Lifeline Scientific, Inc Trading Update (3202P)
August 18 2014 - 2:00AM
UK Regulatory
TIDMLSI TIDMLSIC
RNS Number : 3202P
Lifeline Scientific, Inc
18 August 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 six months
ended 30 June 2014.
Lifeline had a strong first half of 2014 and expects to report
total revenues for the period up over 11% to US$15.1m (H1 2013:
US$13.6m). This increase was due to solid trading across all
product categories and geographic regions. Notably, the Company
shipped its first orders of LifePort Kidney Transporters into
France, against the recently awarded French national tender.
While investment continued per plan in geographic expansion and
new product development, total sales of proprietary higher margin
consumables grew 32% to US$8.5m compared to last year (H1 2013:
US$6.5m). The growth in consumables sales is expected to result in
operating breakeven at the half year stage compared to a loss of
US$1.4m in the same period last year.
The cash position of the Company remains strong, with cash
balances as at 30 June 2014 of US$2.5m (30 June 2013 US$3.0m),
reflecting increased levels of working capital largely to support
growth, and costs associated with development, regulatory, and
pre-launch preparations for LifePort Liver Transporter.
David Kravitz, CEO of Lifeline Scientific, commented:
"We are pleased to see that the first half of 2014 has built on
the growth that we saw throughout 2013. The significant increase in
sales of higher margin single use consumables reflects growth in
both the number of LifePort Kidney Transporter placements and
usage. With France coming on board in a meaningful way, steady
progress in North America, and positive developments in Brazil and
China, we anticipate continued solid demand for our products and
services in the remainder of 2014."
The Company will announce results for the six months ended 30
June 2014 on 30 September 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)
Maisie Atkinson (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 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. For more information please visit
www.lifeline-scientific.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. Today, it is widely recognised
as the world's leading machine preservation device for kidneys.
Employed by surgeons in over 160 leading transplant programmes in
27 countries worldwide, LifePorts have successfully preserved over
47,000 kidneys indicated for clinical transplant. For more
information please visit www.organ-recovery.com
Lifeline Scientific, Inc. Shares
As a US Company listed on the London Stock Exchange's AIM
exchange, Lifeline Scientific, Inc. (AIM: LSI, LSIC) trades under
two lines of stock. While affiliates of the Company are required to
hold restricted (RegS) shares, all others may hold restricted or
unrestricted shares. Unrestricted shares may be electronically
traded through the CREST system. Both lines of stock have identical
rights, preferences and privileges. Non-affiliates may transfer
restricted shares to the unrestricted line after purchase through
the Company's registrar. Total shares outstanding for the Company
at this time are 19,446,959.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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