Lifeline Scientific, Inc Trading Update (2462M)
January 19 2016 - 2:00AM
UK Regulatory
TIDMLSIC
RNS Number : 2462M
Lifeline Scientific, Inc
19 January 2016
19 January 2016
Lifeline Scientific, Inc.
("Lifeline" or the "Company")
Trading update
Lifeline Scientific (AIM: LSIC), the transplantation technology
company, provides the following trading update for the year ended
31 December 2015, following the announcement on 18 December 2015
that adjusted pre-tax profits are expected to be materially ahead
of market expectations.
Lifeline continued its historical trend of strong trading during
the second half of the year as market adoption for the Company's
lead products grew, driven by continued positive clinical evidence.
The Company saw significant growth across its North American, Asian
and South American regional markets particularly for its flagship
LifePort Kidney Transporters and related portfolio of products. As
a result, the Company expects to report full year transplantation
products and services revenues for the period up 13.7% to US$39.4m
(2014: US$34.6m) and ahead of market expectations. A key measure of
the Company's growth, the sale of proprietary single-use
consumables associated with the LifePort Kidney and Liver
Transporters, increased 14.7% to US$23.6m (2014: US$20.6m).
Operating Profit will show considerable growth, with the Company
expecting to report at least US$5.6m, more than double the prior
year (2014: US$2.4m), and Profit Before Tax is expected to be
significantly ahead of market expectations.
The Company's cash position remains strong with cash balances up
significantly over 2014. Net of the Company's working capital
credit line (paid off in full at year-end 2015), as at 31 December
2015, cash balances were US$6.9m (31 December 2014: US$1.2m).
Following the successful regulatory clearances of Lifelines's
full suite of products in China and the new contract wins announced
in 2015 for delivery through 2015 and 2016, the Company expects to
see further growth going forward.
David Kravitz, CEO of Lifeline Scientific, commented:
"We are encouraged by the strong momentum seen during the second
half 2015, particularly in our established North American market
and the emerging Asian and South American markets where we have
made significant market development investments over the last
several years. Our market leading LifePort Kidney Transporter has
become the clinical standard of care for machine preservation of
donor kidneys and continues to make important contributions toward
improving outcomes in renal transplantation worldwide. As
LifePort's clinical success expands, we expect continued solid
demand for our products and services in 2016. I look forward to
providing a more detailed review of the business in our full year
results statement."
Lifeline will announce its preliminary results for the year
ended 31 December 2015 before the end of April 2016.
For further information:
Lifeline Scientific, www.lifeline-scientific.com
Inc.
David Kravitz, CEO Tel: +1 847 294 0300
Lisa Kieres, CFO Tel: +1 847 294 0300
Panmure Gordon (UK) Tel: +44 (0)20 7886 2500
Limited
Freddy Crossley (Corporate
Finance)
Tom Salvesen (Corporate
Broking)
Walbrook PR Limited Tel: +44 (0) 20 7933 8780 or
lifeline@walbrookpr.com
Lianne Cawthorne Mob: +44 (0)7584 391 303
Mike Wort Mob: +44 (0)7900 608 002
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 206 leading transplant programmes in 29 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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