Medaphor 2017 Loss Widens On Costs Rise As Revenue Grows Strongly

21st Mar 2018 11:20

LONDON (Alliance News) - Medaphor Group PLC said Wednesday its loss widened in 2017 after a rise in one-off and post-acquisition overhead costs, as revenue rose strongly in an "important" year for the ultrasound software firm.

In 2017, the firm's pretax loss worsened to GBP5.6 million from GBP2.5 million the year prior. This was despite revenue rising 27% to GBP4.2 million from GBP3.3 million the year before.

The loss was widened by a sharp rise in administrative costs. Exceptional administrative costs rose to GBP2.9 million from GBP698,435 the year prior.

Excluding exceptional administrative costs, pretax loss still widened to GBP2.7 million from GBP1.7 million the year before.

This was after administrative costs - excluding exceptionals - also rose to GBP5.2 million from GBP3.9 million the year prior, chiefly due the first full-year of overheads related to its GBP3.0 million all-share Inventive Medical Ltd acquisition in 2016.

"2017 has been an important year for the group," Medaphor Chairman Riccardo Pigliucci said. "We had encouraging growth in a number of important simulation markets and the acquisition of Intelligent Ultrasound and their artificial intelligence technology and know-how has expanded our business into machine learning software that has the potential to support and guide sonographers and doctors undertaking ultrasound scanning and clinical needling. We look forward to the year ahead with considerable enthusiasm."

Shares in Medaphor were 4.8% lower at 10.00 pence on Wednesday.

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