Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRLM.L Regulatory News (RLM)

  • There is currently no data for RLM

Interim Management Statement

8 Nov 2010 07:00

RNS Number : 7502V
PuriCore Plc
08 November 2010
 



PuriCore plc

 

Q3 2010 Interim Management Statement

Gross Profit Margins Continue to Improve

 

 

MALVERN, PENNSYLVANIA, AND STAFFORD, UK, 8 November 2010 - PuriCore (LSE: PURI), the life sciences company focused on developing and commercialising proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens, today issues its Interim Management Statement covering the period 1 July 2010 to 30 September 2010.

 

Q3 Financial Highlights (unaudited)

·; Q3 sales of $11.1 million, an increase of 4.9% (7.5% at constant currency) (Q3 2009: $10.6 million)

§ Food Safety sales of $4.8 million, a decrease of 18.4% (Q3 2009: $5.8 million)

§ Endoscopy sales of $6.2 million, an increase of 34.0% (40.0% at constant currency) (Q3 2009: $4.6 million);

EBITDA profitability for the third sequential quarter

·; Sales for the nine months ended 30 September 2010 of $30.2 million (2009: $29.6 million), an increase of 1.8% (2.1% at constant currency)

·; Gross profit margin for the nine months ended 30 September 2010 exceeded 32% (YTD 2009: 26.1%)

·; Cash balance as at period end of $8.5 million

 

Q3 Operational Highlights (unaudited)

·; Installed a record number of 17 ISIS pass-through automated endoscope reprocessors (AERs)

·; Secured a purchase order for the first combined ISIS AER-Sterilox System installation

·; Began shipping initial orders of Sterilox Food Safety Systems to the number-one supermarket retailer in Canada

·; Shipped 142 Sterilox Systems to the second largest US supermarket retailer (YTD: 184)

·; Wound care key opinion leaders published one peer-reviewed journal article and presented five posters at medical conferences

 

Post Period Highlights

·; Launched bottled Vashe Wound Therapy, providing a convenient treatment option to wound care clinics and their patients for in-clinic and home use in the US

 

 

Business Report

Revenues for the third quarter 2010 of $30.2 million were $0.5 million higher than in 2009. While the UK Endoscopy growth has been driven by the August 2009 acquisition of Labcaire Systems, the lower volume of Food Safety installations this year results from the overall economic downturn and the delay of one significant contract for which installations are now underway. Gross profit margin for the nine months ended 30 September 2010 exceeded 32% and should remain at these levels for the balance of the year. The increase in the gross profit margin over prior year (YTD 2009: 26.1%) was driven by a marked improvement in Food Safety System quality performance, a reduction in standard costs, and continued leverage of internal field service operations in both the Food Safety and Endoscopy divisions.

 

During the quarter, the Food Safety business achieved $4.8 million in revenue, shipped 142 Sterilox Systems (YTD: 184) to the number-two US supermarket retailer as this chain continues to expand its commitment to safety and quality, and initiated installations for the number-one Canadian supermarket retailer. Year to date, PuriCore has shipped 491 Sterilox Systems (2009: 819), of which approximately 228 (or 46%) were under lease contracts (2009: 149 Systems or 15%).

 

In the UK, PuriCore's Endoscopy business was EBITDA profitable for the third quarter in a row driven by increased volume, improved quality performance, and continued synergies from the Labcaire acquisition. The Company achieved a record quarter for installations of the ISIS pass-through AER with 17 placements and secured its first purchase order for a combined ISIS AER and Sterilox System installation. Additionally, PuriCore won another Endoscopy on Demand managed service contract, bringing the total value of these multi-year contracts to £1.4 million.

 

In the Wound Care business, PuriCore continues to expand its key opinion leaders network, with an article published in the journal Advances in Skin & Wound Care in August and five posters presented at medical conferences during the quarter. With the recent additional US FDA 510(k) clearances for extended shelf-life and an antimicrobial preservative claim, PuriCore is now able to provide the market with diverse packaging. In October, PuriCore launched its new bottled Vashe Wound Therapy, providing a convenient packaging option for wound care clinics and allowing for home use by patients.

 

Chris Wightman, Executive Chairman of PuriCore, said:

"The Company's Q3 performance continued the progress made through the first half of the year. The Endoscopy division was profitable for the third quarter in a row, and the acquisition of Labcaire in August 2009 has delivered the scale and product range needed to provide consistent and growing profits. In our Food Safety division, 2010 has been a challenging year as the purchasing decisions made by our customers at the beginning of the year were based upon the negative economic outlook in 2009. As we move into the budget process for 2011, economic confidence in the food retail sector in the US is crucial to the level of our success next year. That said, we continue to build market share, and are delighted to have started to install at the number-one Canadian supermarket retailer during the quarter.

 

"The margin improvement reported in the first half has continued through Q3 as a result of improved product quality, reduced product cost, and enhanced service performance, demonstrating the long-term viability of our business model.

 

"In October we launched our bottled Vashe product, which continues to be very well received in the clinical market. This next step in the evolution of the wound care portfolio enables easier adoption in the wound care setting and allows us to consider larger and more diverse markets for the product in future."

 

Enquiries:

Financial Dynamics

Susan Quigley

Ben Brewerton

+44 (0) 20 7831 3113

PuriCore

Chris Wightman

Executive Chairman

+44 (0) 20 7290 3440

 

 

About PuriCore

PuriCore plc (LSE: PURI) is a water-based clean technology company focused on developing and commercialising proprietary green solutions that safely, effectively, and naturally kill infectious pathogens without causing harm to human health or the environment. PuriCore's patented, proprietary technology mimics the human body's production of the natural antimicrobial hypochlorous acid, offering a safe and non-hazardous approach to disinfection and sanitisation. The Company's products are used in a broad range of markets that depend upon controlling contamination, including food retail and foodservice, medical device disinfection, and wound care. Hypochlorous acid is proven to be safe, environmentally friendly, and fast acting against a broad range of infectious pathogens, including major public health threats of C.difficile, E.coli, HIV, Human and Animal Influenza (including H1N1 and H5N1), Legionella, MRSA, M.tuberculosis, Norovirus, and Salmonella. PuriCore is headquartered in Malvern, Pennsylvania, with operations in Stafford and Clevedon, UK.

 

To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.

 

 

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSBRBMTMBBMTJM
Date   Source Headline
5th Sep 20114:35 pmRNSPrice Monitoring Extension
23rd Aug 20117:00 amRNSHalf Yearly Report
21st Jul 20117:00 amRNSRe Settlement with Misonix
15th Jun 201110:06 amRNSResult of AGM
18th May 20117:00 amRNSAnnual Information Update
17th May 20114:58 pmRNSUK Division Update
6th May 20117:00 amRNSAnnual Report and Accounts Available
28th Apr 20116:21 pmRNSFinal Results
28th Apr 20116:21 pmRNSInterim Management Statement
4th Apr 20112:29 pmRNSHolding(s) in Company
31st Mar 20114:53 pmRNSHolding(s) in Company
31st Mar 20114:52 pmRNSHolding(s) in Company
31st Mar 20114:51 pmRNSHolding(s) in Company
31st Mar 20117:00 amRNSTotal Voting Rights
22nd Mar 20117:00 amRNSPlacing of New Ordinary Shares
15th Mar 20114:24 pmRNSPotential Sale of Endoscopy Division
4th Feb 201111:51 amRNSBlocklisting Interim Review
2nd Feb 20111:18 pmRNSPre-Close Trading Update
9th Dec 20108:58 amRNSBlocklisting Interim Review
30th Nov 20107:00 amRNSChange of Adviser
8th Nov 20107:00 amRNSInterim Management Statement
29th Oct 20109:56 amRNSResult of General Meeting
11th Oct 20104:00 pmRNSProposed New Long Term Incentive Plan
2nd Sep 20102:44 pmRNSDirector/PDMR Shareholding
31st Aug 20107:00 amRNSHalf Yearly Report
9th Aug 20107:00 amRNSTrading Statement
22nd Jul 20101:36 pmRNSHolding(s) in Company
22nd Jul 20101:30 pmRNSHolding(s) in Company
30th Jun 20109:47 amRNSResult of AGM
21st Jun 20101:10 pmRNSReplacement: Director/PDMR Shareholding
21st Jun 20107:00 amRNSDirector/PDMR Shareholding
16th Jun 20107:00 amRNSBoard Change
14th Jun 20101:38 pmRNS2010 General Meeting Results
14th Jun 20109:16 amRNSAnnual Information Update
28th May 20102:55 pmRNSPublication of Circular
28th May 20107:32 amRNSResumption of Trading
28th May 20107:30 amRNSRestoration
28th May 20107:02 amRNSInterim Management Statement
28th May 20107:01 amRNSFinal Results
28th May 20107:00 amRNSIssue of Secured Convertible Loan Notes
24th May 20102:55 pmRNSHolding(s) in Company
30th Apr 20107:54 amRNSTemporary Suspension
30th Apr 20107:30 amRNSTemporary Suspension - PuriCore Plc
23rd Apr 20107:00 amRNSPuriCore Raises $1.8 Million
24th Feb 20107:00 amRNSBlocklisting Interim Review
20th Jan 20107:00 amRNSTrading Statement
4th Dec 20097:00 amRNSWins Emerging Life Sciences Company of the Year
12th Nov 20097:00 amRNSChange of Adviser
11th Nov 20092:00 pmRNSClinical Results for Vashe Wound Therapy
3rd Nov 20097:00 amRNSInterim Management Statement

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.