EKF Diagnostics Holdings plc (AIM: EKF), the point-of-care diagnostics business, announces its unaudited interim results for the six month period ended 30 June 2011, a period of transition, investment and progression.

Given the acquisitions completed in the last 12 months the year-on-year comparisons given in the highlights below show 2011 actual figures versus pro-forma figures for 2010 based on a like-for-like comparison for the first six months of the year.

Financial Highlights

• Revenues up 23% to £7.38m (H1’10: £6.01m)
• Gross margins improved to 64% from 58% – but still impacted by strategy of placing Quo-Test at cost
• Operating loss of £1.49m (H1’10: loss of £0.66m) – reflecting investment in infrastructure and increased overhead
• Adjusted EBITDA of £210k (H1’10: loss of £51k)
• Cash at 30 June 2011 of £5.52m

Operational Highlights

• Acquisition of Stanbio for an overall consideration of c. £16m
• Agreement signed with Alere for distribution of CLIA waived Hemo_Control device and cuvettes
• SFDA approval for Quo-Test in China
• Cumulative placement of 1,000 Quo-Test instruments by September
• Development of Quo-Lab for Medica launch in November with first shipments expected in Q1’12
• Successful development of Argutus kidney markers onto POC platform
• Richard Evans appointed as full-time Finance Director

Post-period end

• Richard Evans appointed as Finance Director as of 28 September 2011 (see separate RNS)
• 1,000th Quo-Test instrument expected to be placed by end of September 2011
• Quo-Lab to be launched at Medica (Nov 2011); first shipments expected Q1 2012

Commenting on Outlook, David Evans, Executive Chairman of EKF, said:

“Trading continues to be in line with management expectations. We remain confident with regard to our future growth which will continue both organically and via acquisition.”