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EKF Diagnostics ups profit forecasts on demand for Covid-19 collection device

By BFN News | 01:40 PM | Tuesday 14 July, 2020


Point-of-care group EKF Diagnostics said it expected to beat its previous earnings expectations for the first half and full year, following a rise in demand for devices used for safe Covid-19 sample collections. Adjusted earnings before interest, tax, depreciation and amortisation for the year six months through June were expected in the region of £9m. That compared to £5.6m on-year and previous guidance for a rise to around £7.5m. Revenue, meanwhile, was seen rising to £26.3m, up from £21.4m on-year and ahead of previous guidance of at least £25m. EKF Diagnostics said it had received PrimeStore MTM sample collection device orders totalling $9.0m, bringing the current total of such orders for the three month period through September 2020 to $14.1m. 'The board expects the second half of the year to continue this momentum and announces that it has received second half orders worth a total of $14.1m from Longhorn Vaccines and Diagnostic in the US,' it added. The FDA-approved PrimeStore MTM sample collection device deactivates viruses, bacteria, fungi and mycobacterium tuberculosis and allows safe sample handling and transport. The orders covered the three-month period of July, August and September. 'Due to the continued demand for PrimeStore MTM, full-year performance is likely to exceed and possibly significantly exceed previously revised management expectations,' the company said. At 1:40pm: (LON:EKF) EKF Diagnostics Holdings PLC share price was +2.1p at 46.1p Story provided by StockMarketWire.com

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