9th Mar 2020 10:28
(Alliance News) - Microsaic Systems PLC on Monday reported double-digit revenue growth in 2019, but warned on slow start to 2020.
The developer of point of need mass spectrometry instruments reported a pretax loss of GBP3.1 million for 2019 compared to GBP3.0 million a year earlier, as operating expenses increased slightly to GBP3.4 million from GBP3.3 million.
Revenue, meanwhile, grew by 51% to GBP872,125 from GBP578,258 year-on-year, amid progress made in the small molecule market, where the company has added four new partnerships, bringing the total to 12.
Looking ahead, Microsaic said it sees "significant" growth opportunities available to the business. However, the company warned that, so far in 2020, it had a slow start for orders and sales as commercial activities have been impacted, especially in China, by the macroeconomic and local impact of the Covid-19 virus.
"2019 saw good growth as the company progressed its commercialisation strategy," said Chief Executive Glenn Tracey.
"Microsaic's continues to enhance its industry profile and we aim to further strengthen our capabilities in 2020 in terms of commercialisation and product development," added Tracey.
Microsaic shares were trading 28% lower in London on Monday at 0.72 pence each.
By Evelina Grecenko; [email protected]
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