February 07, 2013 -- Lifeline Scientific, the medical technology company, issues the following trading update for the year ended 31 December 2012.
Trading in the second half of the year has been strong and as a result we expect to report that revenues for the full year 2012 grew to approximately $30 million (2011: $25.4million).
This performance was driven in large part by a significant increase in revenue growth outside of North America. Most notably we received regulatory approval in Brazil for our full product range during the second quarter of the year and recorded our first commercial sales there, despite being impacted by the ANVISA public worker’s strike between July and September 2012. As previously announced, the Company also benefited from a marked increase in sales of its consumables worldwide, including preservation solutions sales to the NHS, following a successful national UK tender.
Whilst the Company expects to report an increase in turnover, as previously flagged, profit before tax for 2012 is expected to be at a lower level than that reported in 2011. This is primarily due to significant investment to drive and support our geographic expansion in Europe, South America and China, completion of the development phase of the LifePort Liver Transporter product line, and changes in product mix impacting gross margin. The Company also incurred significant legal expenses related to a lawsuit brought in June 2011 against a former vendor and competitor to the Company.
Trading in January 2013 has been in line with management expectations and we expect to see continued revenue growth for 2013, driven in particular by another year of solid performance outside of North America.
The Company will announce full year results in April.
Lifeline Scientific, Inc. + 1 847 294 0300
David Kravitz, CEO
Seymour Pierce (Nomad) +44 (0)20 7107 8000
Mark Percy / Sarah Jacobs
FTI Consulting +44 (0)20 7831 3113
Simon Conway / John Dineen
About Lifeline Scientific Inc.
Lifeline Scientific, Inc. is a Chicago-based global medical technology company with regional offices in Brussels and Sao Paulo. The Company’s focus is the development of innovative products that improve transplant outcomes and lower the overall costs of transplantation. Its largest selling clinical products include the LifePort Kidney Transporter, the industry’s leading machine preservation device for kidneys. Devices and consumables for preservation of the liver, pancreas, heart, and lung are in late stage and pre-clinical development.