16th Mar 2016 09:59
LONDON (Alliance News) - Microsaic Systems PLC on Wednesday said 2015 was a year of two halves that resulted in its loss widening in the year, but said it has almost sold as many 4000 MiD system units since the start of 2016 as it did in the whole of last year.
The developer of chip-based scientific instruments said its pretax loss widened to GBP3.9 million in 2015 from the GBP3.2 million loss booked in the previous year as revenue fell to GBP782,813 from GBP1.2 million.
Revenue from product sales was down 38% in the year to GBP620,000 from GBP1.0 million, mainly due from a poor sales performance in the first half of the year, whilst revenue from services rose 20% to GBP160,000 from GBP130,000.
The fall in revenue pushed its gross profit down to GBP304,543 from GBP443,033, whilst higher operating expenses of GBP4.4 million from GBP3.7 million also contributed to the wider loss.
The company underperformed in the first half after it only sold six of its 4000 MiD units before selling 17 units in the second half.
Cash at the end of 2015 stood at GBP3.6 million, down from GBP4.6 million at the end of 2014.
"A review of company cash flow and its management has resulted in the cash runway now extending into 2017, without affecting the potential of the company and without taking into account any meaningful sales of triple quad products or sales other than through our four current sales channels," said Microsaic.
"During 2016 we will look to maximise sales to existing customers and continue to look for additional applications and appropriate original equipment manufacturer channels where the key features of our product - compactness, simple deployability and serviceability - will create real competitive advantage," said the company.
Microsaic said sales this year are expected to follow the trend that emerged in the second half of 2015, and said it has sold 16 4000 MiD units since the start of the year compared to the 23 units sold in the whole of 2015.
Microsaic shares were up 1.7% to 12.20 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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