LONDON (Alliance News) - Sphere Medical Holdings PLC Thursday showed narrowed pretax losses and returned to booking revenues as it continued its transition into a commercial company and geared up its Proxima product for release.
For the half year ended June 30 the company posted a pretax loss of GBP2.9 million, narrowed from GBP4.4 million in the previous year. The company posted revenue of GBP31,000. It did not post revenues in the same period in the previous year as it had previously functioned as a research and development group. Prior to that period, Sphere had been recognising revenue in the form of interest earned on term deposits and changes in the fair value of share warrants.
The company said that the recent half brought the company significantly closer to its goal of making Proxima, its disposable patient-attached arterial blood gas analyser, into a global standard of care. The company has focused on preparing the technology for the European CE Mark, which indicates that the product complies with EU legislation and can be freely sold in the European market.
Sphere Medical said it remained committed to completing the European certification of Proxima, which will allow it to proceed with UK evaluation studies. It believes that this will underpin a strong commercial future for the Proxima platform.
Shares in the healthcare technology developer were trading up 0.26 pence at 34.26 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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