Half year results for the six months ended 30 June 2016

MedaPhor Group plc (AIM: MED), the global provider of advanced ultrasound skills training simulators for medical professionals, announces its unaudited half year results to 30 June 2016.

In a separate RNS the Company has also announced today the acquisition of Inventive Medical Limited (IML), a UK company which is the global supplier of cardio ultrasound simulation products under the HeartWorks brand, for £3m in shares.

Financial highlights

  • Sales increased 17% on the comparative period to £1.26m (H1 2015: £1.08m)
  • £3.0m raised net of costs following placing of shares in April 2016
  • Cash balance at 30 June 2016 of £3.5m (31 December 2015: £1.3m)

Operational update

  • Agreement signed with the American Board of Obstetrics and Gynecology (ABOG) to develop MedaPhor’s ScanTrainer simulator for use in future ABOG examinations
  • Expanded the sales team in North America, demonstrating the Boards confidence in the region
  • University of Cumbria opened their new Ultrasound Skills Lab with multiple ScanTrainer simulators
  • ScanTrainer Professional 2016 Edition and Cloud 2 launched
  • The Directors continue to believe that the patent infringement claims brought by SonoSim in the US are without merit and the Company continues to vigorously defend its position

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

“This has been an excellent period of trading for MedaPhor. The agreement with the ABOG, the successful £3m fund raising and the acquisition of HeartWorks; combined with our growing sales, encouraging pipeline and expanded sales team in the US; all point to an exciting future for the Group.”

This announcement contains inside information.

Full report available here.