Immunodiagnostic Systems expects stable revenues

21st Oct 2016 10:28

(ShareCast News) - Immunodiagnostic Systems Holdings, the AIM listed specialist producer of manual and automated diagnostic testing kits and instruments for the clinical market, expects its revenue for the full year to be in line with the previous period.The group's unaudited revenue for the first half of 2017 is expected to be £19.5m, which is marginally higher than the £19.4m earned in 2015.The company's revenue decreased by 9% on a like-for-like basis. The firm attributed the fall to changes in exchange rates.The automated CLIA division reported revenue of £9.9m for the six months ending 30 September 2016, 8% higher than the previous period. It grew at a rate of 16% compared to the first half of 2016.Manual assay revenues were £6.2m, down by 2% compared to the first half. The majority of the decline was caused by lower 25OH Vitamin D revenues according to the firm.Licensing and Technology revenues are expected to be £3.3m, a fall of 14% compared to the first half. The company point to the anticipated decline in royalty income from a major customer as the reason for this decline, which it expects will continue into the second half.Closing cash and cash equivalents are expected to rise to around £28.7m at 30 September 2016 compared to £23.5m last year."The management team continues to focus its efforts on improving our sales processes and capabilities, as well as strengthening our product pipeline through internal development and external partnerships. The next intermediate goal is to stabilize the revenue line on a like for like basis," said the board.The share price rose by 14.22% to 178p at 1159 BST.