Half yearly report

MedaPhor Group plc (AIM: MED), the global provider of advanced ultrasound training simulators for medical professionals, announces its unaudited half year results to 30 June 2017.

Financial highlights

  • Sales increased 63% on the comparative period to £2.1m (H1 2016: £1.3m)
  • Cash balance at 30 June 2017 of £0.6m (31 December 2016: £1.8m)
  • Positive progress made to raise funds to take the Group through its next stage of development

Operational update

  • ScanTrainer Professional 2017 Edition launched
  • New Emergency Medicine simulator under development
  • Chinese reseller network trained and selling systems in key growth market
  • First ScanTrainer sales in India
  • North American sales team strengthened

Commenting on the results, Riccardo Pigliucci, Chairman of MedaPhor, said:

“The Group is now recovering from the impact of the legal action that was settled in Q1 this year and I am encouraged that the US team is back on track, with ScanTrainer sales in North America up 38% on H2 2016 and in-line with H1 2016. The Rest of the World ScanTrainer market grew 18% in H1, but the UK medical market is in a challenging period of budget restraints. Despite this, I am pleased to report that Inventive Medical, which we acquired in August last year, made a significant contribution with £1.1m sales of the HeartWorks simulator in the period across all territories and we look forward to making further progress in the second half of the year.”

This announcement contains inside information which, prior to its disclosure, was inside information for the purposes of the Market Abuse Regulation (Article 7 of Regulation (EU) No 596/2014.

Full report is available here.