Immunodiagnostic Systems Expects "Significant" Asset Write Down

LONDON (Alliance News) - Immunodiagnostic Systems Holdings PLC said Monday it expects a significant asset write-down of goodwill and capitalised costs to be realised in the accounts for its most recently ended financial year, but said this will not hit its cashflow.

The company reiterated expectations for a fall in revenue to GBP39 million for the year ended in March, down from GBP45 million the previous year, due to reductions in the company's manual assay business. Additionally, the company said it is continuing to lose business for its automated 25-OH Vitamin D assays as larger laboratories migrate to different systems when their contracts come up for renewal.

Immunodiagnostic Systems expects these revenue trends to continue into its current financial year, it said.

It placed 31 instruments during the year, compared to 54 in the previous year, whilst 43 instruments were returned. Its total number of instruments sold to or placed with distributors or original equipment manufacturing partners was 35, down from 49 the previous year.

Immunodiagnostic Systems said it had cash and cash equivalents of GBP26.6 million at the end of the year, up from GBP23.7 million at the end of the previous year.

The company will report its full year results June 22.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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