Medaphor Group plc – final results

MedaPhor Group plc (AIM: MED), the global provider of advanced ultrasound education simulators for medical professionals, announces its preliminary results for the year ended 31 December 2016.

Financial highlights

  • Revenues increased 49% to £3.3m (2015: £2.2m)
  • UK sales up 27%, North America sales up 7% and Rest of World sales up 166%
  • Loss before tax and exceptional items £1.8m (2015: Loss, £1.7m)
  • Raised £3.0m net of costs by way of placing of shares
  • Year-end cash at £1.8m (2015: £1.3m)

Operational highlights

  • Acquired Inventive Medical Limited (HeartWorks) bringing complementary products and resources using MedaPhor shares as consideration
  • Placing funds enabled further investment in overseas operations and product development
  • Global network increased to 30 resellers (2015: 20 resellers)
  • Settled US litigation, which is expected to enable US sales growth to recover in 2017

Post year-end events

  • Overseas sales are up on last year, but UK sales are down due to NHS spending constraints
  • Funding options to finance future growth are under review

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

“This has been an up and down year for the Group, but we have now settled the IP litigation in the US and are benefitting from the acquisition of both the Inventive Medical personnel and the HeartWorks brand.  We are currently pursuing future potential funding options and look forward to building our global simulator business in 2017 and beyond.”

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

Download the full announcement here.