LONDON (Alliance News) - Medical technology company Electrical Geodesics Inc said it was targeting double-digit revenue growth in 2016 after seeing revenue go up by 27% year on year in the first half of 2016.
The US-based neurodiagnostic specialist reported revenue of USD6.6 million in the first half of 2016, up from USD5.2 million for the same period in 2015, with a 45% increase in North American sales and a 17% increase in international sales.
The increased revenue led to a narrowed loss of USD1.9 million for 2016 to the end of June, compared to USD2.3 million at the same date in 2015.
The company's proprietary technology is a dense-array electroencephalography platform, for the monitoring of brain activity via electrical signals, which it said has a "firm foothold in our core research markets" and expects to expand in clinical markets.
The company also launched a beta version of its neuromodulation system, for changing nerve activity by electrical stimulation, in June 2016. The beta was released to research customers for use in treating neurological diseases.
"EGI continues to target double-digit revenue growth for 2016 based on the strong performance in H1 2016, the strong order book at the period end and the release for sale of our new products and features" said Don Tucker, the chairman and chief executive. He added that he expected the pattern of revenue being greater in the second half of the year to continue.
Shares in Electrical Geodesics were untraded at 79.00 pence Friday morning.
By Adam Clark; adamclark@alliancenews.com
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