Microsaic Systems plc
("Microsaic", "Microsaic Systems" or the "Company")
Trading Update and Directorate Changes
2 December 2015
Microsaic Systems plc (AIM: MSYS), the developer of chip-based scientific instruments, today announces an update on trading since the end of June 2015 and directorate changes.
The Company is pleased to announce business performance, including unit sales of its 4000 MiD® miniaturised mass spectrometer, has recovered from that seen in the first half of 2015. In the second half of 2015, the Company expects unit sales of the 4000 MiD® to be substantially ahead of sales in the first half. In line with the Company's plans, as described in its interims results statement in September, it will have made sales through a number of different channels across the world including three different OEM partners, which include leading global scientific instrument companies. Consumable revenue in the second half of the year has improved and Microsaic expects to report an increase for 2015 as a whole over 2014.
In addition, the pipeline of new distribution channel partners is strong and the Company expects to make a statement on new contracts in the New Year. The Directors believe that this demonstrates the increasing acceptance and attractiveness of Microsaic's single quadrupole technology in its chosen markets.
The Company continues to focus on its cost base and has made good progress identifying additional savings to be actioned during the course of the next six months.
Directorate and Management Changes
Microsaic also announces that Dr Jim Ramage, a Non-executive Director of Microsaic Systems since 2010, has been appointed as Chief Executive Officer. Dr Ramage was previously a director of VG Instruments and developed Tesla Engineering into a leading global manufacturer of high performance magnets and coils for the medical and scientific instruments market. He will replace Colin Jump, who shall be leaving the Company on 31 January 2016 and will step down from the Board of the Company with immediate effect.
Glenn Tracey, the Company's Chief Operating Officer has been appointed to the Board. Mr Tracey joined Microsaic in March 2015 bringing more than 15 years' experience involved in product marketing and R&D for both small and large companies, including PerkinElmer, in sensing and detection, across a multiple of applications.
The Company is also pleased to announce the appointment of Christopher Buckley as VP of Marketing. Mr Buckley has more than 30 years' experience of international marketing and most recently as Global Brand Director at Novartis. He will work with Mr Jeremy Reddish, Product Development Manager, to deliver the Company's sales and marketing objectives in 2016 and 2017.
Colin Nicholl, Microsaic's Chairman, said: "We are very pleased to see that the strategy we announced in September is showing encouraging results as demonstrated by the recovery in unit sales of our flagship product, the 4000 MiD®, increased consumable revenues and improved visibility on future growth opportunities. The Board is pleased that Jim Ramage will take the helm as CEO with immediate effect to drive the business forward. The Board also wishes to thank Colin Jump for his efforts in developing the Microsaic business and in particular expanding the distribution base during his time as CEO."
No further information is required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules for Companies in respect of the appointment of Glenn Tracey (aged 44) to the board.
Contacts
Microsaic Systems Colin Nicholl, Chairman Jim Ramage, CEO |
Via Citigate Dewe Rogerson |
Numis Securities Limited Stuart Skinner (Nominated Adviser) James Serjeant (Broker) |
+44 (0)20 7260 1000 |
Citigate Dewe Rogerson Mark Swallow, Marine Perrier |
+44 (0)20 7282 2948/1068 |
About Microsaic Systems
Microsaic Systems plc is a high technology company developing and marketing next generation mass spectrometry (MS) instruments for the analysis of gaseous, liquid and solid samples. Microsaic has successfully miniaturised mass spectrometry into a desktop instrument by integrating the key MS components onto patented chip technologies (called ionchip®, spraychip® and vac-chip™). Microsaic's MS products retain the functionality of larger, conventional MS systems but are substantially smaller, lighter, consume less energy and have lower running costs. The Microsaic 4000 MiD® is the world's smallest MS system.
Mass spectrometry is a 'gold-standard' analytical technique used across many industry sectors, including pharmaceutical, diagnostics and healthcare, government, energy, utilities, environmental, food and drink, security and defence, and industrial chemicals - a combined market estimated to grow to $2.5 billion by 2017. Microsaic aims to introduce compact, deployable MS products, based on its core technology, into a series of these target markets.
Microsaic Systems was established in 2001 by a team including founders from Imperial College London, and was admitted to AIM in April 2011 under the symbol MSYS.
www.microsaic.com
