1-May-2012

PuriCore achieves financial goals for 2011

PuriCore achieved its financial goals for 2011, ending the year in a strong position with revenue up 5% to US$42.6m, driven by its wound care and US supermarket retail business, which saw growth of 60% to $0.7m and 30% to $19.4m, respectively.

PuriCore is a US-headquartered water-based clean technology company focused on products that kill pathogens such as MRSA, C.Difficile and E.coli for use in a range of markets including endoscopy, foodservice, laboratory clean air and wound care. The firm’s solutions are deployed as soaks, sprays, mists, and in other forms to limit the spread of infectious disease.

The endoscopy business in the UK saw an 11% fall in sales revenue to $22.5m. It continued to focus on increasing recurring revenues to reduce the potential impact of capital spending delays by the NHS, which is its main customer. In addition, public sector spending restrictions led to pressure on capital spending in the laboratory clean air segment of this division.

Late in the year, PuriCore was awarded a significant contract valued at £484,000 ($775,000) for the installation of ISIS automatic endoscope reprocessors in the OJEU tender proposal for the Greater Glasgow Health Board to be installed in 2012.

The business as a whole moved to EBITDA profitability in the fourth quarter. It reduced its operating loss by 52.4% to $2.2m.

The firm has also reported on its Q1 2012 results. To 26 April, unaudited sales increased 29.2% to $14.2m as all three divisions increased sales.

Endoscopy saw recurring revenues up 12%, driven by increased spending by the NHS; wound care had strong organic and distribution sales; and the supermarket retail business reported sales of more than 400 Sterilox Fresh and FloraFresh Systems from existing and new customers.

Greg Bosch, PuriCore’s chief executive, said: “PuriCore delivered a robust sales performance and EBITDA profitability across the business and in each major division. This performance resulted from the strong order book for the US supermarket retail business at the start of the year, and the increased spending by the UK NHS during the quarter, typically the heaviest as it ends its fiscal year, and strong sales in wound care.”

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