TIDMIDH

RNS Number : 2126M

Immunodiagnostic Systems Hldgs PLC

27 July 2017

AGM Statement

Immunodiagnostic Systems Holdings PLC

27 July 2017

Immunodiagnostic Systems Holdings plc

AGM Statement

Immunodiagnostic Systems Holdings PLC ("IDS" or "the Group"), a specialist producer of manual and automated diagnostic testing kits and instruments for the clinical market, will today hold its Annual General Meeting at 2pm at its registered office at 10 Didcot Way, Boldon Business Park, Boldon, Tyne & Wear, NE35 9PD.

At the meeting the Chairman, Dr. Burkhard Wittek, will make the following statement to shareholders.

"Unaudited group revenues for Q1 FY18 are GBP9.7m, 2% higher than the same period last year. On a like for like basis ("LFL"), that is at constant exchange rate and constant scope, Group revenues declined by 8%.

Revenue Performance in Q1 2018

The table below summarizes the unaudited revenue performance of the core segments of our business:

 
                            Revenue        LFL Growth 
-------------------------  ---------  -------------------- 
                            Q1 FY18     Q1 FY18     FY17 v 
                                        v Q1 FY17    FY16 
-------------------------  ---------  -----------  ------- 
 Group                      GBP9.7m       -8%        -8% 
-------------------------  ---------  -----------  ------- 
 
 Automated business(1)      GBP5.9m        7%         3% 
-------------------------  ---------  -----------  ------- 
     Automated 25-OH 
      Vitamin D             GBP1.8m       -3%        -17% 
-------------------------  ---------  -----------  ------- 
     Specialty automated 
      business              GBP3.7m       10%        16% 
-------------------------  ---------  -----------  ------- 
 
 Manual business            GBP3.2m       -6%        -11% 
-------------------------  ---------  -----------  ------- 
 Licensing and 
  technology business       GBP0.5m       -65%       -30% 
-------------------------  ---------  -----------  -------

(1) the balance of the automated business not analyzed relates to sales of instruments and support services.

We have been able to improve our rate of growth (versus that seen in FY17), or slow our rate of decline, in all key areas of the business with the exception of two:

-- LFL growth in our specialty automated business (i.e. all CLIA assays excluding 25-OH Vitamin D) slowed to 10%. This is because Q1 FY17 revenues were abnormally high due to a significant one-off sale to a new distributor. For the full year we still target revenue growth on a LFL basis of approximately 15% for this segment.

   --      The decline in the licensing and technology business accelerated to -65%. This reflects the discontinuation of the business with one large customer which provided us with antibody royalty income. In Q1 FY18 the revenues with this customer accounted for 1% (Q1 FY17: 8%) of group revenues. Therefore the eventual total loss of these revenues will not materially drag down Group run rate revenues moving forward anymore.

Other KPIs

I would like to highlight the KPIs we are monitoring in our automated business:

-- The average number of assays run on our installed base of iSYS analyzers: This KPI increased to 4.3 (Q1 FY17: 3.9) reflecting the ability of our sales organization for upselling.

-- Gross placements of analyzers in markets with direct sales organization: This KPI stood at 12 (Q1 FY17: 8) during the quarter. Net placements, after returns, stood at 8 (Q1 FY17: 5).

-- New product launches: no new CLIA product was launched in Q1 FY18 (Q1 FY17: 1). We still target four product launches with CE mark in the current FY.

Closing cash and cash equivalents were GBP31.5m as at 30 June 2017 (31 March 2017: GBP31.5m).

At 30 June 2017 the Group employed 278 people on a full time employment basis (31 March 2017: 275 persons).

Overall these results show that the efforts the Executives and the team at IDS are undertaking put the company on a path to strengthen our position in our markets and to lay the foundations for future growth. I would like to thank them all for their continuous efforts and would also like to thank our shareholders for their continued loyalty and support of IDS. "

For further information:

   Immunodiagnostic Systems Holdings plc                          Tel : +44 (0)191 5190660

Regis Duval, Chief Executive Officer

Paul Martin, Group Finance Director

Peel Hunt LLP Tel : +44 (0)207 418 8900

James Steel

Oliver Jackson

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGMSEIFMMFWSELW

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July 27, 2017 02:00 ET (06:00 GMT)

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