MEDICAL test maker Immunodiagnostic Systems (IDS) has appointed a new chief executive, a week after revealing Ian Cookson had left the business by mutual consent with immediate effect.
Patrik Olof Dahlen, who is a non-executive member of the Boldon firm’s board, has now taken over the reins at IDS, which is best known for its manual and automatic vitamin D tests.
Danish-born Dahlen, 50, previously served as chief executive of Dako and at Perkin Elmer through to his progression to president of life sciences. Most recently, he headed Neurosearch.
At Dako, based in Denmark, he conducted a significant strategic repositioning of the company as a cancer diagnostics provider and a leader in companion diagnostics.
His responsibilities at Perkin Elmer included building the company’s diagnostic business with a niche focus on diagnostic systems for neonatal and prenatal screening.
Dr Antony Martin, IDS non-executive chairman, said: “I am delighted that Patrik has stepped up to the role of chief executive officer. He brings a wealth of international diagnostics expertise which the board has been benefiting from in his capacity as a non-executive director and we look forward to working with Patrik in the continued development and execution of the next phase of growth at IDS.”
Chris Glasper from Brewin Dolphin stockbrokers in Newcastle, said: “He’s been on the board as a non-exec for a couple of years.
“He previously ran a Danish diagnostic company Dako, with a $350m turnover so it was quite a substantial company. It was recently sold to Agilent for $2.2 billion.
“He doesn’t have City-facing experience so we’ll have to wait and see. He’ll be relatively unknown to most investors but elements of his track record appear to be quite strong.”
IDS announced the departure of Cookson last week when it issued its results for the year to the end of March. The company, which is facing competition in its key vitamin D testing markets, posted a 7% rise in annual revenues to £53.7m to the end of March and a near halving of pre-tax profits, which fell to £7.3m from £16.5m. Adjusted pre-tax profits showed a 9.5% fall to £14.9m.
The business shed around a dozen jobs at its Boldon headquarters out of a total of 30 worldwide as part of moves to reduce operating costs by £2m.
It is currently diversifying away from its key vitamin D market by introducing tests for other medical issues, such as hypertension.
Cookson’s departure followed the resignation of David Evans as chairman and the departure of Paul Hailes as chief financial officer.