EKF Diagnostics Holdings posts revenue rise

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LONDON (ShareCast) - Healthcare company EKF Diagnostics Holdings on Friday posted a 20 per cent increase in revenues for the second half of 2012.

In a trading update ahead of its results for the financial year ended December 31st, EKF said the second half wielded unaudited revenues of £26.1m, up from £21.7m the year before.

The company reported a net cash position of £2.3m for the year while earnings before interest, taxes, depreciation, and amortization (EBITDA) were expected to be ahead of previous upgraded market consensus.

Results were bolstered by sales of higher margin reagents including its chemical, beta-hydroxybutyrate.

The second half gained from sales of HemoPoint H2 instruments and cuvette through its distribution partner, Alere (NYSE: ALR - news) .

Alere sold 2,460 HemoPoint H2 instruments into the North American market compared to 608 sold by Stanbio in the previous year.

Towards the end of the year EKF received further orders from the Mexican Institute of Social Security (IMSS), for cuvettes for the HemoPoint H2. It followed a $3.6m order from IMSS in November (Xetra: A0Z24E - news) .

Julian Baines, Chief Executive of of EKF, said: "I am delighted with the strong performance shown by the business in 2012. Our continued focus on margin improvement has delivered EBITDA which is again ahead of expectations as well as strong cash generation.

"Looking forward, the contract from IMSS and the strong sales of Quo-Test and Quo-Lab we've recorded in January marks a confident start to 2013."

Shares rose 7.27% to 29.50p at 10:53 Friday.

RD