LONDON (Alliance News) - Sphere Medical Holding PLC Thursday said 2016 is set to be a "pivotal year" in its progressing into becoming a commercially successful company as it continues to roll-out its latest Proxima device.
Proxima is used to measure blood gases, electrolytes and metabolites. During 2015 the company launched the product in Europe, and made its first sale of its most recent generation of the device, Proxima 3.
It is currently developing the next generation of this product, Proxima 4, which it expects to launch in 2016.
Sphere Medical said it expects the level of revenue from Proxima to remain modest through 2016, but there is increasing market appetite for the product, with a growing number of hospitals undertaking evaluations.
The company reported a pretax loss of GBP6.0 million, widened slightly from GBP5.9 million a year before, as higher administrative costs offset lower product development.
It reported revenue of GBP15,000, compared to GBP14,000 in 2014.
"2015 was an important year in the progression of the company towards becoming a commercially successful business. A number of key milestones were reached, including the first sale of Proxima 3," said Chief Executive Officer Wolfgang Rencken in a statement.
"We are encouraged by the growing traction for Proxima 3 and look forward to the launch of the next generation product, Proxima 4. This will represent a major step forward in the commercialisation of Sphere Medical's technology. We will continue to develop and enhance the Proxima platform and we will progress discussions with potential worldwide commercialisation partners," Rencken added.
Shares in Sphere Medical were down 6.9% at 6.05 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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