Lifeline Scientific, Inc Trading update (7712I)

TIDMLSIC

RNS Number : 7712I

Lifeline Scientific, Inc

02 September 2016

2 September 2016

Lifeline Scientific, Inc.

("Lifeline" or the "Company")

Trading update

Lifeline Scientific (AIM: LSIC), the transplantation technology company, announces a trading update for the six months ended 30 June 2016.

The prospects for Lifeline Scientific continue to remain solid for 2016, with trading in the first half significantly ahead of the same period last year. The Company saw strong growth across its North American, South American and European markets and expects to report revenues for transplantation products and revenues for the six month period up 21.1% to US$18.2m (H1 2015: US$15.0m), with sales of proprietary single-use consumables up 24.7% to US$10.6m (H1 2015: US$8.5m).

Operating Profit in the first half showed considerable growth, with the Company expecting to report income from operations of US$2.0m, significantly up from the US$0.1m recorded in the same period last year. Profit Before Tax is expected to be US$2.0m (H1 2015: US$0.1m).

The Company's cash position remains strong with US$1.6m of cash generated from operations in the first half (H1 2015: US$1.0m), which resulted in cash balances as of 30 June 2016 of US$7.5m (31 December 2015: US$6.9m).

Lifeline will announce its interim results for the six months ended 30 June 2016 on Monday 26 September 2016.

David Kravitz, CEO of Lifeline Scientific, commented: "We made solid progress during the first half of 2016 and look forward to reporting our Half-Year Results later this month."

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] 
  (NOMAD and Broker)                                          2500 
 Freddy Crossley / Duncan Montieth 
  (Corporate Finance) 
 Tom Salvesen (Corporate Broking) 
 
 Walbrook PR Limited                     Tel: [phone] 
                                        or [e-mail] 
 Paul McManus                                 Mob: [phone] 
                                                               893 
 Lianne Cawthorne                             Mob: [phone] 
                                                               303 
 
 

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 218 leading transplant programmes in 32 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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September 02, 2016 02:00 ET (06:00 GMT)