28 Apr 2009 07:01
PuriCore plc
Q1 Interim Management Statement
Record Revenues and Sterilox Food Safety System Installations in Q1 2009
MALVERN, PENNSYLVANIA, AND STAFFORD, UK, 28 April 2009 - PuriCore (LSE: PURI), the life sciences 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, issues its Interim Management Statement covering the period 1 January 2009 to 31 March 2009. PuriCore also today announces its 2008 final results (see separate release).
Q1 Highlights
Sales increased 16% (28% on a constant currency basis) to $10.5 million (Q1 2008: $9.1 million)
Cash as at 31 March 2009 of $15.7 million
Record quarterly shipments of 387 Sterilox Food Safety Systems
New Endoscopy pass-through AER and additional decontamination services launched in UK
Early traction in the Wound Care business with continued positive clinical feedback
Business Report
The US Food Safety business achieved a record number of installations and revenues in Q1 2009 resulting from major contracts won in 2008 including the full North American rollout of Safeway, a top-five US supermarket retailer. UK Endoscopy revenues were slightly behind the prior year due to the very strong Q1 2008 results (68% growth over Q1 2007) but remain on track to deliver expected full-year revenue growth for 2009. In the new Wound Care business, PuriCore achieved early market traction in Q1 2009 and continues to receive very positive feedback from key opinion leaders across the US. Cash as at 31 March 2009 was $15.7 million with $7.6 million in accounts receivable, an increase of approximately $4.6 million from 31 December 2008 due to the strong Q1 sales. The Company also remains on target to reduce operating expenses by a further 10% from 2008 levels.
Greg Bosch, Chief Executive of PuriCore, said:
"PuriCore has made a strong start to 2009, delivering record revenues despite a challenging economy and the significant impact of weaker sterling. We remain on target to achieve our financial and operating goals for the full year, and we are confident that we continue to be well-positioned to execute on our business plan."
Enquiries:
| Ben Brewerton Susan Quigley Financial Dynamics +44 (0) 20 7831 3113 | Greg Bosch, CEO Darren Weiss, VP Finance PuriCore +1 484 321 2700 |
About PuriCore
PuriCore plc (LSE: PURI) is a life sciences 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 M.tuberculosis, MRSA, E.coli, Norovirus, H5N1 Avian Influenza, HIV, Salmonella, Polio Virus, Helicobater pylori, and Legionella. PuriCore is headquartered in Malvern, Pennsylvania, with offices in Stafford, 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.
All 2009 financials are unaudited.