BIRMINGHAM, England, November 11 /PRNewswire/ --
- Revenues Expected to be up 26%, Freelite(TM) Sales up More Than 50%
The Binding Site Limited ("The Binding Site" or the "Company"), a privately-owned specialist UK diagnostics company, today announces a trading update for the year ended 30th September 2008. The full audited results will be announced in early December 2008.
Revenues are expected to be GBP38.9 million, representing sales growth of approximately 26% in comparison to the previous financial year. The Company has seen strong growth across all its major markets, with approximately 25% growth in revenues in the U.S. and similar growth rates seen in Europe and emerging markets.
The progress has been driven by continued strong demand for Freelite(TM), which is used for the diagnosis and monitoring of multiple myeloma, a cancer of cells in the bone marrow. Sales of Freelite are expected to be up by around 52% at GBP12.6 million in the year to the end of September, underlining the increasing acceptance of the product.
Autoimmune product sales increased approximately 22% to GBP13.6 million year on year, strongly outperforming their market as The Binding Site gained market share and increased its level of new business. The performance was buoyed by the solid growth of newly introduced products and a rise in the base of installed instruments. Sales from the Company's core products business have increased by around 10% to GBP12.7 million in the period, supported by continuing technical improvements and promotional activities.
Commenting on today's announcement, Paul Duncan, Chief Executive Officer of The Binding Site, said:
"This has been an excellent year for The Binding Site and we expect the
considerable growth in revenues to be reflected in a strong increase in
EBITDA figures. Freelite continues to gain market recognition, with more
than 100 scientific publications appearing during the last 12 months. With
|SOURCE The Binding Site Limited|
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