PuriCore: Final Results for the Year Ended 31 December 2012
Published: Apr 30, 2013
30 April 2013 -- PuriCore (LSE: PURI), the water-based clean technology company, today announces its Final Results for the year ended 31 December 2012.
2012 Financial Highlights
-- Group revenue up 11.3% (12.0% at constant currency) to $47.4m (2011: $42.6m)
-- Supermarket Retail revenue up 14.0% to $22.2m (2011: $19.4m)
-- Endoscopy revenue up 4.6% (5.9% at constant currency) to $23.5m (2011: $22.5m)
-- Wound Care revenue up 160.0% to $1.7m (2011: $0.7m)
-- Improvement in gross profit margin to 32.7% (2011: 29.4%)
-- EBITDA* profitable: increase of $3.6m to $1.3m (2011: -$2.3m)
-- Cash flow generated from operations $4.5m (2011: -$0.06m)
-- Loss before interest and taxes of $2.1m (2011: $6.7m)
-- Operating expenses reduced 9% to $17.5m (2011: $19.2m)
-- Gross cash of $2.5m at 31 December 2012
* Earnings before interest, tax, depreciation, and amortisation.
2012 Operational Highlights
Food & Agriculture Supermarket Retail: signed two major deals valued at approximately $9m Agriculture: reported positive results from research collaboration at Oxford University Water Treatment: signed a marketing partnership agreement with Lohas Products GmbH
Health Sciences Endoscopy: recurring revenue increased 5.8% (7.5% at constant currency) to $18.2m (2011: $17.2m), accounting for 78% of divisional revenue Wound Care: revenue continued to grow; focused on developing marketing partnerships
-- Converted 95% of the £7.95m of Convertible Loan Notes in January
-- Raised approximately £2.3m (before expenses) in a placing in January
-- Received US FDA regulatory clearance for Vashe Skin and Wound Hydrogel formulation itch related to atopic dermatitis in February
-- Formed marketing partnership with Onset Dermatologics for new Vashe-based dermatologic hydrogel products
-- Formed marketing partnership with SteadMed Medical in April for marketing of Vashe Wound Therapy in the US, Canada, and Mexico
-- Signed a $14m Sterilox Fresh agreement with a top-five US supermarket retailer in April
-- Strengthened Board through appointments of Danny Hegglin Non-Executive Director in January, Marella Thorell Finance Director in March, and Peter Larkin Independent Non-Executive Director in April
Michael Ashton, Executive Chairman, said: “In 2012, PuriCore grew revenue, improved gross profit margin, and generated positive cash flow from operations whilst the successful post-period end restructuring of the Convertible Loan Notes and the raising of more than £2 million, through a placing of shares, have significantly strengthened our balance sheet. Looking ahead, the Directors remain confident of the Company?s prospects to achieve sustainable growth in key business areas through the strategic expansion of our range of product formats, increasing the proportion of recurring revenues, and pursuing business development partnerships.”
PuriCore will host a conference call for investors and analysts today at 2.00 pm BST (9.00 am EST). From the UK, dial +44 (0)20 3139 4830 (Pin code: 62667591#) and from the US, dial +1 718 873 9077 (Pin code: 62667591#).
A recording of the results call will be available on the Company's website at www.puricore.com.
Susan Stuart/Simon Conway
Victoria Foster Mitchell
+44 (0) 20 7831 3113
Sage Strategic Marketing
+1 610 410 8111
PuriCore plc (LSE: PURI) is a water-based clean technology company focused on developing and commercialising proprietary solutions that protect people from the spread of infectious pathogens without causing harm to human health or the environment. PuriCore?s antimicrobial technology and complementary products are used principally 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 in UK hospitals. PuriCore?s breakthrough wound therapy solution is used to treat chronic and acute wounds including diabetic ulcers and burns as well as atopic dermatitis as dermatologic treatment products. In the Food & Agriculture market, both Sterilox Fresh and FloraFresh provide savings to supermarket retailers in labour costs and improvements in inventory loss of fresh produce and floral products. In addition, the Company is progressing in its research and development programmes at Oxford University 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.
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