Cardiff, UK; 8th December 2015: MedaPhor Group plc (AIM: MED), the global provider of advanced ultrasound training simulators for medical professionals, today provides the following update on trading for the year to 31 December 2015.
Invoiced sales to 30th November 2015 were £2.0m, which is 48% up on 2014 sales as of the same date and 11% up on 2014 sales for the full year. The Group has a strong sales pipeline and is building excellent relationships with a number of key medical associations in the both the UK and the US. The Group has also made significant progress on broadening its distribution network during the year signing up 16 resellers worldwide. The Group has supported its increased global sales network by translating its systems into Mandarin, Japanese, Russian, Spanish, German and French. Export sales year to date represent more than 50% of its revenue.
The Group has substantial sales in its potential order pipeline; however, with only three weeks to the year-end, the directors do not expect all these prospective sales to convert within that time period. The Directors therefore believe market expectations should be revised and estimate that actual realised sales for the full year 2015 will be in the range of £2.1m to £2.5m, yielding an adjusted loss (before share based payment charge) in the range of £1.7m to £2.0m. Year-end cash is expected to be in line with director expectations at around £1.2m.
The sale of multiple systems to university teaching schools in the UK has been an encouraging example of how the Group’s ScanTrainer simulator system is being used to link multiple teaching sites, with its new cloud-based examination and teaching software. The Group expects to build on its success in this new market segment, in both the US and Europe in 2016.