12 Apr 2010 07:00
Immunodiagnostic Systems Holdings plc
Trading Update
Immunodiagnostic Systems Holdings plc ("IDS" or "the Company"), a leading producer of specialist diagnostic testing kits for the clinical and research markets is pleased to provide a trading update for the financial year ending 31 March 2010.
Turnover for the year ending 31 March 2010 is expected to be £37,1m, circa 49% ahead of last year's performance (fy/e 31 March 2009: £24.9m) and trading in all of the Group's main territories has increased year on year. Sales into the USA, France, Germany and the UK have grown significantly this year. Profits before tax for the year ending 31 March 2010 are expected to be in line with the Board's expectations.
We are pleased to report increased traction with IDS-iSYS in the second half, as we sold and placed another 47 instruments, bringing the total number post launch to 74. Whilst this is below our initial targets, in part due to the ongoing delay in receiving FDA approval for the iSYS in the USA, revenues per instrument are well ahead of our expectations and the Directors believe that these revenues can be improved upon, having launched three additional automated products for the IDS-iSYS during March 2010.
The US FDA approval process is taking longer than anticipated. Approval timescales from the FDA have lengthened over the past 18 months with most recent examples taking 6-12 months from the time of application. The iSYS application has been under consideration for 6 months already and so whilst we still expect approval, we do not have certainty on timing.
In summary, we look forward to reporting results for the financial year ended 31 March 2010 on 12 July 2010 and continue to look forward to the current year with confidence.
ENDS
For further information:
| Immunodiagnostic Systems Holdings PLC | Tel: 0191 519 0660 |
| Roger Duggan, CEO |
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| Ian Cookson, COO |
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| Paul Hailes, Finance Director |
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| Brewin Dolphin Investment Banking | Tel: 0845 213 4730 |
| Andrew Emmott Richard Jones |
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| Walbrook PR Ltd | Tel: 020 7933 8780 |
| Ben Knowles | Mob: 07900 346 978 |
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| ben.knowles@walbrookpr.com
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