Immunodiagnostic Systems Holdings warn on fall in revenues ahead of full year results

The Boldon-based maker of medical testing kits said there had been a lower number of placements of its technology

Immunodiagnostic Systems
Immunodiagnostic Systems

Revenues at medical testing kit maker Immunodiagnostic Systems Holdings plc are expected to fall to around £45m in the year to the end of March 2015.

The Boldon-based supplier to the clinical laboratory diagnostic market said total revenues would fall from £52m in 2014 due to lower placements and a continued “significant” decline in revenues attached to its vitamin D measurement products.

Placements of the firm’s “direct instruments” — products sold or placed with customers in the US and Europe — totalled 54, down from 60 in 2014.

Some 40 instruments were returned during the year, up from 25, meaning net direct instrument placements were 14.

The total number of instruments sold to or placed with distributors or manufacturing partners during the year was 40, down from, 57.

Closing cash and cash equivalents was around £24m as at March 31, 2015, from £27m in 2014.

In late November Patrik Dahlen resigned as chief executive, citing “professional reasons”.

The move was announced as Immunodiagnostic Systems revealed a “disappointing” set of results for the six months to September 30, 2014.

Despite the headline £5.8m fall in revenues to £22.1m, the firm said progress had been made its five-year strategic plan.

Full year results for Immunodiagnostic Systems Holdings plc will be announced on June 23, 2015.

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