Medical testing kit maker, Immunodiagnostic Systems Holdings plc, is anticipating another year of falling revenues.
In April, the Boldon-based business, which also manufactures instrumentation for the clinical and research markets, announced that revenues for the year ended March 31, 2015, would amount to £45m, down from £52m the previous year.
The decrease was said to have been driven by a “significant” decline in income associated with the company’s vitamin D measurement product, as well as a drop in ‘direct instruments’ - products sold or placed with customers in the US and Europe.
In a trading update posted on the London Stock Exchange, IDS has now confirmed it expects revenues to fall further to between £39m and £42m in the financial year to March 31, 2016.
The update said: “The board remains committed to the continued execution of its strategic plan with the major objectives being 1. increased automated assay panel in its core endocrinology franchise by significantly increasing the rate of new product introductions; 2. implementing sales excellence to increase net new placements; 3. greater emphasis on cost management; and 4. M&A to accelerate the growth in automated IVDs.”
Final results for the year ended March 31, 2015, will be announced on June 23, 2015.