LONDON (Alliance News) - TyraTech Inc Monday posted a widened pretax loss for 2014 as a result of higher operating costs, and said its revenue in 2015 to date has been in line with its expectations.
The life sciences company posted a pretax loss of USD5.1 million, widened slightly from a pretax loss of USD4.9 million in 2013, as a rise in revenue to USD4.7 million from USD1.4 million was offset by a rise in operating costs to USD8.5 million from USD5.0 million.
This was mostly due to costs associated with the launch of its products in the UK and US, and costs related to establishing a UK branch. The company said it expects its operating costs to increase as it continues to evaluation geographic expansion and new product launches.
TyraTech launched its first branded product, Vamousse, a head lice treatment, in the UK and US, and its mosquito and tick repellent Guardian was made available online in the US.
Revenue growth was driven by the new product launches, and one-off revenue of USD1.2 million from an exclusive product license fee.
In 2015 the company has expanded its US distribution in the first half, securing new pharmacy customer wins. TyraTech said it expects revenue to be heavily weighted towards the second half of the year as a result of the 'back to school period'.
"We believe that the medium term outlook for the company is strong as our technology continues to be commercialised into new products and geographies," said Chief Executive Officer Bruno Jactel in a statement.
Shares in TyraTech are untraded Monday morning, it last closed at 4.50 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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