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|Not the greatest of results but no effect on the very tightly held shares. However, listing lock ins are coming to an end (see admission dock below) so will be interesting to see whether any stock, albeit smallish amounts, starts to appear and whether any buyers if does...
EUGENE, OREGON, US, 26 February 2014 - Electrical Geodesics, Inc. ("EGI" or the "Company"), a leading neurodiagnostic medical technology company, today announces its audited results for the year ended 31 December 2013.
-- Successful AIM listing raising $10.1m (net)
-- Development and launch of GES 400 platform
- CE Marked
- Flexible system allowing multiple systems to network together
- In-built computing enables remote access for upgrades and support
- 510k clearance for US sale received in February 2014
-- Net Station 5 (NS5) operating software completed beta-testing
- Commercial launch will start in March 2014
- Delivers significant increases in speed and ease of use
-- Collaborations in place to expand on the GES 400 platform
- Premier Healthcare Group purchasing contract
- Hitachi marketing alliance
- In-licensing agreement with EBNeuro
- Acquisition of Avatar portable wireless EEG technology
-- Direct and distributor sales channels enhanced
- Representative office established in Shanghai, China
-- Revenues $11.6m, in line with latest guidance (2012: $12.5m)
- US & EU sales to research customers impacted by fiscal austerity measures
- North American sales over all decline to $5.6m (2012: $6.5m)
- International sales remained steady at $6.0m with strong growth seen in China
- 52% of revenues from systems and upgrades (2012: 54%)
-- 99 dEEG GES systems sold (2012: 90) at an average price of $59,000 (2012: $68,000)
-- Research customers dominated sales, representing 92% of sales in both 2013 and 2012
-- Gross margins 59% impacted by product mix and higher distributor versus direct sales (2012: 62%)
-- Loss before tax of $3.0m reflecting increases in infrastructure across the business (2012: $67k profit)
-- Net cash at year end $4.9m (2012: net debt of $0.6m)
Don Tucker, PhD, Chairman and CEO of EGI, said:
"We made steady progress in our first months as a public company against a backdrop of austere fiscal conditions and technical challenges. With our GES 400 series now FDA cleared and NS5 software through beta-testing we are now poised for full commercial launch of this powerful platform. In the coming year, we plan to continue the roll-out of these products and complete a series of defined enhancements that will allow us both to retain our standing with the research customers and deliver robust products and solutions to the larger clinical customer base. There is a clear focus within EGI to deliver on the important product developments whilst maintaining tight cost control."
"We believe that our technology has a leading position in monitoring brain activity and that EGI can and will deliver competitive solutions in core areas of EEG such as sleep studies, long-term monitoring of epilepsy and the planning of neurosurgery. Looking further ahead we are increasingly excited about the potential application of dEEG and neuromodulation as a clinical intervention tool, promoting dEEG into a fundamental part of disease management."
|Based in Eugene, Oregon, USA and founded by CEO and Chairman, Don Tucker in 1992, EGI is a medical device company that designs, develops and commercialises a range of non-invasive neurodiagnostic products used to monitor and interpret brain activity. A key component of these products is EGI's proprietary dense array electroencephalography ("dEEG") platform technology. The dense array method gathers brain activity data from many more electrodes than conventional EEG products (up to 256), generating significantly higher quality and more precise levels of information. With regulatory clearance in the US, EU and a number of other major international regulatory bodies, the Company's technology has been increasingly adopted as a powerful research tool and more recently as a cost effective and patient friendly clinical neurodiagnostic platform. EGI has over 500 customers including leading researchers and clinical opinion leaders in a broad range of applications, including epilepsy, autism, stroke, traumatic brain injury and sleep disorders.
EGI has raised £8 million before expenses, issuing 6,666,667 Common Stock at 120 pence per share. Immediately following the Placing, the Company has 24,448,786 Common stock in issue, giving EGI a market capitalisation of approximately £29.3 million.
The Company intends to use the net proceeds of the IPO primarily to support an increase in sales and marketing activities to establish further its products in its key markets. Additionally, the net proceeds will be used to continue the development and commercialisation of next generation products, further develop the manufacturing and support infrastructure to service its international customer base and for general working capital needs.
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