LONDON (Alliance News) - Neurodiagnostic medical technology company Electrical Geodesics Inc on Thursday said it expects to post a rise in revenue for 2014 on the back of a strong fourth quarter and said it has made a good start to 2015.
The company said it expects to post full-year revenue for the year to December 31 of USD13.2 million, up 14% on the USD11.6 million posted a year earlier. Trading in the final two months of the year was strong, the company said, with revenue for the period rising to USD3.4 million from USD3.1 million last year. In addition to that, the group recognised grant income of USD0.6 million in the period.
The group secured orders of USD0.3 million before the end of the year but was unable to ship them, meaning these will add to the USD0.5 million in orders secured immediately after the year end to give the group a solid start to the new year.
Electrical Geodesics said a total of 139 of its GES EEG systems and upgrades were shipped in the year, up from 99 last year, along with 15 Avatar portable EEG devices sold, up from 4.
Sales rose across its dEEG product range, with average system prices increasing in the second half against the first. North American sales hit USD5.4 million, slightly down on the USD5.6 million reported last year, as weak Canadian sales offset a rise in the US. International sales rose to USD4.6 million from USD3.5 million, while Asia sales were up to USD2.9 million from USD1.9 million.
"We are pleased to have delivered good double-digit growth for the year and to make a solid start to 2015 with continued strong order visibility and improved grant funding," said Chief Executive Officer Don Tucker.
Shares in Electrical Geodesics were untraded on Thursday, having last traded at 138.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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