EKF Diagnostics Holdings PLC Trading update (2228B)

TIDMEKF

RNS Number : 2228B

EKF Diagnostics Holdings PLC

29 January 2020

This announcement contains inside information

for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).

EKF Diagnostics Holdings plc

("EKF" or the "Company")

Trading update

EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care business, provides the following the trading update for the year ended 31 December 2019.

The Company confirms that revenues and adjusted EBITDA(1) for the year ended 31 December 2019 are in line with market expectations, which have already been upgraded following previous trading updates, as announced on 6 November 2019. Cash generation during the period was strong, with net cash at year-end of GBP11.4m, after the payment of performance bonuses (31 December 2018: net cash GBP9.4m).

Renalytix AI plc (AIM: RENX), the spin out from EKF which floated in November 2018, has continued to perform well. As at 31 December 2019, EKF held marketable securities (2,677,981 RENX shares) at approximately GBP9.17m at fair value (compared to book value at cost of investment of GBP3.24m).

2019 has seen the Company continue its momentum by delivering on its strategic goals and the Board is confident that this progress will continue into 2020. Further upside is expected from the OEM contract with McKesson-Surgical Inc. for the distribution of Diaspect Tm in the US and the enzyme manufacturing business with Oragenics, Inc.

EKF expects to announce its final results for the year ended 31 December 2019 at the end of March 2020, with the date to be confirmed in a subsequent announcement.

(1) Earnings before interest, tax, depreciation and amortisation, excluding exceptional items and share based payments.

The person responsible for making this announcement on behalf of the Company is Julian Baines.

Enquiries:

 
EKF Diagnostics Holdings plc                                   www.ekfdiagnostics.com 
Christopher Mills, Non-Executive Chairman                          Tel: [phone] 
Julian Baines, CEO 
Richard Evans, FD & COO 
 
N+1 Singer (Nomad & Broker)                                        Tel: [phone] 
Aubrey Powell / George Tzimas / Carlo Spingardi 
 (Corporate Finance) 
 Tom Salvesen (Corporate Broking) 
 
Walbrook PR Limited                          Tel: [phone] or [e-mail] 
Paul McManus/ Lianne Cawthorne                     Mob: [phone] 
 
 

About EKF Diagnostics Holdings plc (www.ekfdiagnostics.com)

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.

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January 29, 2020 02:00 ET (07:00 GMT)