Biocompatibles International plc (Biocompatibles), a cardiovascular devices company, announces its interim management statement relating to the three month period ended March 31, 2009. The company has provided guidance on 2009 revenue in the range GBP22 million to GBP24 million and on closing net funds of GBP27 million. It is the company’s policy not to change guidance early in the year.
Financial update
Revenue is ahead of board expectations, as a result of the benefit of sterling weakness and stronger than budgeted sales of Drug-Eluting Beads.
The company generated a small positive cash flow in the quarter, closing with cash and cash equivalents of GBP33.9 million (December 31, 2008: GBP33.6 million). A payment by AstraZeneca was received, in accordance with the terms of the agreements announced on December 22, 2008.
The board has approved a dividend of five pence per share which will be paid on Friday May 22, 2009 to shareholders on the register at the close of business on Friday May 1, 2009.