IDH.L Regulatory News (IDH)

5 Oct 2009 07:00



Immunodiagnostic Systems Holdings plc

Trading update

Immunodiagnostic Systems Holdings plc ("IDS" or "the Company"), a leading producer of diagnostic testing kits for the clinical and research markets, announces a trading update for the six month period to 30 September 2009, prior to the release of its half-yearly report on Monday, 30 November 2009.

Turnover from continuing operations for the period is 56% ahead of the comparative period for last year at £16.9 million (2008: £10.8 million) and 20% ahead of 2008 H2 on a like for like basis. Revenues have increased in all direct sales territories with substantial growth in the USA, France and Germany. Sales of our Vitamin D products continue to grow at an impressive rate, having doubled compared to same period last year.

The company has made progress in both sales and placements of our automated instrument the IDS-iSYS following its launch at the end of February this year. We have also launched three automated products; 25 Hydroxy vitamin D at the end of February, P1NP in July and HGH in September. We have direct reagent rental accounts in the UK, France, Germany, Austria 

and Switzerland and have made instrument sales in Australia, Canada, Finland, Italy, Spain, France and Switzerland.

The roll out of the IDS-iSYS is in its formative stages, and although initial machine sales are a little lower than anticipated, it is pleasing to report that revenue per machine is ahead of expectations. We expect the rate of sales and placements to increase in H2 following the increase in the number of iSYS evaluation sites towards the end of H1, the new agreement with Technogenetics (announced today on RNS Reach) under which we will supply OEM instruments and reagents to them, and, subject to the timing of FDA approval later this year, the planned US launch of the iSYS system.

Overall trading remains in line with management expectations and the Board remains confident going forward that it can continue to execute its plans for the current year.

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