25 Apr 2016 07:00
Full year trading update
Immunodiagnostic Systems Holdings PLC
25 April 2016
25 April 2016
Immunodiagnostic Systems Holdings plc Trading Update for year ended 31 March 2016
Immunodiagnostic Systems Holdings plc ("the Group"), a specialist solution provider to the clinical laboratory diagnostic market, today provides a trading update for the year ended 31 March 2016.
Total revenues are expected to be c. £39 million (2015: £45 million), in line with the guidance given in November 2015. The decrease in revenues year on year is mainly due to further reductions in our manual assay business, where test volumes continue to migrate to automated solutions offered by us and others. In addition, we are continuing to lose automated 25-OH Vitamin D business as the larger laboratories migrate test volumes previously run on the iSYS analyzer to workhorses (i.e. high-throughput analyzers) when their contracts with IDS come due for renewal. These revenue trends are expected to continue into the current financial year.
Gross direct instrument placements were 31 (2015: 54) with 43 instruments returned in the year (2015: 40), meaning net direct instrument returns were 12 (2015: net additions of 14). The total number of instruments sold to or placed with distributors or OEM partners (net) during the year was 35 (2015: 49).
Closing cash and cash equivalents were £26.6 million at 31 March 2016 (31 March 2015: £23.7 million; 30 September 2015: £23.5million).
At the end of the year the company employed 315 people on a full time employment basis (FY 2015:346).
We are expecting a significant asset write-down of goodwill and capitalized costs in the year ended 31 March 2016 accounts. This write down will not impact the Group's cashflow.
Preliminary results for the year ended 31 March 2016 will be announced on 22 June 2016.
For further information:
Immunodiagnostic Systems Holdings plc Tel : +44 (0)191 5190660
Patricio Lacalle, Chief Executive Officer
Paul Martin, Group Finance Director
Peel Hunt LLP Tel : +44 (0)207 418 8900
James Steel
Oliver Jackson