LONDON (Alliance News) - Electrical Geodesics Inc Wednesday posted a narrowed pretax loss for 2015, as revenue came in broadly flat but operating costs fell, as it said it expects key product launches to take place in 2016.
The company develops neurodiagnostic products for the monitoring and interpretation of brain activity, including electroencephalography or EEG technology.
Electrical Geodesics posted a pretax loss of USD2.8 million for the year ended December 31, from a loss of USD4.4 million a year earlier, after it posted a slight increase in revenue to USD13.6 million from USD13.2 million and a drop in operating expenses to USD10.6 million from USD12.1 million. This was largely down to the USD909,000 fall in research and development costs.
Electrical Geodesics said the sales growth was slightly below expectations for the year, due to delays in the launch of its Geodesic Transcranial Electrical Neuromodulation system and GeoSource 3 products, which now are expected to be launched in 2016.
However, the company said strong momentum from the second half of its year, when sales growth was 14%, as well as the order backlog at the end of 2015 means an increased sales growth in 2016 "should be achievable". The company closed 2015 with around USD1.0 million of unfilled orders.
The company said it was planning to release software enhancements for its GeoSource 3.0 imaging and localisation software, its NOLIS database and its Geodesic Transcranial Electrical Neuromodulation technology in 2016.
"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. The planned introduction of the Geodesic Transcranial Electrical Neuromodulation system for research has led to immediate sales interest from both existing and new research customers," Chief Executive Don Tucker said.
Shares in Electrical Geodesics were untraded on Wednesday, having last traded at 80.00 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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