Immunodiagnostic Systems Hldgs PLC – IDH – Final Results

Immunodiagnostic Systems Hldgs PLC – IDH – Final Results

HIGHLIGHTS 2020

 

£m

2020

2019

% Change

% Change LFL*

Group Revenue

39.3

38.5

2%

2%

Automated Business Revenue

23.4

22.6

3%

4%

25-OH Vitamin D

4.8

5.5

-13%

-14%

Other Speciality - IDS

14.1

13.7

3%

3%

Other Speciality - Partners

2.3

1.3

71%

74%

Instrument Sales and Service

2.2

2.0

8%

9%

Manual Business Revenue

11.4

12.3

-8%

-8%

Technology Business Revenue

4.6

3.6

29%

30%

Adjusted EBITDA **

6.1

4.8

26%

26%

Adjusted EBITDA pre IFRS 16 impact*****

5.4

4.8

14%

13%

Profit from Operations

1.3

0.4

210%

Adjusted Earnings per Share***

7.4p

2.4p

208%

Free Cashflow to Equity****

0.1

1.2

-88%

Closing Cash and Cash Equivalents

27.6

27.7

0%

The table above presents a number of alternative performance measures which the Directors believe reflect the underlying performance of the business.

*    Like for like ('LFL') numbers have been adjusted to remove the impact of foreign exchange movements in the year by restating the prior years' performance using the exchange rates during FY2020.

**  Before exceptional operating income of £nil (2019: exceptional operating income of £0.1m) - see reconciliation in Financial and Operations Review.

*** Before exceptional finance income of £1.2m (2019: before exceptional operating income of £0.1m).

****    See reconciliation in Financial and Operations Review.

***** Adjusted to exclude the impact of IFRS16 of £0.6m in 2020 and before exceptional operating income of £nil (2019: £0.1m). See reconciliation in Financial and Operations Review

Operational summary

 

·      Our target of maintaining LFL revenue growth was met. Group revenue increased by 2% LFL to £39.3m, our second consecutive year of revenue growth.

·      Automated business revenue increased by 4% LFL, driven by higher sales of speciality assays. Revenue for autoimmune and infectious disease assays grew 74% LFL. Revenue from our automated distribution channels grew 30% LFL.

·      The Manual business declined by 8% LFL due to lower sales in direct European markets.

·      The Technology business generated £4.6m of revenue, a LFL increase of 30%.

·      Total gross instrument sales/placements across our Automated and Technology business units reached 150 (2019: 127), the strongest performance since 2012.

-  Placements in our direct markets were 43 (2019: 37) with returns of 25 (2019: 24). As a result, net placements in our direct markets increased to 18 (2019: 13).

-  Instrument sales to distributors increased to 50 (2019: 47).

-  Instrument sales to OEM customers in our Technology business unit increased to 57 (2019: 43).

·      Gross margin improved to 44% (2019: 43%) due to cost efficiency efforts, which were partially offset by an adverse sales mix. Adjusted EBITDA increased to £6.1m (2019: £4.8m).

·      At the end of FY2020, we have a total of 141 (2019: 135) CE-marked assays available for sale on IDS analysers,
22 (2019: 22) of which are in-house developments.

Jaap Stuut, CEO of IDS, commented:

 "During FY2020 we delivered a second consecutive year of like for like revenue growth, with revenue increasing by 2% to £39.3m.  We also increased the number of analysers sold or placed to 150, compared to 127 in FY2020.  Adjusted EBITDA improved to £6.1m from £4.8m in the prior year.  Our results in Q1 of FY2021 will be significantly impacted by reduced laboratory testing volumes, however once the pandemic subsides, we believe we are in a strong position to continue our revenue growth.  Additionally, we have an opportunity to commercialise our range of automated and manual SARS-CoV-2 antibody testing kits, which we plan to launch during June 2020".

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