Crossley (Corporate
Finance)
Adam Pollock (Corporate Broking)
Walbrook Tel: +44 (0)20 7933 8780 or lifeline@walbrookpr.com
Paul McManus Mob: +44 (0)7980 541 893
Mike Wort Mob: +44 (0)7900 608 002
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 and
services that improve transplant outcomes and lower the overall
costs of transplantation. Its lead product is the market-leading
and clinically validated LifePort Kidney Transporter. Devices for
preservation of the liver, pancreas, heart and lung are in late
stage pre-clinical development. Also visit:
www.organ-recovery.com.
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. LifePort is the world's leading
machine preservation device for kidneys. Employed by surgeons in
over 155 leading transplant programmes in 27 countries worldwide,
LifePorts have successfully preserved over 47,000 kidneys indicated
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 donor recovery until
recipient transplantation. 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 and 3-years
post-transplant. LifePort has also been recognised for design and
engineering distinctions. It has received prominent awards for
design excellence from the medical device industry, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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