Lifeline Scientific, Inc Trading update (7389Z)

TIDMLSI

RNS Number : 7389Z

Lifeline Scientific, Inc

11 February 2014

Lifeline Scientific, Inc.

("Lifeline" or the "Company")

Trading Update

Lifeline Scientific (AIM: LSI), the transplantation technology company, provides the following trading update for the year ended 31 December 2013.

Lifeline had a strong second half of the year, which saw continued international growth including significant orders from Brazil and China for its flagship LifePort(R) Kidney Transporter and related portfolio of products. As a result the Company expects to report full year revenues ahead of market expectations with total revenues for the period up nearly 10% to US$33.2m (2012: US$30.2m). A key measure of the Company's growth, the sale of proprietary consumables associated with the LifePort Kidney Transporter, improved by over 13% compared to last year (2012: US$16.1m).

Operating profit improved significantly from the US$0.1m recorded last year. Operating Profit, adjusted for non-recurring items, will be well ahead of market expectations.

The cash position of the Company remains strong, with cash balances as at 31 December 2013 in line with levels recorded at the Interim Results (30 June 2013: US$3.0m), reflecting investments in both working capital to support growth, and the development of the LifePort Liver Transporter, which is progressing well.

David Kravitz, CEO of Lifeline Scientific, commented:

"We are encouraged by the solid momentum seen during the second half 2013, particularly in the EU and two important emerging markets: Brazil and China where we have made considerable investments. We expect continued strong demand for our products and services in 2014. I look forward to expanding the review of the business in our full year results."

The Company will announce results for the year ended 31 December 2013 on 29 April 2014.

For further information:

 
 Lifeline Scientific, Inc.                                        www.lifeline-scientific.com 
 David Kravitz, CEO                                                      Tel: [phone] 
 Lisa Kieres, CFO                                                        Tel: [phone] 
 
 Panmure Gordon (UK) Limited                                         Tel: [phone] 
 Fred Walsh/ Freddy Crossley (Corporate 
  Finance) 
 Adam Pollock (Corporate Broking) 
 
 Walbrook                                 Tel: [phone] or [e-mail] 
 Paul McManus                                                        Mob: [phone] 
 Mike Wort                                                           Mob: [phone] 
 

About Lifeline Scientific Inc.

Lifeline Scientific, Inc. is a Chicago-based global medical technology company with regional offices in Brussels and Sao Paulo. The Company's focus is the development of innovative products and services that improve transplant outcomes and lower the overall costs of transplantation. Its lead product is the market-leading and clinically validated LifePort Kidney Transporter. Devices for preservation of the liver, pancreas, heart and lung are in late stage pre-clinical development. Also visit: www.organ-recovery.com.

About LifePort Kidney Transporter

Created with the challenges of organ recovery and transport in mind, LifePort Kidney Transporter is a proprietary medical device designed to provide improved kidney preservation, evaluation and transport prior to transplantation. LifePort is the world's leading machine preservation device for kidneys. Employed by surgeons in over 155 leading transplant programmes in 27 countries worldwide, LifePorts have successfully preserved over 47,000 kidneys indicated for clinical transplant. The product provides a sealed, sterile, protected environment where a solution is gently pumped through the kidney at cold temperatures to minimise damage while the organ is outside the body. LifePort is lightweight and portable, allowing organs to be perfused from the time of donor recovery until recipient transplantation. It is designed to travel unaccompanied by land or air, safely transporting the kidneys across town or between countries. While the kidney is being perfused, LifePort records data on temperature, flow rate, vascular resistance and pressure every 10 seconds, providing surgeons with additional data prior to transplant. LifePort is the only system with clinical outcomes data produced from an independent, prospective, randomised, statistically powered, multi-centre clinical trial. Study results have been widely published in scientific journals, including the New England Journal of Medicine. Data indicates that patients receiving LifePort preserved kidneys experienced significant reduction in the incidence and duration of delayed graft function and increased graft survival at 1-year and 3-years post-transplant. LifePort has also been recognised for design and engineering distinctions. It has received prominent awards for design excellence from the medical device industry, has been selected for exhibition at the Smithsonian Cooper-Hewitt National Design Museum and is part of the permanent Collection of The Museum of Modern Art (MoMA) in New York City.

This information is provided by RNS

The company news service from the London Stock Exchange

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