LONDON (Alliance News) - Immunodiagnostic Systems Holdings PLC said Friday its revenue for the year ended March fell by 5%.
Its revenue was approximately GBP37.9 million, and it blamed the decrease on "the loss of royalty income from a major customer".
The diagnostic kit manufacturer saw its automated business revenue grow by 4% to GBP22.9 million. Its automated 25OH Vitamin D revenue fell about 9% to GBP6.3 million.
Automated Speciality Endocrinology revenue rose 5% to GBP13.6 million, and Automated Autoimmune & Infectious Disease revenue grew about 24% to GBP1.0 million.
Immunodiagnostic said its Automated business has signed an exclusive agreement to distribute globally 51 allergy assays. It only anticipates "modest revenues" from these assays in the next couple of years.
Its Manual business revenues dropped by 6% to GBP12.4 million, which is a narrower gap than the 11% drop in its prior two financial year.
According to Immunodiagnostics, a new commercial team has already "developed a pipeline of sales opportunities, as well as being at advanced negotiations to on-board at least 10 new distributors". It anticipates it will see the financial benefits during the second half of the 2019 financial year.
Immunodiagnostics Licensing & Technology business is expecting a 55% decline in revenue to GBP2.7 million. This is due to the aforementioned loss of royalty income from a of a major customer.
It also announced Non-Executive Director Till Campe will step down from the board effective June-end, to focus on his activities at Forum Family Office.
Shares in Immunodiagnostic were untraded Friday but last closed at 234.00 pence each on Thursday.