Farnham, UK, 18 March 2010:Biocompatibles International plc (LSE:BII), the medical technology company, today announces its unaudited preliminary results for the year ended 31 December 2009.
Highlights
- Total revenue increase of 50% to £26.6m (2008: £17.7m). Increase of 29% at constant currency.
- Bead Products revenue increase of 100% to £12.0m (2008: £6.0m). Increase of 73% at constant currency.
- Gross profit increase of 48% to £20.8m (2008: £14.0m).
- Operating loss increase of 141% to £7.6m (2008: £3.2m). Current year figure includes an asset impairment charge of £2.5m (2008: £nil) and prior year figure includes a significant one-off item of income. Adjusting for these items, the loss decreased.
- Net funds at 31 December 2009 of £30.5m (2008: £33.6m).
- CE Mark Approval for Cosmetic Dermal Filler Bead (announced 18 March 2009).
- Five pence per share dividend paid (announced 24 March 2009).
- Eisai licences Drug-Eluting Bead products in Japan (announced 28 July 2009).
- Acquisition of Cancer Diagnostic Product and Related Intellectual Property (announced 12 November 2009).
- AstraZeneca and Biocompatibles agree to initiate Clinical Trial Programme (announced 6 December 2009).
- Clinical activity:
- Clinical Trial in UK in Liver Metastases from Colorectal Cancer (announced 17 February 2009).
- Drug-Eluting Bead data presented at ASCO GI (announced 17 February 2009).
- Update on US Drug-Eluting Bead Cancer Trials (announced 27 April 2009).
- Positive Data from Combination Therapy Trial in Primary Liver Cancer (announced 3 November 2009).
Post Period Highlights
- First Volunteer treated in Clinical Trial for Type II Diabetes Drug (announced 17 February 2010).
- First patient treated in trial in China to support the DC Bead Regulatory submission.
- Initiation of PARAGON Germany (Drug-Eluting Bead together with Cetuximab), the third trial to combine Drug-Eluting Bead therapy with a systemically-delivered drug marketed by a major pharmaceutical company.
- Encouraging start to EU launch of Novabel.
- Financial guidance reaffirmed.
Principal 2010 Operating Goals:
Operating
- Complete recruitment in the CM31 Phase I clinical trials in Type 2 Diabetes.
- Commence recruitment in the CM3 Phase II clinical trial.
- File regulatory submission (PMA) for the DC Bead in Japan.
- Complete recruitment in the clinical trial supporting the DC Bead regulatory submission for China.
- Updates from our principal Drug-Eluting Bead clinical trials, which include SPACE, PARAGON II and PARAGON Louisville.
Financial
- Revenue in the range £28m to £32m.
- Pay a dividend of 6.25 pence per share in May.
- Closing cash of £25m after payment of the dividend of £2.5m.
- Ends -
An analysts' presentation will be held on 18 March 2010 at 9.30am at the offices of Piper Jaffray, One South Place, London, EC2M 2RB. For those unable to attend a dial-in facility is available for analysts, for details please call Olga Holme at Piper Jaffray on +44 (0)20 3142 8769.
Contact:
Biocompatibles
Crispin Simon, Chief Executive
Ian Ardill, Finance Director |
+44 (0)1252 732706 |
Anna Keeble |
+44 (0)7879 818876 |
Biocompatibles International plc (www.biocompatibles.com)
Full-Year Results PDF