EKF Diagnostics Holdings PLC Update on strong cash position (5502O)
13 6월 2022 - 3:00PM
UK Regulatory
TIDMEKF
RNS Number : 5502O
EKF Diagnostics Holdings PLC
13 June 2022
EKF Diagnostics Holdings plc
("EKF", the "Company" or the "Group")
Update on strong cash position
EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global
diagnostics business , provides an update following the
strengthening of its cash position.
Within its final results announcement, released on 29 March
2022, the Company disclosed that w orking capital for the period
ended 31 December 2021 grew by GBP6.7m, "particularly as a result
of additional inventory carried in the USA". This inventory
increase included inventory associated with COVID-related contract
manufacturing services in the US. The Company can confirm that it
has now received a cash payment of $5.5m in relation to this
inventory.
The accounting effect of this payment will represent an
enhancement to both revenue and adjusted EBITDA for the current
financial year ending 31 December 2022, however the quantum of the
enhancement is not yet confirmed. Therefore, the Board is not
seeking to change guidance to analysts on trading and outlook for
2022 at this stage, but expects to provide an ordinary course of
business update within the interim results announcement in
September.
The Group's cash, net of borrowings, as at 31 May 2022 increased
to GBP21.2m from GBP19.6m at the prior year end. The more recent
figure takes into account the receipt of these inventory-related
funds, while also reflecting the successful execution of the
Company's GBP4m buyback programme (whereby 9,000,000 ordinary
shares were bought back and cancelled) and a further GBP2.5m
investment in Verici Dx plc (AIM: VRCI).
Commenting Mike Salter, Chief Executive Officer of EKF, said:
"We are very pleased to confirm this additional boost to our
already strong cash position. The receipt of this cash payment is a
significant move towards a clean break from COVID-related services
for our Contract Manufacturing business as we transition into new
areas. Our strong cash position allows us to continue to execute
our strategy of investing for sustainable future growth."
EKF Diagnostics Holdings plc www.ekfdiagnostics.com
Mike Salter, CEO Tel: +44 (0)29 2071 0570
Marc Davies, CFO
Singer Capital Markets (Nominated Adviser & Tel: +44 (0)20 7496 3000
Joint Broker)
Aubrey Powell / George Tzimas
Investec Bank plc (Joint Broker) Tel: +44 (0)20 7597 4000
Gary Clarence / Daniel Adams / Ben
Farrow
Walbrook PR Limited Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com
Paul McManus / Lianne Applegarth Mob: +44 (0)7980 541 893 / +44 (0)7584
391 303
About EKF Diagnostics Holdings plc ( www.ekfdiagnostics.com
)
EKF is a leading global diagnostics business with custom
manufacturing facilities across sites in the US, UK and Europe for
a variety of life science products. EKF is focussed on the
following areas:
Point-of-Care Providing a portfolio of Point-of-Care analysers and
consumables, particularly for use in the area of Hematology
and Diabetes, for use in hospital and research laboratories,
doctor's offices, blood banks and for in-field anaemia
screening programmes. EKF has an estimated 80,000
hemoglobin, hematocrit, HbA1c, glucose and lactate
analysers in regular use across more than 100 countries.
Central Laboratory Clinical chemistry, Small lab analysers, Centrifuges
Beta-Hydroxybutyrate (<BETA>-HB) LiquiColor , Glycates
Albumin, Glycated Serum Protein, Nitro-tab, Procalcitonin
Life Sciences Enzyme fermentation, Custom products and Bulk fermentation
Contract Manufacturing Bulk formulation, Sample collection kits, Private
labelling, Molecular and forensic kits
Laboratory Services In September 2021, EKF completed the acquisition of
Advanced Diagnostic Laboratory LLC ("ADL Health"),
a Texas based testing laboratory certified under the
Clinical Laboratory Improvement Amendments ("CLIA")
for high complexity testing. The laboratory provides
testing for a variety of clinical, forensic and microbiological
sample types using a range of analytical techniques.
This acquisition positions EKF as a leading 'one stop'
provider of diagnostic products and services from
sample collection to results.
EKF's growth strategy to 2024 and beyond can be summarised
as:
-- continuing innovation in products and services in Point-of-Care,
Central Laboratory and Life Sciences leveraging new and existing
routes to market and relationships;
-- investment in expanded production and kitting capabilities to offer
a suite of diagnostic Contract Manufacturing solutions to third
party businesses;
-- expansion of CLIA Laboratories Testing offering, building on the
acquired capabilities in ADL Health; and
-- concluding complementary earnings-enhancing acquisitions with key
strategic value.
EKF will also continue to generate enhanced shareholder value
through:
-- a progressive dividend policy; and
-- its agreement with Mount Sinai Innovation Partners ("MSIP"), which
allows us advanced access to innovative commercial opportunities
and where we can build on the ongoing successes of Renalytix plc,
Verici Dx plc and Trellus Health plc.
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