(Sharecast News) - In-vitro diagnostics provider Immunodiagnostic Systems met its target of maintaining like-for-like revenue in its final results on Wednesday, with group revenue rising by 2% on a like-for-like basis to £39.3m, making for its second consecutive year of revenue growth.
The AIM-traded company said automated business revenue increased by 4% on a like-for-like basis for the year ended 31 March, driven by higher sales of speciality assays.
Revenue for autoimmune and infectious disease assays grew 74% like-for-like, while revenue from its automated distribution channels grew 30% like-for-like.
The firm said its manual business declined by 8% like-for-like, due to lower sales in direct European markets, while its technology business generated £4.6m of revenue, making for a like-for-like increase of 30%.
Total gross instrument sales and placements across Immunodiagnostic Systems' automated and technology business units reached 150, up from 127 year-on-year and the strongest performance since 2012.
Placements in its direct markets totalled 43, up from 37, with returns of 25, rising marginally from 24.
As a result, net placements in direct markets increased to 18 from 13 year-on-year.
Instrument sales to distributors increased to 50 from 47, and instrument sales to original equipment manufacturer customers in the technology business unit increased to 57 from 43.
Immunodiagnostic Systems said its gross margin improved to 44% from 43% due to cost efficiency efforts, which were partially offset by an adverse sales mix.
Adjusted EBITDA rose to £6.1m from £4.8m year-on-year.
At the end of the 2020 financial year, the company said it had a total of 141 CE-marked assays available for sale on its analysers - up from 135 - 22 of which were in-house developments, in line with the prior year.
"During the 2020 financial year we delivered a second consecutive year of like for like revenue growth, [and] we also increased the number of analysers sold or placed to 150, compared to 127," noted chief executive officer Jaap Stuut.
"Our results in the first quarter of the 2021 financial year will be significantly impacted by reduced laboratory testing volumes, however once the pandemic subsides, we believe we are in a strong position to continue our revenue growth.
"Additionally, we have an opportunity to commercialise our range of automated and manual SARS-CoV-2 (Covid-19) antibody testing kits, which we plan to launch during June."
At 1052 BST, shares in Immunodiagnostic Systems Holdings were up 4.29% at 286.6p.
12 Jun 2020 08:10
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