24th Mar 2015 11:14
LONDON (Alliance News) - Electrical Geodesics Inc Tuesday posted a broadly flat pretax loss for 2014, as rising revenue was offset by an increase in operating costs, and said it expects a number of new product releases in the coming months to drive growth.
The company develops neurodiagnostic products for the monitoring of interpretation of brain activity, including electroencephalography or EEG technology.
The company posted a pretax loss of USD3.4 million for 2014, broadly in line with its pretax loss of USD3.0 million a year before, as a rise in revenue to USD13.2 million from USD11.6 million was offset by operating costs increasing to USD13.2 million from USD11.8 million.
Electrical Geodesics said 139 of its EEG systems and upgrades were shipped during 2014, compared to 99 a year before, and 15 portable EEG devices were sold compared to four a year before.
Additionally, it saw increased sales in its dense-array EEG product range, with average system prices in the second half higher than the first.
The company has set itself a number of near-term targets, including 20-25% sales growth, and a gradual improvement in gross margins.
Electrical Geodesics is ramping up for the launch of its Geodesic transcranial electrical neuromodulation, or GTEN, product. It said that GTEN is nearing completion, and is expected to be available for sale for use in research and clinical studies from mid-2015.
"We are pleased to have delivered good revenue growth for the year and to have secured the funding needed to enable us to execute the next phase of our plans. Over the coming months, we will release a series of new and improved diagnostic and imaging products for the research and clinical markets which we expect to drive further growth," said Chief Executive Officer Don Tucker in a statement.
Shares in Electrical Geodesics are untraded Tuesday. They last closed at 83.30 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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