EKF Diagnostics Holdings, a global diagnostics company, has revised its guidance despite experiencing growth in Point-of-Care and announced a new Chief Financial Officer.
The company explained that although it is making progress in increasing its fermentation capacity, it did not adequately account for the validation and verification process in the current timeline for the full operation of installed equipment. Additionally, customer requirements for downstream processing have emerged. As a result of these factors, the company anticipates limited initial scale-up revenues from the additional capacity for FY 2023. Consequently, the company’s board has decided to remove guidance for fermentation revenues for FY 2023, with expectations of a more gradual revenue increase in FY 2024 as capacity becomes operational, production projects begin, and utilization grows throughout the year.
EKF now anticipates achieving revenues of approximately £53 million and adjusted EBITDA of approximately £10 million for the fiscal year ending on December 31, 2023. The company reported H1 2023 revenues from continuing operations, excluding COVID-related revenues, of £25.4 million.
In a trading update, the company also announced that Julian Baines has increased his commitment to the company after initially assuming the role of Executive Chair on a short-term basis in February 2023. Baines will continue as Executive Chairman, and the search for a new Chief Executive Officer will be suspended. He will collaborate with the newly appointed CFO, Steve Young, and the broader management team to ensure that EKF remains on track to achieve its revised guidance and significant long-term growth prospects.
Steve Young, who has been working as a consultant at EKF for the past two months alongside the outgoing CFO to ensure a smooth transition, is an experienced finance director and CFO. He joins EKF from Trellus Health plc, where he has served as interim Chief Financial Officer in a non-board capacity since August 2022.
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