REG - EKF Diagnostics Hldg - AGM Statement

EKF Diagnostics HoldingsAnnouncement

18/05/2022 07:00

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RNS Number : 8527L  EKF Diagnostics Holdings PLC  18 May 2022

EKF Diagnostics Holdings plc

("EKF", the "Company" or the "Group")

 

AGM Statement

 

EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global diagnostics
business, provides an update to shareholders ahead of its Annual General
Meeting ('AGM') today at Harwood Capital, 6 Stratton Street, Mayfair, W1J 8LD
at 11.00 a.m.

 

As previously announced, the Company is providing a facility for shareholders
to listen in to the AGM, either online or telephonically (in a non-voting
capacity) and investor questions will be addressed afterwards. For dial-in
details please contact Walbrook PR via email at ekf@walbrookpr.com
(mailto:ekf@walbrookpr.com) or call +44 (0)20 7933 8780.

 

Chairman's AGM statement

"We were delighted to announce at the end of March a record set of financial
results for 2021 and provide confirmation of our ongoing focus on implementing
a strategy that positions our business for sustainable future growth.

 

In the new financial year we have already made good progress in implementing
our investment plans to support this growth. We have made significant
investment to expand the fermentation capabilities of the Life Sciences
business at our South Bend, Indiana, facility. We have a demand-driven
pipeline of opportunities that is expected to start flowing strongly once the
investment in new fermenters is completed by the end of the current year, and
we remain on track to have the capacity in place to support significant
revenue growth through to 2024.

 

We are also making good progress in redeploying our Contract Manufacturing and
Laboratory Services capacity and skill set into non-COVID related areas. In
Contract Manufacturing we are actively working with new partners to build a
strong pipeline for non-COVID products. This includes delivering validation
batches for products which are expected to be launched throughout 2022 and
into 2023. In Laboratory Services, the ADL Health team are expanding their
range of testing capabilities across a broader suite of healthcare
applications and are progressing well.

 

Trading in the first quarter has been strong and we have delivered first
quarter revenues in line with that of the corresponding period in 2021, and we
remain on track to deliver full year results in line with current market
forecasts. In our established Point-of-Care and Central Laboratory businesses
we continue to see market growth following the COVID slowdown and in the first
quarter have seen sales growth compared with 2021.

 

As a Board we remain confident in delivering on our growth strategy to 2024
and I would like to thank my fellow shareholders for their support."

 

 EKF Diagnostics Holdings plc               www.ekfdiagnostics.com (http://www.ekfdiagnostics.com)
 Mike Salter, CEO                            Tel: +44 (0)29 2071 0570
 Marc Davies, CFO

 Singer Capital Markets (Nominated Adviser & Joint Broker)                           Tel: +44 (0)20 7496 3000
 Aubrey Powell / George Tzimas

 Investec Bank plc (Joint Broker)           Tel: +44 (0)20 7597 4000
 Gary Clarence / Daniel Adams / Ben Farrow

 Walbrook PR Limited                        Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com (mailto:ekf@walbrookpr.com)
 Paul McManus / Lianne Applegarth           Mob: +44 (0)7980 541 893 / +44 (0)7584 391 303

 

About EKF Diagnostics Holdings plc (www.ekfdiagnostics.com
(http://www.ekfdiagnostics.com) )

EKF is a leading global diagnostics business with custom manufacturing
facilities across sites in the US, UK and Europe for a variety of life science
products. EKF is focussed on the following areas:

 

 Point-of-Care             Providing a portfolio of Point-of-Care analysers and consumables, particularly
                           for use in the area of Hematology and Diabetes, for use in hospital and
                           research laboratories, doctor's offices, blood banks and for in-field anaemia
                           screening programmes. EKF has an estimated 80,000 hemoglobin, hematocrit,
                           HbA1c, glucose and lactate analysers in regular use across more than 100
                           countries.

 Central Laboratory        Clinical chemistry, Small lab analysers, Centrifuges

                           Beta-Hydroxybutyrate (β-HB) LiquiColor, Glycates Albumin, Glycated Serum
                           Protein, Nitro-tab, Procalcitonin

 Life Sciences             Enzyme fermentation, Custom products and Bulk fermentation

 Contract Manufacturing    Bulk formulation, Sample collection kits, Private labelling, Molecular and
                           forensic kits

 Laboratory Services       In September 2021, EKF completed the acquisition of Advanced Diagnostic
                           Laboratory LLC ("ADL Health"), a Texas based testing laboratory certified
                           under the Clinical Laboratory Improvement Amendments ("CLIA") for high
                           complexity testing. The laboratory provides testing for a variety of clinical,
                           forensic and microbiological sample types using a range of analytical
                           techniques. This acquisition positions EKF as a leading 'one stop' provider of
                           diagnostic products and services from sample collection to results.

 

EKF's growth strategy to 2024 and beyond can be summarised as:

 •    continuing innovation in products and services in Point-of-Care, Central
      Laboratory and Life Sciences leveraging new and existing routes to market and
      relationships;
 •    investment in expanded production and kitting capabilities to offer a suite of
      diagnostic Contract Manufacturing solutions to third party businesses;
 •    expansion of CLIA Laboratories Testing offering, building on the acquired
      capabilities in ADL Health; and
 •    concluding complementary earnings-enhancing acquisitions with key strategic
      value.

 

EKF will also continue to generate enhanced shareholder value through:

 •    a progressive dividend policy; and
 •    its agreement with Mount Sinai Innovation Partners ("MSIP"), which allows us
      advanced access to innovative commercial opportunities and where we can build
      on the ongoing successes of Renalytix plc, Verici Dx plc and Trellus Health
      plc.

 

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