EKF’s revenue exceeds expectations due to demand for Covid-19 sample collection

EKF Diagnostics has said it is set to outstrip revised forecasts with the growth largely due to high demand for the PrimeStore MTM Device, which is used for safe Covid-19 sample collection.

PrimesStore MTM is manufactured by the business under contract in the US and UK.

Back in May EKF set expectations of revenues of at least £25m and adjusted EBITDA of £7.5m for the first half to June 30th 2020, which have both been comfortably exceeded.

Revenues for the period are £26.3m, up from £21.4m in 2019, while EKF expects to report adjusted EBITDA of about £9m, up from £5.6m.

Insider Media reports that since its May update, EKF has received PrimeStore MTM sample collection device orders totalling $9m. This brings the current total of PrimeStore MTM orders for the three month period to September 30th 2020 to $14.1m.

EKF expects the second half of the year to continue the momentum of the first six months of its financial year.

Due to the continued demand for PrimeStore MTM, full year performance is likely to exceed and possibly significantly exceed previously revised management expectations.

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