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PuriCore: Interim Management Statement


5/14/2014 9:47:44 AM

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14 May 2014 – PuriCore plc (LSE: PURI), a global company focused on safe and effective protection against the spread of infectious pathogens, today announces its Interim Management Statement for the period from 1 January 2014 to 13 May 2014, which incorporates information in relation to the financial performance of the business for the first quarter being from 1 January 2014 to 31 March 2014.

Revenue for the Group decreased 2.9% to $10.6 million (6.4% at constant currency) in the first quarter of 2014 (Q1 2013: $10.9 million), as higher recurring revenues were offset by delays in capital orders. Cash and cash equivalents were $3.9 million as at 31 March 2014 (as at 31 December 2013: $3.4 million).

Food & Agriculture
In the Supermarket Retail business, revenue increased 17.8% to $4.3 million (Q1 2013: $3.6 million) due to growth in the Company’s concentrate products. During the period, this business completed all remaining Sterilox Fresh System installations for the $14.0 million agreement with a top-five US supermarket retailer announced in April last year as well as continued shipments of FloraFresh and ProduceFresh bottled concentrate products under the three major multi-year contracts with leading US retailers. For the full year, the Supermarket Retail business plans to invest in sales and marketing to drive growth in product usage of FloraFresh and ProduceFresh as well as to expand the Floral business target market to florists and into the floral supply chain.

Health Sciences
During the first quarter of 2014, Endoscopy revenue decreased 6.0% (12.0% at constant currency) to $5.9 million (Q1 2013: $6.2 million). The decrease was due to delays in capital orders and planned heavier sales in the second half of the year in anticipation of the launch of the new state-of-the-art endoscope washer disinfector, RapidAER®. During the quarter, the Endoscopy business completed final testing of and received CE marking for the new product. Market acceptance of RapidAER has been favourable, and sales orders are already in hand with shipments planned to commence in June.

Global Wound Care and Dermatology revenue decreased 55.8% to $0.5 million (Q1 2013: $1.1 million) primarily due to a significant portion of the prior period’s revenue comprising milestone payments. PuriCore signed a marketing and distribution agreement with Ueno Corporation for Vashe in 15 Middle East and North African countries in February 2014. Initial shipments to Ueno commenced in the first quarter of 2014. In April 2014, PuriCore launched a complementary product for the Animal Health market, NovaZo Wound Hydrogel Dressing.

Michael Ashton, Executive Chairman, said:
“During the quarter, we further advanced our multi-year strategy that focuses on increasing recurring revenue through new products and partnerships. We experienced a slight decrease in revenue for the period driven by higher recurring revenues offset by delays in capital orders, due in part to hospitals awaiting availability of our new RapidAER. For the remainder of 2014, we will invest strategically in our Supermarket Retail business to drive growth and aim to increase revenue in the UK Endoscopy business driven through new product launches and ancillary recurring revenue streams. The new Middle Eastern partnership, plus other international partnerships being pursued in all business areas, offers opportunities to leverage marketing resources whilst delivering growth.”

About PuriCore
PuriCore plc (LSE: PURI) is a global company focused on safe and effective protection against the spread of infectious pathogens without causing harm to human or animal health or to the environment. PuriCore’s antimicrobial technology and complementary products are used in well-established core businesses and emerging sectors of two broad markets: Health Sciences and Food & Agriculture. In the Health Sciences market, PuriCore is the leading full provider of all products and services required for a safe, efficient, and compliant endoscope decontamination to protect patients and staff in UK hospitals. PuriCore’s breakthrough wound care technology is used to treat chronic and acute wounds including diabetic ulcers and burns in humans, for atopic dermatitis as private-labelled dermatologic treatments for humans, and to manage wounds in all species of companion and farm animals in the animal health segment. In the Food & Agriculture market, PuriCore’s portfolio is used by three of the top-five US supermarket retailers to provide savings in labour costs and improvements in inventory loss and to address cross contamination of pathogens on fresh produce and floral products. In addition, the Company is progressing its research and development programmes on the use of its technology as an agricultural fungicide. PuriCore is headquartered in Malvern, Pennsylvania, with operations in Stafford and Clevedon, UK. To receive additional information on PuriCore, visit www.puricore.com.

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.

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