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Source BioScience's Preliminary Results for the Year Ended 31 December 2011

3/20/2012 11:52:16 AM

March 20, 2012 -- The Board of Source BioScience plc (LSE: SBS), the international diagnostic and genetic analysis business announces its unaudited preliminary results for the year ended 31 December 2011.

Financial highlights

- Revenue increased by 13% to £15.2 million (2010: £13.5 million)

- Adjusted operating profit* of £0.5 million (2010: £0.2 million)

- Adjusted EBITDA* increased by 48% to £1.9 million (2010: £1.3 million)

- Adjusted profit after tax* of £0.6 million (2010: £0.3 million)

- Loss after tax of £2.8 million (2010: profit £0.1 million)

- Cash generated from operating activities of £0.6 million (2010: £0.9 million)<

- Cash balance at 31 December 2011 of £1.1 million (2010: £4.2 million)

- Purchase of the freehold land and buildings of the Head Office premises in Nottingham, eliminating the 17 year lease obligation and increasing EBITDA by £0.5 million per annum from 2012

- Integration and associated restructuring of the imaGenes business was completed as planned; expected to deliver annualised cost savings in the region of £0.7 million

*Results are stated after eliminating non-recurring restructuring costs of £0.6 million associated with the planned integration of the acquired imaGenes business and the impact of a charge of £2.8 million to reflect the fair value of the Head Office premises purchased during the year, as previously announced.

Operational highlights

- Major developments in LifeSciences business driving growth:

- Overnight Service for DNA sequencing launched in the UK and Germany, providing the fastest available turnaround times to the life sciences research community

- The world’s largest integrated clone and antibody library is now available via GenomeCube®, our proprietary search engine and bioinformatics tool; positive feedback from customers and demand growing

- In the Healthcare business, contracts worth over £0.5 million per annum already signed with NHS Trusts following approval of the FocalPoint™ automated imaging platform for cervical cancer screening; further interest from other NHS Trusts expected

Post-period event

- Access to FocalPoint™ is the determining factor in winning the University Hospital of North Staffordshire NHS Trust’s liquid based cytology contract; this is the first Trust to switch liquid based cytology technology and is worth £0.3 million per annum

Laurie Turnbull, Chairman of Source BioScience, said: “2011 was another year of improvements to the business and strategic progression for Source BioScience. Revenue and operating profit, before the impact of non-recurring items, have increased again and the Group is in a strong financial position.

“Key achievements have been the launch of the Overnight Service and GenomeCube® which give us a dominant position as a world class provider of sequencing services and genomic products. In addition, our Healthcare division has the potential for significant growth with the approval of BD FocalPoint™ in the cervical cancer screening programme.

“Significant opportunities are apparent across all areas of the Group in line with the increasing demands of the healthcare and life sciences markets for faster, more efficient and more accurate molecular diagnostics and gene sequencing services.”

For further information, please contact:

Source BioScience plc

Nick Ash

Chief Executive Officer

Tel: +44 (0)115 973 9010

For investor and media enquiries:

N+1 Brewin (Financial Advisor, Sponsor and Broker)

Aubrey Powell/Luke Boyce

Tel: +44 (0)203 201 3710

College Hill (PR Agency to Source BioScience)

Melanie Toyne-Sewell/Jayne Crook

Tel: +44 (0)207 457 2020

Mob: +44( 0)7890 022814 / +44 (0)7979 462044


Cautionary statement

This Business Review contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Source BioScience plc. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Nothing in this Business Review should be construed as a profit forecast.

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