LabTech Systems Limited (LabTech Systems) has announced its interim results for the half-year ended December 31, 2008. Revenue from ordinary activities was reported to be $1.96 million, up 462.9%, compared with the revenue from ordinary activities of $0.34 million in the year-ago period. Profit from ordinary activities after tax attributable to members was $0.74 million compared -$0.54 million in the year-ago period.
The board will consider payment of dividends depending on future performance of the company. No dividends will be paid at this point.
Commentary on the results is provided in the Directors’ report, which form part of the half year report ended December 31, 2008.
CEO and Managing Director of LabTech Systems, Lusia Guthrie, said “Both revenue and post tax profit have substantially increased as compared to the same period last year. This is a reflection of the company’s concerted efforts with its partner bioMerieux, which led to the successful launch of the PREVI
Isola agar plate streaking machine into the global pathology markets in December 2008”.
LabTech Systems does not expect any further milestone payments from bioMerieux prior to June 30, 2009. A further licence milestone payment of EUR2 million is anticipated in 2010. The Company has reached the important step where it has now qualified to receive ongoing royalty payments on applicator sales.