(Alliance News) - Medical software firm IQ-AI Ltd on Monday said its 2019 loss widened on higher costs, despite a rise in revenue.
Shares in IQ-AI were 25% lower at 3.50 pence on Monday in London.
For 2019, the company reported a pretax loss of GBP617,067, widened from GBP595,204 the year before, as administrative expenses increased to GBP859,171 from GBP709,772.
However, revenue increased by 62% to GBP267,868 from GBP164,971 the prior year, due to IQ-AI's businesses achieving higher sales of existing products.
Looking ahead, IQ-AI said it expects a "marked" increase in revenue through its growing relationships with channel partners, distributors and other medical imaging firms.
"We leave 2019 positioned on a strong foundation of talent, technology, and optimism. Our best-in-class software solutions continue to deliver clarity for brain tumor patients and their care providers every day. While we are committed and focused on our short and mid-term plans, we remain nimble and flexible to respond to the ever-changing landscape and emerging opportunities we anticipate evolving in healthcare over the next five years," said Chief Executive Officer Trevor Brown.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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