08:00 Mon 27 Apr 2020
EKF Diagnostics Hldg - Update on COVID-19 related manufacturing contract
This announcement contains inside information
for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR)
("EKF", the "Company" or the "Group")
Update on COVID-19 related manufacturing contract
Significant increase in demand with expected orders of
Ramp-up in PrimeStore MTM orders offsets softening in core revenue performance
Global demand for the PrimeStore MTM device has increased significantly due to COVID-19. The device was invented in 2006 in preparation for a worldwide pandemic and is designed to de-activate pathogen rapidly and stabilise the RNA for up to four weeks with no requirement for cold storage. This approach also allows samples to be tested by a greater number of laboratories, as the handling risks for the deactivated virus are reduced.
As announced in the detailed trading review on
Even considering the somewhat lower sales in the Company's core diabetes and haemoglobin products observed in more recent weeks due to lockdown measures affecting patient-physician interactions, the increased contribution from the Longhorn manufacturing contract means that the Company expects to exceed significantly the overall management budgets for H1. Trading in Q1 exceeded management expectations and EKF remains on track to deliver strong year-on-year growth in both revenues and adjusted EBITDA for the six months ended
The Board also remains confident of exceeding its expectations for the full year, however the quantum of this positive trading performance will only be known with certainty as the year progresses and further guidance will be provided later in the year.
Net cash balances remain strong, the Company continues to generate strong free cashflow, and therefore remains committed to paying its maiden dividend to shareholders later in the year, subject to shareholder approval at the AGM.
|
||
|
Tel: +44 (0) 29 2071 0570 |
|
|
|
|
|
|
|
|
|
|
N+1 Singer |
Tel: 020 7496 3000 |
|
|
|
|
|
|
|
|
Tel: +44 (0) 20 7933 8780 or ekf@walbrookpr.com |
|
|
Mob: +44 (0) 7980 541 893 / +44 (0) 7584 391 303 |
|
About
EKF is a leading point-of-care diagnostics and central laboratory assay manufacturer with an estimated 80,000 hemoglobin, hematocrit, HbA1c, glucose and lactate analyzers in regular use across more than 100 countries. EKF specializes in developing tests for use in anemia and diabetes diagnosis and management, as well as providing a portfolio of reagents for use in clinical chemistry analyzers.
This information is provided by RNS, the news service of the
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE