(ShareCast News) - Advancing technology and strong cost controls led Electrical Geodesics closer to profit in 2015, though the company still had some way to go before reporting earnings.Revenues for the AIM-traded neurodiagnostic medical technology company rose 3.2% during the calendar year to $13.6m, from $13.2m in 2014. Of that, $7.7m was from North American sales - up from $5.5m - while international sales decreased to $6m from $7.7m.EGI's grant income more than doubled, to $1.5m from $0.6m a year earlier.The firm's board cited strong cost controls as leading to a reduced net loss of $2.8m, compared with $4.3m, and it reported $1.2m cash at year end, level with 2014."The funding secured in March 2015 enabled us to make significant progress on a series of new and improved diagnostic and imaging products destined for launch to the research and clinical markets in 2016," said EGI CEO Don Tucker."The planned introduction of the Geodesic Transcranial Electrical Neuromodulation (GTEN) system for research has led to immediate sales interest from both existing and new research customers," he added.Tucker said clinical recognition of the importance of its dense array EEG systems for epilepsy diagnosis had been evidenced by both an increasing number of publications and growing sales to advanced epilepsy neurosurgery centres."As we near completion of the diagnostic phase of our clinical trial for GTEN treatment of epilepsy at Harborview Hospital in Seattle and begin the treatment phase, we are extending this trial to Huashan Hospital in Shanghai.""As international research laboratories integrate GTEN studies with their studies utilizing our dense array EEG systems, we believe it is becoming clear that an increasing number of neurological disorders will be able to be treated with noninvasive neuromodulation technology," Tucker explained.
