NorDiag's results for the fourth quarter and full year 2009 were in line with expectations. The strong growth for the Company's core business Infectious diseases continued, giving a total operating revenue growth of 43 % for 2009 compared to 2008. The restructuring of the Company is completed and the operation is financially secured towards a break-even quarter in 2011 through the private placement and repair issue executed in December 2009/January 2010. New agreements give the Company a strong momentum in the beginning of the year, and the management expects the growth to continue in 2010.

- 2010 will be an exciting year for NorDiag, comments CEO Mårten Wigstøl.

NorDiag had operating revenues of NOK 26.1 million in Q4-2009, compared with NOK 5.1 million in Q4-2008. Infectious Diseases segment had a record quarter reaching NOK 7.0 million in operating revenues, compared to NOK 5.4 million in Q3-2009, this gives a quarterly growth of 30%. For 2009, the total operating revenue was NOK 62.1 million compared with NOK 14.2 million in 2008. Infectious diseases segment had a growth of 43% from NOK 14.2 million in 2008 to NOK 20.4 million in 2009.

EBITDA in Q4-2009 was NOK - 5.7 million compared to NOK -7.9 million in Q4-2008. Infectious Diseases had an EBITDA of NOK - 6.1 million and HLA Typing had an EBITDA of NOK 0.4 million in Q4-2009. EBITDA for 2009 was NOK -27.3 million compared to NOK -35.6 million in 2008, and improvement of NOK 8.3 million.

The Arrow instrument gives NorDiag a unique competitive edge. Two new agreements were Arrow is a key factor; has been established so far in 2010. The OEM agreement with Hain Diagnostics expands NorDiag's position in Tuberculosis testing, and is expected to cover approximately 20% of NorDiag's revenue goals for the Arrow product line until end of 2011.   The cooperation agreement with Molzym opens up new strategic opportunities for a range of integrated tests, in addition to short term sales of Arrow.

CEO, Mårten Wigstøl is excited with the opportunities NorDiag is facing in 2010. - The private placement and the following repair issue provided gross proceeds of NOK 50 million, which is considered sufficient to reach a break-even quarter in 2011. Hence, the financial risk is substantially lowered, which is a prerequisite for success. He continues: - After years with restructuring, the turnaround of NorDiag is finally completed. The Company is well positioned in a high growth market and will, apart from its operational focus, seek new structural opportunities that can create additional values for its shareholders.

Contact:
CEO Mårten Wigstøl  -  Phone: +47 91165775
CFO Tone Kvåle  -  Phone: +47 91519576

Attachments:

Q4-Report
Q4 Presentation

Read the notice in Norwegian here.