MDY Mdy Healthcare

RNS Number:5598L
Medisys PLC
27 April 2005


Embargoed until 0700                                               27 April 2005

                                  Medisys PLC
                          ("Medisys" or "the Company")

                        Annual General Meeting Statement

At the Annual General Meeting, which is scheduled to take place later today, Dr.
David Wong, Chairman, will make the following comments:

Trading Update

As announced on 25 February 2005, the Company is currently encountering a
challenging trading environment in the Long Term Care segment of its glucose
monitoring business. Competitive pressure is continuing and the Company is
responding by offering more competitive pricing and undertaking aggressive
promotional activity. This is enabling Hypoguard to maintain its existing
customer base and to compete for new business. At this point in time it is not
possible to gauge the longer term impact of the increased competition within
this market segment. However, the Board remains confident, due to the Company's
long established position in this market and its strong customer relationships,
that it will successfully deal with the current issues.

Installation of the new automated equipment, which is expected to significantly
reduce the cost of manufacturing Advance Micro-draw, is on schedule for final
commissioning by the end of May 2005. Due to the manufacturing lead time
associated with the product, it is anticipated that it will take approximately a
further two months for the cost reductions to result in a positive impact on the
profit and loss account through improved gross margin.

Sales of NewTek in Wal*Mart are continuing to increase gradually. The Company's
PR campaign has generated considerable interest, with positive comment on the
product being published in various magazines and regional newspapers. Despite
the overall level of sales being lower than originally expected, Wal*Mart remain
committed to the product.

The Board is continuing to focus attention on reducing overheads throughout the
Company. The Company's London office will be closed by the end of May 2005.

New Strategic Alliance in India

The Company announces that it has entered into a new strategic alliance with
Nicholas Piramal India Limited ("NPIL") (www.nicholaspiramal.com). NPIL is one
of the largest pharmaceutical and medical products companies in India with an
established business in blood glucose monitoring. Hypoguard has commenced
selling the Advance Micro-draw, QuickTek and the Diascreen range of products to
NPIL and initial indications are that the products have been well received.
India has one of the largest diabetes populations in the world and the Board
believes that this important alliance has significant future potential.

Europe

The Board is pleased to report that negotiations with a major European marketing
partner are at an advanced stage. The first purchase order for meters and
strips, for delivery towards the end of the financial year, has now been
received in anticipation of signing a formal agreement. The Board expects to
make a further announcement on this agreement in the near future.

                                    - Ends -

Enquiries:

Medisys PLC                                                        020 7563 5200
Michael Barry, Chief Financial Officer

Weber Shandwick Square Mile                                        020 7067 0700
Kevin Smith





                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
AGMILFVDSRIRFIE

MDY Healthcare (LSE:MDY)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

MDY Healthcare (LSE:MDY)
Historical Stock Chart
Von Jul 2023 bis Jul 2024