Immunodiagnostic Systems Hldgs PLC AGM Statement (6258G)
July 25 2019 - 2:00AM
UK Regulatory
TIDMIDH
RNS Number : 6258G
Immunodiagnostic Systems Hldgs PLC
25 July 2019
AGM Statement
Immunodiagnostic Systems Holdings PLC
25 July 2019
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 and research markets, 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 FY2020 are GBP9.1m, GBP0.2m
lower than the same period in FY2019. Foreign exchange movements
versus Q1 FY2019 are minimal, thus on a like for like basis ("LFL")
revenues declined by 2%.
Revenue Performance in Q1 FY2020
The table below summarizes the unaudited revenue performance of
the core segments of our business in GBP and changes on a LFL
basis:
Revenue LFL Change
Q1 FY2020 Q1 FY2020 FY2019 v
v Q1 FY2019 FY2018
----------- ------------- ---------
Group GBP9.1m -2% 1%
----------- ------------- ---------
Automated business GBP5.0m -7% -1%
----------- ------------- ---------
25-OH Vitamin D GBP1.1m -23% -13%
----------- ------------- ---------
Speciality IDS GBP3.5m -2% 1%
----------- ------------- ---------
Speciality partners GBP0.4m 53% 31%
----------- ------------- ---------
Instrument sales
and service GBP0.4m -1% 2%
----------- ------------- ---------
Manual business GBP2.9m -2% -1%
----------- ------------- ---------
Technology business GBP1.1m 27% 32%
----------- ------------- ---------
Automated business
Automated revenue declined 7% versus Q1 FY2019, driven by lower
25-OH Vitamin D revenues which declined by 23% versus Q1 FY2019.
This decline is mainly a result of the high level of instrument
returns in the US market during FY2019, as discussed in our 2019
Annual Report and Accounts.
Speciality IDS assay revenue declined 2% versus Q1 FY2019. We
believe the change can be attributed to ordering patterns of a few
large customers and is not therefore structural in nature. Declines
in our US and Brazilian businesses were offset by growth in our
European and Distribution markets. We anticipate the performance of
this business stream will improve as we move through the year.
Speciality Partner assay revenue, which comprises mainly our
Autoimmune panel, grew 53% versus Q1 FY2019 following last year's
regulatory approval of our Autoimmune product range in key markets.
IDS is gradually growing in prominence in the Autoimmunity market
and we are becoming more successful in convincing existing and
potential customers of the benefits of the combined IDS
Endocrinology and Autoimmune panel offering.
During the quarter we placed or sold 9 machines (Q1 FY2019: 8)
in our direct markets, and 10 (Q1 FY2019: 8) via our distributors
bringing the total to 19 (Q1 FY2019: 16). Returns in the quarter in
our direct sales territories were 9 (Q1 FY2019: 8) meaning that in
our direct sales markets the number of machines remained constant
(Q1 FY2019: net placements of nil). A large number of these returns
related to the loss of one specific customer contract.
The average number of assays run on an instrument continues to
increase, reaching 5.3 in the quarter (Q1 FY2019: 4.8), with the
growth being driven by successful upselling of the Autoimmune assay
range.
Manual business
The manual business declined by 2%, a comparable trajectory to
the prior year. As noted previously, this business will be impacted
by the loss of some low margin revenue related to the distribution
of third-party products, however despite this we target delivering
a similar full year revenue result as we achieved in FY2019.
Technology business
Growth in the technology business was 27% LFL versus Q1 FY2019.
The growth was driven mainly by sales of consumables and spare
parts to technology partners.
Other KPIs
Unaudited closing cash and cash equivalents were GBP28.4m as at
30 June 2019 (31 March 2019: GBP27.7m). In the period there were no
share buybacks.
At 30 June 2019 the Group employed 276 people on a full-time
employment basis (31 March 2019: 283 people).
Outlook
Q1 FY2020 was relatively soft from a revenue perspective.
However, placement numbers remained strong versus Q1 FY2019, and we
are optimistic this trend will continue and lead to improving
revenue numbers in our automated business for the remainder of the
financial year. We are encouraged by the growth in our Autoimmune
business, and our guidance remains unchanged to deliver LFL full
year revenue growth versus FY2019."
For further information:
Immunodiagnostic Systems Holdings plc Tel : +44 (0)191 5190660
Jaap Stuut, Chief Executive Officer
Paul Martin, Group Finance Director
Peel Hunt LLP Tel : +44 (0)207 418 8900
James Steel
Oliver Jackson
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END
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