(Source: Business Wire)
PuriCore (LSE: PURI), the life sciences company focused on developing and commercializing proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens without causing harm to human health or the environment, today announces its interim results for the six months ending June 30, 2009. An H1 2009 Operating and Financial Report and detailed financial results are available here at PuriCore's website.
Financial Highlights (unaudited)
H1 sales of $19.1 million, a decrease of 2% (an increase of 8% on a constant currency basis) (H1 2008: $19.5 million)
Food Safety sales of $12.6 million, an increase of 17% (H1 2008: $10.8 million)
Endoscopy sales of $6.1 million, a decrease of 27% (a decrease of 3% on a constant currency basis) (H1 2008: $8.4 million)
Operating expense reductions of 14% (12% net of non-cash share compensation, depreciation, and amortisation) compared with H1 2008
$15.8 million in cash as of June 30, 2009 (increased from the cash balance as of March 31, 2009, of $15.6 million as a result of improved working capital and foreign currency)
Q2 operational cash flow positive
H1 operational cash outflow of $2.5 million (H1 2008: $4.7 million)
Debt reduced by $2.7 million in H1 ($1.3 million in Q2)
Operational Highlights
Record six-month shipments of 614 Sterilox Food Safety Systems
Enterprise-wide implementation of Sterilox Food Safety Systems by one of the top-five US supermarket retailers, SUPERVALU (NYSE: SVU)
Launched a new Sterilox Endoscopy pass-through AER, the SAFERplus
Effectiveness of Sterilox Solution against H1N1 influenza confirmed
Early traction and positive Vashe Wound Therapy feedback, with more than 100,000 successful treatments to date
Post-Period Developments
Acquisition of Labcaire Systems Ltd., a leading UK supplier and manufacturer of endoscope disinfection equipment
Fundraising of £2 million by way of a Placing through the issue of 10,810,811 Placing Shares at an Issue Price of 18.5 pence per share
Established a new $2.1 million debt facility consistent with the Company's strategy to utilize debt to fund the installation of leased Sterilox Food Retail Systems
New FDA 510(k) clearance for Vashe Wound Therapy with extended shelf-life claims
Greg Bosch, Chief Executive of PuriCore, said:
"PuriCore remains well positioned to execute on its business plan and meet market expectations for revenue growth and operating expenditure improvement for the full year. Looking ahead, we will continue to expand our market share with leading US national and regional food retailers, develop our new Vashe Wound Therapy business, and accelerate UK Endoscopy sales and profits as we integrate Labcaire Systems into our business."
About PuriCore
PuriCore plc (LSE: PURI) is a life sciences company focused on developing and commercializing proprietary green solutions that safely, effectively, and naturally kill infectious pathogens without causing harm to human health or the environment. PuriCore's patented, proprietary technology mimics the human body's production of the natural antimicrobial hypochlorous acid, offering a safe and non-hazardous approach to disinfection and sanitisation. The Company's products are used in a broad range of markets that depend upon controlling contamination, including food retail and foodservice, medical device disinfection, and wound care. Hypochlorous acid is proven to be safe, environmentally friendly, and fast acting against a broad range of infectious pathogens, including major public health threats of C.difficile, E.coli, HIV, Human and Animal Influenza (including H5N1 Avian Influenza), Legionella, MRSA, M.tuberculosis, Norovirus, and Salmonella. PuriCore is headquartered in Malvern, Pennsylvania, with offices in Stafford and Clevedon, UK.
To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.
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