Immunodiagnostic Systems (AIM:IDH) posted healthy full-year results on Wednesday, despite reduced lab testing capacity.
The group booked revenue of £39.3 million, up 2% year-on-year. More impressively, though, the company’s adjusted shares jumped from £4.8 million to £6.1 million, up 26% on-year.
The situation was equally positive for Immunodiagnostic Systems shareholders, with adjusted EPS hiking 208%, from 2.4p to 7.4p. Similarly, the dividend per share jumped from 0.7p to 1.9p year-on-year.
Looking ahead, the company noted that FY2020 was the second consecutive year of LFL revenue growth, and their ability to improve ‘several operational key performance indicators’ suggests positive momentum going forwards. That being said, The Coronavirus pandemic will somewhat dampen the company’s trajectory, as they noted a ‘significant’ decline in demand for in-vitro testing during April.
However, the company plan to commercialise their Coronavirus antibody testing kits this month, and once the impact of the virus diminishes, they will look to ‘harvest the benefits of the actions taken in FY2020’ to help spur forward-looking growth.
Responding to the update, Immunodiagnostics CEO Jaap Stuut, commented:
“During FY2020 we delivered a second consecutive year of like for like revenue growth, with revenue increasing by 2% to £39.3m. We also increased the number of analysers sold or placed to 150, compared to 127 in FY2020. Adjusted EBITDA improved to £6.1m from £4.8m in the prior year. Our results in Q1 of FY2021 will be significantly impacted by reduced laboratory testing volumes, however once the pandemic subsides, we believe we are in a strong position to continue our revenue growth. Additionally, we have an opportunity to commercialise our range of automated and manual SARS-CoV-2 antibody testing kits, which we plan to launch during June 2020“.
Following the positive results, the company’s shares bounced 4.29% or 11.80p to 286.60p per share 17/06/20 16:01 BST. The group’s p/e ratio is 114.58, their dividend yield is modest at 0.25%.
