EKF Diagnostics, the point of care diagnostics company, announced in an update regarding the final results to December 2011 that with strong trading in H2 they are anticipated to show sales of c.£21.6 million (2010: £6.5 million) and adjusted EBITDA significantly ahead of market expectations. Year end net cash was £2.8 million.
Sales of Quo-Test have been assisted by a very favourable evaluation undertaken by the Scandinavian Evaluation of Laboratory Equipment for Primary Health Care. Stanbio, which was acquired in May 2011, has achieved strong organic growth in H2.
Developments for 2012 include the launch of Quo-Lab in H1, the extension of Quo-Lab assays in H2, a product cost reduction programme, and shipment in Q1 of first products to Alere. Submission of Quo-Test for FDA 510k approval is expected in H1.
The EKF share price has decreased by 15% over the past year.
EKF Diagnostic Holdings Plc is currently graded C by LCF Research. To learn more, follow the link.
