PBO - ASX Company Announcement $hmb2 27 August 2002 Part 1/1 -------- PANBIO LIMITED --------------
HOMEX - Brisbane ------------------------- Revenue Up 50% for Second Consecutive Year
Medical diagnostics company, PANBIO, has reported a 50% jump in sales for the financial year 2001-02 versus the previous year. The company reported sales of $17.117 million, up $5.7 million from last year.
In achieving the result, PANBIO has exceeded its Prospectus forecast for sales of $14.9 million by 15%, and its upgraded forecast of $16.9 million. Strong sales of Australian manufactured products coupled with growth in key export markets, Latin America, the USA and Asia fuelled the better than expected result. The company reported a better than forecast net loss of $1.36 million, against the Prospectus forecast loss of $1.8 million and reforecast loss of $1.5 million.
The US operation showed a significant turnaround in performance with revenue growing 46% in the second half versus the first half. Actual sales for the US were $3.5 million in the first half versus $5.1 million in the second half. After incurring a $1.4 million net loss in the first half, the US business delivered a breakeven result in the second half.
The company remains in a strong cash position with cash reserves at the end of July 2002 of $11.3 million.
PANBIO Chief Executive Officer, Mr Mel Bridges said he was delighted that the company had exceeded the two years of Prospectus forecasts. The board and management team were absolutely committed to delivering on the targets set out in the company's 2001 Prospectus and to building our international business, he added.
The company remains committed to a better than breakeven performance in the current financial year and to increasing levels of profitability in the 2003-04 year and beyond despite the strengthening of the Australian dollar.
PANBIO's product development pipeline is being targeted to address the US $5 billion infectious disease diagnostics market.
J P Morgan's Head of Equity Capital Markets, David Schlessinger, said the result reflected on the strength of management and strategy that PANBIO offered. J P Morgan was underwriter to the IPO and since listing in April 2001 PANBIO has met or exceeded prospectus forecasts at every reporting date.
PANBIO has manufacturing facilities in Australia and the United States and exports to over 65 countries. It is currently implementing growth plans to fast track its expansion into new markets and continue to increase export sales.
