IDS sales soar as CEO steps down
SALES at drug testing company Immunodiagnostic Systems Holdings (IDS) jumped by almost half and profits soared on the back of increased demand for its vitamin testing equipment.
The Boldon-based company, which makes kits and machines to test for vitamin D - in great demand for the treatment of osteoporosis - said sales leaped by 49% to £37.1m, while profits rose 114% to £14.9m in the year to the end of March.
The stunning figures came before the group received approval from the United States Food and Drug Administration (FDA) to sell its key vitamin D testing machine, the IDS-iSYS, in America.
The strong results were due to growing demand for all IDS’s products, including manual testing kits. Chief executive Dr Roger Duggan said last month’s FDA approval will now be a “transforming step” for the company.
“It’s going to change the model,” he said.
“The US has become the biggest market. Globally, it accounts for 45% of the world market in diagnostics.”
Dr Duggan, who has been with IDS since it was formed in a management buyout (MBO) in 1996, also announced he is stepping down from the top job in the autumn and but will remain with the company as its deputy chairman.
Chief operating officer Ian Cookson will become chief executive and Dr Duggan will head an international business development group within IDS looking at new technologies.
He said: “I’ve been at the forefront since the MBO in 1996 and the company has grown in size and complexity. I can get back to the entrepreneurial work that I enjoy. “