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PuriCore Release: 2014 Interim Financial Results


8/8/2014 9:18:17 AM

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Endoscopy Business Sold; Strategic Review Underway; Presentation to Market Q4

8 August 2014 – PuriCore plc (LSE: PURI), a global company focused on safe and effective protection against the spread of infectious pathogens, today announces its interim financial results for the six months ended 30 June 2014. Financial Highlights for the Continuing Operations*

As indicated in the Trading Update on 11 July 2014, the rebalancing of Supermarket Retail product mix, the absence of milestone payments, and higher service costs resulting from rapid concentrate roll-out affected period results.

• Group revenue decreased 30.5% to $8.6m (H1 2013: $12.3m)
• Supermarket Retail revenue decreased 27.3% to $7.7m (H1 2013: $10.6m) due to a planned shift in product mix from capital to consumables as compared with prior period
• Wound Care and Dermatology revenue constant at $0.9m, excluding milestones (H1 2013: $1.7m, which benefited from milestone payments of $0.8m)
• Gross margin: 28.2% (H1 2013: 33.1%) primarily due to a lack of all-margin milestone payments as well as higher service costs
• Operating expenses maintained at $6.1m (H1 2013: $6.1m)
• EBITDA** loss: $2.2m (H1 2013: loss of $1.1m) due to the decline in revenue
• Gross cash proceeds from sale of Endoscopy business: $28.0m received in July 2014; net proceeds: approximately $25.7m after purchase price adjustments and deal expenses
• Cash and cash equivalents
•As at 30 June 2014: $1.2m (31 December 2013: $3.4m, including $1.9m Endoscopy cash)
•As at 1 July 2014 following receipt of sale proceeds, pay-down of line of credit, and payment of certain deal related expenses: $26.8m
• Loans and borrowings as at 30 June 2014: $2.2m, of which $2.0m was repaid in July (31 December 2013: nil)

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