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Outlook The Board expects overall revenues to show similar year on year growth in the new financial year with the decline in manual test sales being offset by increased IDS-iSYS revenues arising from new placements and additional products becoming available on the IDS-iSYS system. As a result of the combined impact of the factors and actions outlined above, the Board expects profit growth to resume in the new financial year. In keeping with past practice the Company will provide a pre-close trading update shortly after its March year end.
Trading Update Immunodiagnostic Systems Holdings plc (AIM: IDH), a leading producer of specialist diagnostic testing kits and automated systems for the clinical and research markets, provides a trading update following the conclusion of its third quarter trading period. Financial update Revenues for the nine months to December 2011 were £39.6 million, compared to £35.4 million for the comparable period in 2010. As a consequence of the trading pattern now being experienced the Company expects revenue for the full year to March 2012 to be between £52 and £53 million, lower than current market expectations. Operating costs for the year are expected to be in line with previous estimates but given the reduced revenue expectations pre-tax profit on a pre-exceptional basis is now forecasted to be between £14.5 and £15.3 million. The Company's operations remain highly cash generative with net cash of £3.6 million at the end of December 2011 compared to net debt of £2.3 million at December 2010.
http://www.investegate.co.uk/Article.aspx?id=201201230701449671V
Peel Hunt downgrades Immunodiagnostic Systems Holdings from buy to hold, target price cut from 1064p to 500p
I think competition from the big players entering the market is having an effect (loss of accounts and pricing pressure as customers consolidate their assays on the big players existing large platforms). Communication from Roche Diagnostics states this is one of the focus areas for them. Not sure how they can compete their way out of this. Potential acquisition target?
Will hold these for a while
Collins Stewart downgrades Immunodiagnostic Systems from buy to hold, target price cut from 939p to 789p
Nah - surely this will recover - must be a 10-20% rise from here short term - up a quid by Friday !
Outlook As we announced at the time of our full year results in June, we expect the demand for vitamin D testing will continue to grow, albeit at lower rates than experienced in recent years. This appears to be the case with growth continuing in both manual and automated testing. The impending introduction of competing automated products from some major manufacturers has coincided with efforts to contain health budgets, particularly in the USA. As a result we are beginning to see increasing price pressure, particularly on our larger accounts, and some disruption to equipment ordering patterns which we believe will persist in the short term and it is likely that this will impact negatively on our placement rate for the current period. As we noted earlier there are a number of global account discussions that are underway although the likely outcome and duration of these discussions remains uncertain. The company is continuing to follow its strategy of driving growth by the introduction of new tests onto the IDS-iSYS. We now have 10 automated products available for sale outside of the USA, with five of these products also available for sale in the USA. We believe that the wider test menu available will increase the attractiveness of the system to our identified market segment and become a key differentiator of the system. We expect to be the first to market by launching our automated test for 1,25 vitamin D in the coming 6 months. We also expect to launch our automated tests for Renin and Aldosterone which are key markers in the diagnosis of hypertention before the end of June 2012. Development of other IDS-iSYS tests for BioPTH, TRAP and other markers is progressing as expected. In addition we are seeing continued strong interest from third party companies who are keen to explore licensing opportunities for additional automated assays and we would expect to report progress on this during the current financial period. We have strengthened our Sales and Marketing teams and our plans to establish joint ventures in the major emerging markets will accelerate as a result of the additional resource and focus on these areas. Despite some short term pressure the overall prospects for the Group are good. The recurring nature of our revenues will allow us to progress our plans to grow both organically and by acquisition where this is consistent with the Group's stated product strategy.
Operational Highlights: · 81 IDS-iSYS systems placed or sold in H1 - 23% up on the same period last year (2010: 66) · 322 IDS-iSYS units placed or sold in total - up 33.6% on 30 March 2011 · Average revenue per system is now £90,000 compared to £77,000 in September 2010 · Launch of PTH (1-34) test for osteoporosis therapy on the IDS-iSYS · 10 automated assays available for sale outside the USA · 5 automated assays available for sale in the USA · Signed distribution agreement giving access to US Government market.
Financial Highlights: · Revenue up 21% to £27.3m (2010: £22.6m) · IDS-iSYS sales up 155% year-on-year · Sales of non-automated Vitamin D products up 1% year-on-year · Gross profit up 22% to £20.7m (2010: £17.0m) · Increase in Gross Margin to 75.82% (2010: 75.39%) · EBITDA up 18% to £10.0m (2010: £8.5m) · Pre-tax profit up 17% to £7.7m (2010: £6.6m) · Earnings per share (diluted) up 8% to 20.2p (2010: 18.8p) · Net Cash £3.3m (2010: Net Debt £2.3m)
Tony Martin, Chairman of IDS commented: "I am pleased to report that the first six months to September 30th of this year has seen IDS continue to grow driven by further demand for IDS-iSYS. The majority of the sales growth is a direct result of both the increase in placements of IDS-iSYS Systems and the growth in revenue per system. I am pleased to note that many of our larger customer accounts have migrated away from manual vitamin D testing and onto the IDS-iSYS. The impending introduction of competing automated products has coincided with efforts to contain health budgets, particularly in the US. As a result we are beginning to see increasing price pressure, particularly on our larger accounts, and some very recent disruption to equipment ordering patterns which we believe will persist in the short term. Despite these short term pressures the overall prospects for the Group are good. The recurring nature of our revenues will allow us to progress our plans to grow both organically and by acquisition where this is consistent with the Group's stated product strategy."
http://www.investegate.co.uk/Article.aspx?id=201111280700198363S
pluke - yes on the figures detailed today this seems way over down - however I suspect the figures from 30/sept onwards must be pretty bad and that the market are in the know.
The shares in Immunodiagnostic Systems (IDH) tumbled 331p to 455p as the manufacturer of immunoassay kits reported it has experienced increasing price pressure and a disruption in equipment ordering patterns. The fall came despite a 21% rise in revenue to 27.3 million an increase in pre-tax profits to 7.7 million pounds in the six months to 30th September. The group also turned a net debt position of 2.3 million pounds into a net cash position of 3.3 million pounds.
I've had a quick look at this today and don't understand the large drop off. I've read the interim results and they seem reasonable (positive CF, profitable, growth H1 11 vs H1 10, low debt) so can only assume that brokers were expecting even larger growth/profit, but the brokers don't seem to have cut their target price as much as this drop - am I missing something?
Commenting on Outlook, David Evans, Chairman said: "Trading for the first three months of the year is in line with management expectations and the directors believe that this is a direct result of the market acceptance of the IDS-iSYS and its increasing menu. Q1 has seen revenues grow from £11.5m last year to circa £14.5m, an increase of 26% and in addition to revenue growth we have also accelerated the rate we sell or place our iSYS instruments by more than doubling last year's Q1 number."
Operational Highlights · Launch of 3 new automated assays on the IDS-iSYS platform bringing the total automated range to 9 · Receipt of US FDA 510(k) clearance for three automated assays for sale in the USA (clearance received for a further two assays post the year end) · Increased average revenue per instrument resulting from an expanding product menu · Increased efficiencies from manufacturing sites have contributed towards increased profitability · Increased staffing numbers across the Company - up c. 25% to 294 employees · Board changes to meet the needs of the next phase of growth and development
IDS operates in the in-vitro diagnostics ("IVD") market. The Company designs, manufactures and sells immunoassay kits which are used to measure or detect particular substances within a sample, thus aiding the diagnosis or monitoring of a disease or providing information for research studies. Financial Highlights · Turnover up 35% to £50.2m (2010: £37.2m) § Manual Vitamin D - represents 55.5% of Turnover (2010: 59.2%) § Automated revenues (IDS-iSYS) - represents 20.6% of Turnover (2010: 7.3%) · Gross profit up 36% to £37.5m (2010: £27.5m) · EBITDA up 40% to £21.0m (2010: £15.0m) · PBT up 51% to £16.6m (2010: £11.0m) · Earnings per share (diluted) up 54% to 44.6p (2010: 28.9p) · Dividend up 25% to 2.5p (2010: 2.0p) · Bank borrowings reduced and cash up 20.6% to £6.4m (2010: £5.3m)
Vitamin D kits bolster Immunodiagnostic Date: Wednesday 06 Apr 2011 LONDON (ShareCast) - Immunodiagnostic Systems said turnover for the year ending 31 March 2011 is expected to be around 35% ahead of last year's performance after strong sales of its vitamin D kits and automated products. The group, which sells its products to the US, France, Germany and Scandinavia, said trading in all of its main territories increased year on year. Revenue for the full year is expected to be £50.1m, slightly above market forecasts. Revenues from its manual Vitamin D kits increased by 27% to £27.9m compared to same period last year. IDS-iSYS revenues accounted for roughly 21% of total turnover. Sales in the second half rose to £7m compared to £3.3m in the first half. On an upbeat note Immunodiagnostic said it continues to look forward to the current year with confidence. CJ
The volume here yesterday, "over just a few minutes" suggested somethings brewing, so I thought it would be rude not to join them and hop back on. imo
5 year distribution agreement: http://www.advfn.com/p.php?pid=nmona&cb=1262589551&article=40942235&symbol=L%5EIDH