When Roger Duggan brought his company to AIM in 2004, investors bought in at 51p per share. This month, stock in Immunodiagnostic Systems Hldgs (LON:IDH) was changing hands at 800p. For the company’s chief executive, the “astonishing” upward trajectory has followed a period of dramatic change for the diagnostic testing specialist, which is currently embarking on a major new offensive to sell a new generation of immunoassay kits to even larger markets.

IDS in behind a range diagnostic tests for the clinical and research markets, with a focus on immunoassays used in the area of bone disease, such as vitamin D and bone formation and loss markers. Its systems are used by labs and hospitals to measure or detect particular substances within a sample in order to help them diagnose or monitor a disease. In 2007 the company boosted its portfolio in the in vitro diagnostics market by acquiring Nordic Bioscience Diagnostics A/S for £17m and later Biocode Hycel S.A. for €23m.

Last year, the group launched a new fully-automated immunoanalyser called the IDS iSYS. With the new machine, and a growing number of analytes (different types of tests), the company is hoping the break into much larger market areas, complementing its traditional focus on manual testing kits. This month, it reported a 49% rise in annual revenues to £37.6m with pre-tax profits up 130% to 10.99m, as the iSYS gathered momentum. With the recent receipt of a 510(k) approval from the US Food & Drug Administration to market the iSYS in the US, IDS is now eyeing even more significant growth opportunities.

As Roger Duggan now prepares to step down from his role as CEO in October to concentrate on business development work at IDS, he spoke to Stockopedia News about the company’s drive for even greater market exposure.

Roger, with the introduction of the IDS iSYS last year, how challenging has it been to focus on both the company’s continuing work with manual products together with the roll-out of the new system?

I would say that it has actually been remarkably straightforward. We are specialists in immunoassay so our manual business and our customer base is very well defined. With the increasing volume, particularly in vitamin D, the ability to sell automated vitamin D tests into those accounts and additional accounts has been relatively…

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