Axis-Shield plc (LSE: ASD, OSE: ASD), the in vitro diagnostics (IVD) company based in Scotland and Norway, today announces its interim results for the six months ended 30 June 2009.
Financial Highlights
• Reported revenues up 18.5% to £50.6 million (H1 2008: £42.7 million)
• Revenues at constant currency up 11% excluding third party distributed products and adjusting for Plasmatec disposal and discontinued contract R&D (up 7.4% including third party distribution)
• Underlying Profit Before Tax increased to £3.6 million (H1 2008: £1.6 million); underlying EPS 6.74p (H1 2008:.2.86p)
• Statutory Profit Before Tax £7.5 million (H1 2008: £1.6 million); statutory EPS 11.06p (H1 2008: 2.67p)
• Gross Margin 54.4% (H1 2008: 50.7%), helped by favourable product mix
• Underlying EBITDA up 56.6% to £6.9 million (H1 2008: £4.4 million)
• R&D spend £4.9 million (H1 2008: £4.1 million)
• Net debt £7.9 million (end-June, 2008: £7.5 million); cash £11.6 million (end-June 2008: £5.0 million).
Operating Highlights
Point-of-Care Division
• Revenues up 27.3% to £22.1 million (H1 2008: £17.4 million)
• Over 5,000 Afinion™ systems in place by end-June 2009; revenues £7.2 million, up 93.4%
o On track to achieve full year target of 2,500 new placements, with 50% in US
o New hs-CRP marker for cardiovascular risk now in development
• NycoCard™ sales up 9.2% to £12.3 million (H1 2008: £11.3 million), including 20.7% increase in NycoCard HbA1c
o More than 2,000 new instruments placed
o Installed base in excess of 33,000
• Acquisition of PoC distribution business in Germany
Laboratory Division
• Revenues up 23.0% to £12.8 million (H1 2008: £10.4 million)
• Homocysteine revenues up 45.3% to £4.4 million (H1 2008: £3.0 million), helped by winning back business previously lost to unlicensed competition
• Abbott AxSYM® xtra product revenues up 45.2% to £2.2 million (H1 2008: £1.5 million)
• Exclusive development and commercialisation licence from Hansa Medical for new sepsis marker, heparin binding protein (HBP)
• Anti-CCP launched on ARCHITECT® by Abbott
o New agreement concluded for use of Anti-CCP assay on Beckman Coulter’s automated laboratory systems
• Divestment of Plasmatec Laboratory Products
Direct Distribution Division
• Third party distribution revenues up 5% to £15.6 million (H1 2008: £14.9 million), with growth moderated by loss of Norwegian distribution rights to a medical device product range
Commenting on the results, Nigel Keen, Chairman of Axis-Shield said: “We have produced a sound first half performance by building the revenues of our key products. We continue to broaden the range of tests we market, and today we announce plans to market a new AfinionTM test for high sensitivity CRP, which is being increasingly recognised as an important marker for cardiovascular disease. In addition, as part of a comprehensive programme of new marker development, the company has acquired rights to a new proprietary test for sepsis diagnosis, which represents a growing and critical area of clinical need. Our business remains strong, with particularly good growth from our Afinion™ system, and we see no obvious impact on diagnostic test utilisation from the global recession. I look forward to reporting another set of strong results at the year end.”
A meeting for analysts will be held at 9:00 BST on Wednesday 26 August 2009 in London at the offices of Financial Dynamics at Holborn Gate, 26 Southampton Buildings, WC2A 1PB. There will be a simultaneous conference call and webcast. For further details, please contact Mo Noonan on +44 (0)20 7831 3113.
A meeting for Oslo analysts will take place at 8:00 am on Thursday 27 August 2009 at the Continental Hotel, Oslo. For further details, please contact Jackie Nani on +44(0)203 178 7849.
