Lifeline Scientific, Inc Trading Update (3202P)

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RNS Number : 3202P

Lifeline Scientific, Inc

18 August 2014

Lifeline Scientific, Inc.

("Lifeline" or the "Company")

Trading Update

Lifeline Scientific (AIM: LSI), the transplantation technology company, provides the following trading update for the six months ended 30 June 2014.

Lifeline had a strong first half of 2014 and expects to report total revenues for the period up over 11% to US$15.1m (H1 2013: US$13.6m). This increase was due to solid trading across all product categories and geographic regions. Notably, the Company shipped its first orders of LifePort Kidney Transporters into France, against the recently awarded French national tender.

While investment continued per plan in geographic expansion and new product development, total sales of proprietary higher margin consumables grew 32% to US$8.5m compared to last year (H1 2013: US$6.5m). The growth in consumables sales is expected to result in operating breakeven at the half year stage compared to a loss of US$1.4m in the same period last year.

The cash position of the Company remains strong, with cash balances as at 30 June 2014 of US$2.5m (30 June 2013 US$3.0m), reflecting increased levels of working capital largely to support growth, and costs associated with development, regulatory, and pre-launch preparations for LifePort Liver Transporter.

David Kravitz, CEO of Lifeline Scientific, commented:

"We are pleased to see that the first half of 2014 has built on the growth that we saw throughout 2013. The significant increase in sales of higher margin single use consumables reflects growth in both the number of LifePort Kidney Transporter placements and usage. With France coming on board in a meaningful way, steady progress in North America, and positive developments in Brazil and China, we anticipate continued solid demand for our products and services in the remainder of 2014."

The Company will announce results for the six months ended 30 June 2014 on 30 September 2014.

For further information:

 
 Lifeline Scientific, Inc.                                        www.lifeline-scientific.com 
 David Kravitz, CEO                                                      Tel: +1 847 294 0300 
 Lisa Kieres, CFO                                                        Tel: +1 847 294 0300 
 
 Panmure Gordon (UK) Limited                                         Tel: +44 (0)20 7886 2500 
 Fred Walsh/ Freddy Crossley (Corporate 
  Finance) 
 Maisie Atkinson (Corporate Broking) 
 
 Walbrook                                 Tel: +44 (0)20 7933 8780 or lifeline@walbrookpr.com 
 Paul McManus                                                        Mob: +44 (0)7980 541 893 
 Mike Wort                                                           Mob: +44 (0)7900 608 002

About Lifeline Scientific Inc.

Lifeline Scientific, Inc. is a Chicago-based global medical technology company with regional offices in Brussels and Sao Paulo. The Company's focus is the development of innovative products that improve transplant outcomes and lower the overall costs of transplantation. Its lead product is the market-leading and clinically validated LifePort Kidney Transporter. Devices for preservation of the liver, pancreas, heart and lung are in late stage pre-clinical development. For more information please visit www.lifeline-scientific.com

About LifePort Kidney Transporter

Created with the challenges of organ recovery and transport in mind, LifePort Kidney Transporter is a proprietary medical device designed to provide improved kidney preservation, evaluation and transport prior to transplantation. Today, it is widely recognised as the world's leading machine preservation device for kidneys. Employed by surgeons in over 160 leading transplant programmes in 27 countries worldwide, LifePorts have successfully preserved over 47,000 kidneys indicated for clinical transplant. For more information please visit www.organ-recovery.com

Lifeline Scientific, Inc. Shares

As a US Company listed on the London Stock Exchange's AIM exchange, Lifeline Scientific, Inc. (AIM: LSI, LSIC) trades under two lines of stock. While affiliates of the Company are required to hold restricted (RegS) shares, all others may hold restricted or unrestricted shares. Unrestricted shares may be electronically traded through the CREST system. Both lines of stock have identical rights, preferences and privileges. Non-affiliates may transfer restricted shares to the unrestricted line after purchase through the Company's registrar. Total shares outstanding for the Company at this time are 19,446,959.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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