9th Feb 2016 10:09
LONDON (Alliance News) - Electrical Geodesics Inc said Tuesday it expects to report a rise in revenue for 2015, as a stronger second half helped offset a "somewhat disappointing" first half performance.
The neurodiagnostic medical technology company said it expects to report revenue of USD13.8 million, up 4% from the USD13.2 million it reported in 2014. This is as a result of a 15% rise in revenue for its second half after a 10% decline in the first half.
Electrical Geodesics said it had ended its year with around USD1.0 million of unfilled orders, around half of which it expects to fulfil in the first quarter of 2016.
The company said it is on track to release its source imaging programme GeoSource 3.0 in the third quarter of the year for the research market.
Additionally, its clinical trial for dense array electroencephalogram localisation and geodesic transcranial electrical neuromodulation treatment of focal epilepsy is progressing well.
"It is a pleasure to report solid growth for 2015, despite a difficult first half which saw unusually weak trading conditions in a number of our key markets, driven by our advancing product line and expanded indications," said Chief Executive Officer Don Tucker in a statement.
"Our results reflect expansion in both clinical and research sectors of the US market as well as some stability in our key international markets. With a strong pipeline of new products and our key Phase I trials underway we feel positioned for continuing growth in 2016," Tucker added.
Shares in Electrical Geodesics were untraded Tuesday morning. They last closed at 75.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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