LONDON (Alliance News) - Sphere Medical Holdings PLC on Thursday said it remains on track for 2016, though it expects its revenue will remain modest.
The point-of-care monitoring and diagnostic services company's chairman, David Martyr, in a statement to be given at its annual meeting, said Sphere has seen robust interest from hospitals in its Proxima product, and it expects sales to rise when the Proxima 4 product is launched.
"We are on track to achieve our goals and 2016 is set to be an important year for the company," he said.
The company reported a pretax loss of GBP6.0 million for 2015, widened slightly from GBP5.9 million in 2014, as higher administrative costs offset lower product development costs. It reported revenue of just GBP15,000, compared to GBP14,000 in 2014.
Sphere shares were down 7.3% to 11.36 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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