PuriCore (LSE: PURI), the life sciences company focused on developing and commercializing proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens without causing harm to human health or the environment, today issues an Interim Management Statement covering the three-month and nine-month periods ending September 30, 2009.
Financial Results (unaudited)
- Q3 sales of $10.6 million (2008: $8.4 million), an increase of 25% (35% increase at constant currency)
- US Food Safety revenue increased 10% to $5.8 million
- UK Endoscopy (including Sterilox business and Labcaire Systems) revenue increased 52% to $4.6 million (78% at constant currency); Labcaire Systems revenue for the period 5 August to 30 September 2009 totaled $2.5 million
- Sales for the nine months ending September 30 of $29.6 million (2008: $27.9 million), an increase of 6% (17% increase at constant currency)
- US Food Safety revenue increased 14% to $18.5 million
- UK Endoscopy revenue decreased by 5% to $10.8 million (20% increase at constant currency)
- Cash of $8.4 million at period end
Q3 Operational Highlights
- Completed the acquisition of Labcaire Systems Ltd., a leading UK supplier and manufacturer of endoscope disinfection equipment, which is performing ahead of internal expectations
- Raised £2 million by way of a Placing through the issue of 10,810,811 Placing Shares at an Issue Price of 18.5 pence per share to fund the upfront payment for the Labcaire acquisition
- Established a new $2.1 million debt facility consistent with the Company’s strategy to utilize debt to fund the installation of leased Sterilox Food Safety Systems
- Received a new FDA 510(k) clearance for Vashe Wound Therapy extending shelf-life claims
Post-Period Developments
- Signed major contracts with another top-10 US national supermarket chain and another leading regional supermarket retailer for Sterilox Food Safety Systems to be installed in 2010 totaling approximately $4.7 million in lease revenues
- Completed a randomized clinical trial on the effectiveness of Vashe Wound Therapy on post-operative, split-thickness skin grafts for burn injuries with positive clinical results expected to be presented in early November
- Promoted Darren Weiss to CFO and Executive Director effective November 1, 2009
Outlook