4 Aug 2014 07:00
4 August 2014
Immunodiagnostic Systems Holdings PLC
AGM Statement
Immunodiagnostic Systems Holdings PLC ("the Company" or "the Group"), a leading producer of manual and automated specialist diagnostic testing kits and instrumentation for the clinical and research markets, will today hold its Annual General Meeting at 2.00 pm at its registered office at 10 Didcot Way, Boldon Business Park, Boldon, Tyne & Wear, NE35 9PD.
At the meeting, Chairman, Dr. Anthony Martin, will make the following statement to shareholders.
"The Group has made a satisfactory start to this financial year. Financial performance to date has been in line with management expectations, in part due to the receipt of a milestone license payment earlier in the year than anticipated.
We are currently seeing a low level of placements and an acceleration in the decline in our manual revenues. In addition, unfavourable exchange rate movements are creating a "headwind" for our reported numbers. Accordingly, delivering revenues in line, or slightly ahead of those reported to March 2014 will be dependent on the Company's success on placements (and manual revenues) in the remainder of the financial year. The timing of these factors means that the Group's revenues are expected to be weighted towards the second half of the financial year.
We are committed to executing on our five year strategy announced in June and we look forward to keeping shareholders updated on progress."
For further information:
Immunodiagnostic Systems Holdings PLC | Tel : +44 (0)191 519 0660 |
Patrik Dahlen, Chief Executive Officer | |
Chris Yates, Group Finance Director | |
Peel Hunt LLP | Tel : +44 (0)207 418 8900 |
James Steel | |
Clare Terlouw | |
FTI Consulting | Tel : +44 (0)203 727 1000 |
Ben Atwell | |
Simon Conway | |
Mo Noonan |
About Immunodiagnostic Systems Holdings PLC
The Group's vision is to be a leading solution provider to the clinical laboratory diagnostic market. IDS's strategy is focused on developing, internally and through partnership, its automated assay menu for its proprietary automated immunoassay analyser, the IDS-iSYS system. Internally the Group is focused on developing an endocrinology excellence menu and externally IDS works with partners to develop assay panels in complementary indication fields. The Group sells its products primarily in the clinical laboratory market across a range of customers from reference laboratories to physician office laboratories. IDS has field sales forces in certain European countries, including France and Germany, the United States and Brazil and works with distributors in other markets including China, Italy and Spain.