IDH.L Regulatory News (IDH)

Immunodiagnostic Systems Holdings PLC

19 January 2017

Directorate Change

Immunodiagnostic Systems Holdings plc ("IDS"), a specialist producer of manual and automated diagnostic testing kits and instruments for the clinical market, today announces that Patricio Lacalle, Chief Executive Officer, will step down for personal reasons effective from 31st March 2017. Patricio said: "Though demanding, it has been a pleasure to work with the many talents in the Company. Along with its technologies, they form the basis of a company with enormous potential. I have no doubts that the Company will have a promising future."

Patricio joined IDS as CEO on 1st April 2015. In the approximately 2 years of his tenure management has initiated numerous initiatives to halt the decrease in revenues IDS has been experiencing. At the same time he and his team have established and improved core processes in many functions and reduced the cost base. The success of these actions was reflected in the Interim Results for FY 2017 and the Board is confident that he has laid the basis for a sustainable recovery of the business. Trading since the Interim Results has been consistent with the trends reported at that time.

The role of Chief Executive Officer will be taken over by Regis Duval who will join not later than 15th March 2017. In his latest position Regis has been Senior Vice President Commercial Operations EMEA at Bio-Rad Laboratories with responsibility for a staff of ca.1.200. Before Bio-Rad Regis held a number of senior sales & marketing positions at GE Healthcare Life Science and Whatman PLC. He is a French national and an MBA in Strategy and Finance from the University of Westminster, London.

Dr Burkhard Wittek, Non-Executive Chairman of Immunodiagnostic Systems, said "IDS would like to thank Patricio for his significant contribution which has led to numerous improvements across the Company. Most importantly, the sales function is getting traction again as reflected in an increased number of gross and net new placements and number of assays per installed machine. The development function has also seen a major overhaul and improvement in process efficiency as reflected in a faster rate of product launches. At the same time the cost base has been adjusted to the lower sales volume.

All this has been achieved with a focus to build a sustainable quality company for the mid- and long-term. Patricio leaves a company which has been stabilized successfully, giving Regis the opportunity to build on this and lead the Company to growth again."

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