Lifeline Scientific, Inc Trading Update (2462M)

TIDMLSIC

RNS Number : 2462M

Lifeline Scientific, Inc

19 January 2016

19 January 2016

Lifeline Scientific, Inc.

("Lifeline" or the "Company")

Trading update

Lifeline Scientific (AIM: LSIC), the transplantation technology company, provides the following trading update for the year ended 31 December 2015, following the announcement on 18 December 2015 that adjusted pre-tax profits are expected to be materially ahead of market expectations.

Lifeline continued its historical trend of strong trading during the second half of the year as market adoption for the Company's lead products grew, driven by continued positive clinical evidence. The Company saw significant growth across its North American, Asian and South American regional markets particularly for its flagship LifePort Kidney Transporters and related portfolio of products. As a result, the Company expects to report full year transplantation products and services revenues for the period up 13.7% to US$39.4m (2014: US$34.6m) and ahead of market expectations. A key measure of the Company's growth, the sale of proprietary single-use consumables associated with the LifePort Kidney and Liver Transporters, increased 14.7% to US$23.6m (2014: US$20.6m).

Operating Profit will show considerable growth, with the Company expecting to report at least US$5.6m, more than double the prior year (2014: US$2.4m), and Profit Before Tax is expected to be significantly ahead of market expectations.

The Company's cash position remains strong with cash balances up significantly over 2014. Net of the Company's working capital credit line (paid off in full at year-end 2015), as at 31 December 2015, cash balances were US$6.9m (31 December 2014: US$1.2m).

Following the successful regulatory clearances of Lifelines's full suite of products in China and the new contract wins announced in 2015 for delivery through 2015 and 2016, the Company expects to see further growth going forward.

David Kravitz, CEO of Lifeline Scientific, commented:

"We are encouraged by the strong momentum seen during the second half 2015, particularly in our established North American market and the emerging Asian and South American markets where we have made significant market development investments over the last several years. Our market leading LifePort Kidney Transporter has become the clinical standard of care for machine preservation of donor kidneys and continues to make important contributions toward improving outcomes in renal transplantation worldwide. As LifePort's clinical success expands, we expect continued solid demand for our products and services in 2016. I look forward to providing a more detailed review of the business in our full year results statement."

Lifeline will announce its preliminary results for the year ended 31 December 2015 before the end of April 2016.

For further information:

 
 Lifeline Scientific,          www.lifeline-scientific.com 
  Inc. 
 David Kravitz, CEO                   Tel: [phone] 
 Lisa Kieres, CFO                     Tel: [phone] 
 
 Panmure Gordon (UK)              Tel: [phone] 
  Limited 
 Freddy Crossley (Corporate 
  Finance) 
 Tom Salvesen (Corporate 
  Broking) 
 
 Walbrook PR Limited          Tel: [phone] or 
                                   [e-mail] 
 Lianne Cawthorne                 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 that improve transplant outcomes and lower the overall costs of transplantation. Its lead product, LifePort Kidney Transporter, is the global market-leading medical device for hypothermic machine preservation of donor kidneys. LifePorts and novel solutions designed for preservation of other organs are in development, with LifePort Liver Transporter next in line for commercial launch. For more information please visit www.lifeline-scientific.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 help improve kidney preservation, evaluation and transport prior to transplantation. It has been widely studied in clinical trials throughout the world and is the standard of care for machine preservation of donor kidneys. Employed by surgeons in over 206 leading transplant programmes in 29 countries, LifePorts have successfully preserved more than 70,000 kidneys indicated for clinical transplant. For more information please visit www.organ-recovery.com

About LifePort Liver Transporter

LifePort Liver Transporter is modelled upon the clinically proven technology platform of LifePort Kidney Transporter and the Company's early HMP prototype successfully used in clinical transplant studies by surgeons at New York-Presbyterian Hospital/Columbia University Medical Center. LifePort Liver Transporter and the Company's proprietary machine preservation solution, Vasosol(R), are in the process of US and international regulatory registrations. The system is designed to help improve outcomes in liver transplantation by enabling the clinical use of hypothermic machine perfusion, and has been developed in consultation with clinical and research teams specialising in liver transplantation at Columbia University Medical Center and the University of Chicago. The system employs a rugged, streamlined ergonomic design for ease of use and transportability from donor bedside to recipient operating room. For more information please visit: http://www.organ-recovery.com/pipeline.php

This information is provided by RNS

The company news service from the London Stock Exchange

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January 19, 2016 02:00 ET (07:00 GMT)