23rd Sep 2019 10:14
(Alliance News) - Shares in Microsaic Systems PLC fell sharply Monday after its interim loss widened, as costs rose and despite revenue increasing in an "encouraging" performance for the mass spectroscopy equipment maker.
Shares in Microsaic were 29% lower at 1.10 pence in London on Monday.
For the six months ended June, pretax loss deepened to GBP1.6 million from GBP1.5 million the year prior. This was despite revenue rising 30% to GBP328,428 from GBP252,904 the year prior.
Profit performance was hurt by operating costs rising to GBP1.7 million from GBP1.6 million the year before.
"We are encouraged with the progress made in the first half of the year, including revenues ahead of the same period last year and with instrument orders received for shipment in 2019 almost equal to the total number of orders received during 2018," Chief Executive Officer Glenn Tracey said.
During the period, Microsaic received 12 instrument orders to be shipped in 2019.
"We believe that there are opportunities to further accelerate revenue growth in small molecule markets by selling Microsaic-branded complete systems integrating specific third-party sample preparation and separation equipment with Microsaic's mass detectors", Tracey added.
Microsaic does not pay an interim dividend.
"Bioprocessing remains a very exciting growth opportunity, and we continue to make good progress in developing products to meet specific bioprocessing applications, ahead of planned commercialisation," Tracey continued. "Microsaic has increased its industry profile and continues to garner interest in the use of its technology as a novel approach to the in-situ analysis of biologics during their manufacture."
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