Interim Results for the six months ended June 2008
London, UK, 24 July 2008 – Lombard Medical Technologies PLC (“Lombard Medical”, “LMT” or “the Company”), the specialist medical device company, today announces its interim results for the six months ended 30 June 2008.
Operational highlights
Aorfix™
• Total patients treated reaches 524 at 30 June 2008 almost double that at 30 June 2007
• Implants outside the US increase by 151% to 128 (H1 2007: 51)
• European trial in high-angle-neck aneurysms on track to complete recruitment in Q3 2008
• Patient recruitment into pivotal US trial accelerates as:
o FDA approval received in June to increase the number of trial centres to 50
o 28 centres in the USA now open to recruit patients
o FDA approval received for cadaver-based training, allowing physicians to enrol difficult anatomical cases immediately after training
• Continued strong patient follow-up data significantly exceeds UK government guidelines
EndoRefix™
• Pivotal US trial commences with 19 patients enrolled to date at four sites
Polymer Coatings Division
• Exclusive license agreement signed with DMC Medical Limited for its wound care technology
Financial highlights
• 97% increase in H1 revenue to £855,000 (H1 2007: £433,000)
• Significant improvement in gross margin to 50% (H1 2007: 26%)
• Investment in R&D increased to £3.3 million (H1 2007: £2.8 million)
• Other operating expenses have been reduced by 16% to £2.4 million (H1 2007: £2.8 million)
• Operating loss before non-recurring profit on disposal of investment reduces 5% to £5.3 million (H1 2007: £5.5 million)
• £7.1 million net of expenses received in January 2008 from the issue of 54.2 million shares at 14 pence each
• Net cash of £3.9 million at 30 June 2008 before tax credit of £1.1 million
Commenting on the results, Brian Howlett, Chief Executive of Lombard Medical, said:
“The Company has made significant steps forward in the first half of 2008 with accelerating growth in the number of patients treated with Aorfix™ both in commercial activities and in the US trial, and production process improvements benefiting margins. Momentum continues to build around Aorfix™, leading to greater product awareness among clinicians and increased amounts of good clinical data that in turn drive further increases in the number of implants. We look forward to continuing strong progress during the second half of the year.”
Enquiries:
Lombard Medical Technologies PLC Tel: 01235 750 800
Simon Neathercoat, Non-executive Chairman
Brian Howlett, Chief Executive Officer
Tim Hall, Finance Director
Financial Dynamics Tel: 020 7831 3113
David Yates / Susan Quigley
Nomura Code Tel: 020 7776 1200
Juliet Thompson / Richard Potts
Notes to editors
About Lombard Medical
Lombard Medical Technologies PLC is a medical devices group developing stent grafts and other medical products for use in the treatment of vascular disease. The Company’s lead product, Aorfix™, is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAAs), a balloon-like enlargement of the aorta which, if untreated, may rupture and cause death. Approximately 1.7 million people have AAAs in the US where it is the 13th largest cause of death. The market for endovascular stent grafts for the treatment of AAA is currently worth over $600 million and is expected to grow to around a $1 billion by 2010. Aorfix™ is currently being commercialised in the EU, with a pivotal clinical trial ongoing in the USA.
The Company’s Polymer Coatings Division has developed a novel hydrophilic surface treatment to reduce friction on catheters called GlideMax™, which is available for licensing, and is using its polymer coating technology in a number of research collaborations developing novel products for the $5 billion drug-eluting stent market.
The Company headquartered in Oxfordshire, with operations in Yorkshire, Ayrshire and Boston, USA employs over 100 people.
Further background on the Company can be found at www.lombardmedical.com.