TyraTech, Inc. Pre-close Trading Update (3902W)
February 09 2017 - 1:00AM
UK Regulatory
TIDMTYR TIDMTYRU
RNS Number : 3902W
TyraTech, Inc.
09 February 2017
Strictly embargoed until: 9 February 2017
TyraTech, Inc.
("TyraTech" or the "Company")
Pre-Close Trading Update
TyraTech, Inc. (AIM: TYR, and TYRU), a life sciences company
focused on nature-derived insect and parasite control products,
announces its pre-close trading update ahead of its Preliminary
Results for the year ended 31 December 2016.
Market Overview and Financial Update
Despite a difficult market environment, gross sales of the
Company's market leading Vamousse(R) head lice range of products
continued to show double digit growth year on year, and the
Vamousse brand gained market share against its major
competitors.
The Company had indicated at the time of its Interim Results in
September 2016, that the overall rate of growth of Vamousse had
slowed in the second half of the year, mainly due to a deceleration
of the lice category in the US, but the market did recover somewhat
at the end of the year and finished almost flat in the US for the
full year 2016.
In order to adapt to these market conditions, the Company has
strictly controlled its overall level of expenses, and still
expects the year end results to be broadly in line with current
market forecasts and its cash position to be in excess of $1.7
m.
Business Update
Individual retail outlets across the distribution network in the
US are now adding new Vamousse product Stock Keeping Units (SKUs),
which is being driven by consumer demand. The Company is pleased
that following CVS in the US in 2016, Walgreens, the biggest
pharmaceutical chain with over 8,000 stores has also decided to add
Vamousse Lice Defense shampoo and Vamousse Lice Elimination powder
to Vamousse Treatment for the 2017 season.
After only being available online Guardian(R) (TyraTech's
plant-based, non-toxic mosquito and tick repellent), will now be
tested in Kroger stores, the biggest grocery chain in the US for
the 2017 season.
In other initiatives, the Company has successfully finalized the
development of its innovative, effective and non-toxic OutSmart(TM)
Fly Spray repellent for the equine market. An additional patent
filing has been made for the new formulation which was pre-launched
by TyraTech's partner SmartPak at the end of 2016. The full launch
for this product is expected during the second quarter of 2017
before the fly season begins.
The three animal health products sold under the brand
PureScience(TM) are showing positive field testing results.
Products have already been purchased and have received good
feedback from several production facilities affiliated with the
major poultry and swine producers in the US. Widespread adoption
will take time, but reports from our partner MWI, the biggest
distributor of animal health products in the US, show that the
products are performing well.
Outlook, Strategic Direction and Date of Final Results
Taking into account the market conditions and these new product
placements and adoptions, the Board is currently more cautious
about revenue expectations but still anticipates double digit
revenue growth in 2017. In addition, the Board continues to
consider the strategic direction of the Company with respect to the
personal care range of products including the Vamousse brand and
the ultimately larger animal health opportunities.
The Company will announce Final Results for the year ended 31
December 2016 by the end of April 2017.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of Regulation
596/2014.
For further information:
TyraTech Inc.
Bruno Jactel, Chief Executive Tel: +1 919 415
Officer 4340
Erica H. Boisvert, Chief Financial Tel: +1 919 415
Officer 4287
www.tyratech.com
SPARK Advisory Partners Limited
(Nominated Adviser) Tel: +44 20 3368
Matt Davis / Mark Brady 3551
Allenby Capital Limited (Broker)
Chris Crawford Tel: +44 20 3328
5656
Belvedere Communications (PR) Tel: +44 20 3567
John West / Kim van Beeck 0510
This information is provided by RNS
The company news service from the London Stock Exchange
END
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