EKF Diagnostics Holdings plc
("EKF", the "Company" or the "Group")
AGM Statement
EKF Diagnostics Holdings plc (AIM: EKF), the AIM-listed global diagnostics business, provides an update to shareholders ahead of its Annual General Meeting ('AGM') today at Harwood Capital, 6 Stratton Street, Mayfair, W1J 8LD at 11.00 a.m.
As previously announced, the Company is providing a facility for shareholders to listen in to the AGM, either online or telephonically (in a non-voting capacity) and investor questions will be addressed afterwards. For dial-in details please contact Walbrook PR via email at ekf@walbrookpr.com or call +44 (0)20 7933 8780.
Chairman's AGM statement
"We were delighted to announce at the end of March a record set of financial results for 2021 and provide confirmation of our ongoing focus on implementing a strategy that positions our business for sustainable future growth.
In the new financial year we have already made good progress in implementing our investment plans to support this growth. We have made significant investment to expand the fermentation capabilities of the Life Sciences business at our South Bend, Indiana, facility. We have a demand-driven pipeline of opportunities that is expected to start flowing strongly once the investment in new fermenters is completed by the end of the current year, and we remain on track to have the capacity in place to support significant revenue growth through to 2024.
We are also making good progress in redeploying our Contract Manufacturing and Laboratory Services capacity and skill set into non-COVID related areas. In Contract Manufacturing we are actively working with new partners to build a strong pipeline for non-COVID products. This includes delivering validation batches for products which are expected to be launched throughout 2022 and into 2023. In Laboratory Services, the ADL Health team are expanding their range of testing capabilities across a broader suite of healthcare applications and are progressing well.
Trading in the first quarter has been strong and we have delivered first quarter revenues in line with that of the corresponding period in 2021, and we remain on track to deliver full year results in line with current market forecasts. In our established Point-of-Care and Central Laboratory businesses we continue to see market growth following the COVID slowdown and in the first quarter have seen sales growth compared with 2021.
As a Board we remain confident in delivering on our growth strategy to 2024 and I would like to thank my fellow shareholders for their support."
| EKF Diagnostics Holdings plc | ||
| Mike Salter, CEO | Tel: +44 (0)29 2071 0570 | |
| Marc Davies, CFO | | |
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| Singer Capital Markets (Nominated Adviser & Joint Broker) | Tel: +44 (0)20 7496 3000 | |
| Aubrey Powell / George Tzimas | | |
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| Investec Bank plc (Joint Broker) | Tel: +44 (0)20 7597 4000 | |
| Gary Clarence / Daniel Adams / Ben Farrow | | |
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| 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.
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| Central Laboratory | Clinical chemistry, Small lab analysers, Centrifuges Beta-Hydroxybutyrate (β-HB) LiquiColor, Glycates Albumin, Glycated Serum Protein, Nitro-tab, Procalcitonin
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| Life Sciences | Enzyme fermentation, Custom products and Bulk fermentation
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| Contract Manufacturing | Bulk formulation, Sample collection kits, Private labelling, Molecular and forensic kits
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| 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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