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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Intelligent Ultrasound Group Plc | LSE:MED | London | Ordinary Share | GB00BN791Q39 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.50 | 14.00 | 15.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMED
RNS Number : 5069M
Medaphor Group PLC
31 July 2017
MedaPhor Group plc
("MedaPhor" or the "Group" or the "Company")
Half yearly report
MedaPhor Group plc (AIM: MED), the global provider of advanced ultrasound training simulators for medical professionals, announces its unaudited half year results to 30 June 2017.
Financial highlights
-- Sales increased 63% on the comparative period to GBP2.1m (H1 2016: GBP1.3m) -- Cash balance at 30 June 2017 of GBP0.6m (31 December 2016: GBP1.8m)
-- Positive progress made to raise funds to take the Group through its next stage of development
Operational update
-- ScanTrainer Professional 2017 Edition launched -- New Emergency Medicine simulator under development -- Chinese reseller network trained and selling systems in key growth market -- First ScanTrainer sales in India -- North American sales team strengthened
Commenting on the results, Riccardo Pigliucci, Chairman of MedaPhor, said:
"The Group is now recovering from the impact of the legal action that was settled in Q1 this year and I am encouraged that the US team is back on track, with ScanTrainer sales in North America up 38% on H2 2016 and in-line with H1 2016. The Rest of the World ScanTrainer market grew 18% in H1, but the UK medical market is in a challenging period of budget restraints. Despite this, I am pleased to report that Inventive Medical, which we acquired in August last year, made a significant contribution with GBP1.1m sales of the HeartWorks simulator in the period across all territories and we look forward to making further progress in the second half of the year."
This announcement contains inside information which, prior to its disclosure, was inside information for the purposes of the Market Abuse Regulation (Article 7 of Regulation (EU) No 596/2014.
Enquiries:
Hot Features
Premium
MedaPhor Group plc www.medaphor.com
Stuart Gall, CEO Tel: +44 (0)29 2075 6534
Cenkos Securities Tel: +44 (0)20 7397 8900
Bobbie Hilliam (Nominated
Adviser)
Julian Morse (Corporate
Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or
medaphor@walbrookpr.com
Paul McManus / Anna Mob: +44 (0)7980 541 893 /
Dunphy Mob: +44 (0)7876 741 001
About MedaPhor (www.medaphor.com)
MedaPhor (AIM: MED) is a global developer of advanced ultrasound skills training simulators for medical professionals. Founded in 2004, the Company is headquartered in Cardiff, UK and Atlanta, USA, with over 500 customers in 45 countries around the world.
The Company owns three of the world's leading ultrasound training and examination simulators - ScanTrainer, ScanTrainer Examine and HeartWorks:
ScanTrainer is an ultrasound simulator and CPD platform offering transvaginal & transabdominal ultrasound education. It offers trainees an immersive, 24/7 self-directed learning experience allowing faster knowledge and skills acquisition at any stage of an ultrasound trainee's learning pathway.
Features include real feel haptic feedback, real full-anatomy scans, real-time expert guidance via ScanTutor, structured curriculum learning, metric-based assessment and a range of cloud-based features, including the unique ability for a doctor to upload their own patient cases onto the simulator.
ScanTrainer Examine is a cloud-based ultrasound diagnostic skills training simulator. It offers a library of over 500 pathologies and normal patient scans to help medical practitioners learn key diagnostic skills. ScanTrainer Examine also enables ultrasound educationalists to use the simulator as a virtual patient skills assessment tool for examination and certification.
HeartWorks is recognised globally as the leading simulation solution for education in echocardiography, cardiac anatomy and lung ultrasound. Developed by consultant cardiac anaesthetists at University College London Hospital, it is unrivalled for quality, accuracy, and realism in the teaching of transthoracic and transoesophageal echocardiography.
From the development of the most anatomically correct and realistic 3D heart to a range of fully interactive manikin based simulators, HeartWorks remains at the cutting edge of simulation technology with a growing portfolio of simulation products for clinical skills acquisition and assessment that help prepare clinicians to deliver quality care to their patients.
CHAIRMAN'S STATEMENT
I am pleased to present MedaPhor's interim report for the six months ended 30 June 2017.
Review of the first six months of 2017
Trading results
The Group is now recovering from the impact of the legal action that was settled in Q1 this year. Turnover, at GBP2.1m for the first half of the year was up 63% on the comparative period (six months to 30 June 2016: GBP1.3m).
Having reorganised and strengthened the US sales team, following the full and final settlement of the US patent infringement action in January 2017, I am encouraged that the US team is back on track, with ScanTrainer sales in North America of GBP324k which is in line with the comparative period and up 38% on sales achieved in H2 2016 (GBP234k). The H2 pipeline for both ScanTrainer and HeartWorks in North America is particularly encouraging.
Although the UK medical market is in a challenging period of budget restraints, which has seen ScanTrainer UK sales in H1 decline by 56% to GBP264k in the period (H1 2016: GBP605k), the pipeline of customers wishing to buy remains high and we believe this market will show signs of recovery in the second half of the year.
ScanTrainer sales in the Rest of the World for the first six months of this year at GBP369k are up 18% on the comparative period (H1 2016: GBP314k) with encouraging sales in China following the appointment of new resellers and the first ScanTrainer sales in India coming through. The launch of a French curriculum based version of ScanTrainer is expected to increase sales in the European region.
HeartWorks sales in the period were GBP1.1m, with over half of these sales coming from the Rest of the World market. Although HeartWorks revenues in the UK were affected by the same challenging budget restraints that have affected ScanTrainer, sales in North America of GBP323k for H1 and pipeline sales for H2, give the Directors optimism that the Group will see sales growth in North America in the second half of this year.
Administrative expenses for the six months to 30 June 2017 at GBP2.6m are up by GBP0.8m on the comparative period to 30 June 2016, but the total costs for H1 2017 include GBP0.5m of overheads in respect of Inventive Medical Limited ("IML") and GBP0.2m in respect of amortisation of intangibles acquired with IML in H2 last year.
The operating loss for the six months to 30 June was GBP1.3m (six months to 30 June 2016: GBP1.0m) and cash at bank at 30 June 2017 was GBP0.6m (31 December 2016: GBP1.8m).
Patent infringement settlement
In January 2017, the Group announced that MedaPhor and SonoSim Inc. and The Regents of the University of California had formalized and executed their agreement on a patent license and patent infringement settlement. As a result, the lawsuit between the parties was dismissed with prejudice.
Product development
At the start of the year we launched our new ScanTrainer 2017 Edition version of our award-winning simulator and we are currently working on the development of a hybrid ScanTrainer/HeartWorks simulator for the Emergency Medicine market and a new augmented reality imaging device that guides the ultrasound operator during needling procedures. This latter product is in the early stages of development and is targeted at clinical rather than teaching applications.
Current trading and outlook
The Group is currently trading in line with management's expectations. The Board is making positive progress toward raising sufficient funds to take the Group through the next phase of its development and, subject to this, the Board expects that the Group will continue to be solvent for the foreseeable future.
Riccardo Pigliucci
Chairman
31 July 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2017
Unaudited Unaudited Audited
6 months 6 months year ended
ended ended 31 December
30 June 30 June 2016
Notes 2017 2016
GBP GBP GBP
REVENUE 3 2,055,490 1,262,512 3,286,147
Cost of sales (768,332) (434,932) (1,174,065)
------------ ------------ ------------
Gross profit 1,287,158 827,580 2,112,082
Administrative expenses (2,598,910) (1,826,192) (3,897,652)
Exceptional administrative
costs - - (698,435)
------------ ------------ ------------
Total administrative costs (2,598,910) (1,826,192) (4,596,087)
------------ ------------ ------------
OPERATING LOSS (1,311,752) (998,612) (2,484,005)
Interest income/(Finance
costs) - - (3,341)
------------ ------------ ------------
LOSS BEFORE INCOME TAX (1,311,752) (998,612) (2,487,346)
Income tax credit 4 88,510 - 73,201
------------ ------------ ------------
LOSS ATTRIBUTABLE TO THE
EQUITY SHAREHOLDERS OF
THE PARENT (1,223,242) (998,612) (2,414,145)
OTHER COMPREHENSIVE INCOME
Items that will or may
be reclassified to profit
or loss:
Exchange loss arising on
translation of foreign
operations (8,373) (1,474) (6,996)
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD (1,231,615) (1,474) (6,996)
------------ ------------ ------------
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO THE EQUITY
SHAREHOLDERS OF THE PARENT (1,231,615) (1,000,086) (2,421,141)
============ ============ ============
LOSS PER ORDINARY SHARE
(PENCE) ATTRIBUTABLE TO
THE EQUITY SHAREHOLDERS
OF THE PARENT
Basic and diluted 5 (3.835)p (4.339)p (8.826)p
============ ============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2017
Ordinary Share Accumulated Share-based Merger Foreign Total
share premium losses payment reserve exchange equity
capital reserve reserve attributable
to shareholders
GBP GBP GBP GBP GBP GBP GBP
Balance as at 1
January 2016 201,363 4,322,067 (4,591,667) 251,000 1,990,187 (3,984) 2,168,966
Comprehensive
income
for the period
Loss for the period - - (998,612) - - (1,474) (1,000,086)
Contributions by
and distributions
to owners
Shares issued for
cash 71,111 3,128,889 - - - - 3,200,000
Cost of raising
finance - (182,316) - - - - (182,316)
Share-based
payments
expense - - - 55,000 - - 55,000
--------- ------------ ------------ ------------ ------------ ---------- -----------------
Total contributions
by and
distributions
to owners 71,111 2,946,573 - 55,000 - - 3,072,684
--------- ------------ ------------ ------------ ------------ ---------- -----------------
Balance as at 30
June 2016 272,474 7,268,640 (5,590,279) 306,000 1,990,187 (5,458) 4,241,564
--------- ------------ ------------ ------------ ------------ ---------- -----------------
Comprehensive
income
for the period
Loss for the period - - (1,415,533) - - (5,522) (1,421,055)
Contributions by
and distributions
to owners
Shares issued on
acquisition of
IML 46,512 - - - 1,953,488 - 2,000,000
Cost of raising
finance - (1,501) - - - - (1,501)
Share-based
payments
expense - - - 15,600 - - 15,600
--------- ------------ ------------ ------------ ------------ ---------- -----------------
Total contributions
by and
distributions
to owners 46,512 (1,501) - 15,600 1,953,488 - 2,014,099
--------- ------------ ------------ ------------ ------------ ---------- -----------------
Balance as at 31
December 2016 318,986 7,267,139 (7,005,812) 321,600 3,943,675 (10,980) 4,834,608
--------- ------------ ------------ ------------ ------------ ---------- -----------------
Comprehensive
income
for the period
Loss for the period - - (1,223,242) - - (8,373) (1,231,615)
Contributions by
and distributions
to owners
Share-based
payments
expense - - - 35,000 - - 35,000
Total contributions
by and
distributions
to owners - - - 35,000 - - 35,000
Balance at 30 June
2017 318,986 7,267,139 (8,229,054) 356,600 3,943,675 (19,353) 3,637,993
========= ============ ============ ============ ============ ========== =================
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2017
Note Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
NON-CURRENT ASSETS
Intangible assets 6 3,466,340 467,729 3,572,284
Property, plant and
equipment 330,843 306,147 366,541
------------ ---------- -------------
3,797,183 773,876 3,938,825
------------ ---------- -------------
CURRENT ASSETS
Inventories 438,206 234,706 482,338
Trade and other receivables 1,327,058 567,205 1,614,538
Current tax asset 55,310 - 45,534
Cash and cash equivalents 581,855 3,503,278 1,765,863
------------ ---------- -------------
2,402,429 4,305,189 3,908,273
------------ ---------- -------------
TOTAL ASSETS 6,199,612 5,079,065 7,847,098
CURRENT LIABILITIES
Trade and other payables 7 (2,203,659) (808,392) (2,670,744)
Provisions (86,827) (29,109) (37,413)
------------ ---------- -------------
(2,290,486) (837,501) (2,708,157)
------------ ---------- -------------
NON-CURRENT LIABILITIES
Deferred taxation (271,133) - (304,333)
(271,133) - (304,333)
------------ ---------- -------------
TOTAL LIABILITIES (2,561,619) (837,501) (3,012,490)
NET ASSETS 3,637,993 4,241,564 4,834,608
============ ========== =============
EQUITY
Ordinary share capital 8 318,986 272,474 318,986
Share premium 7,267,139 7,268,640 7,267,139
Accumulated losses (8,229,054) (5,590,279) (7,005,812)
Share-based payment reserve 356,600 306,000 321,600
Merger reserve 3,943,675 1,990,187 3,943,675
Foreign exchange reserve (19,353) (5,458) (10,980)
TOTAL EQUITY 3,637,993 4,241,564 4,834,608
============ ============ ============
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2017
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
CASH FLOW FROM CONTINUING OPERATING
ACTIVITIES
Loss before tax (1,311,752) (998,612) (2,487,346)
Depreciation 101,344 63,538 154,123
Amortisation of intangible
assets 350,596 148,965 408,890
Finance (income)/costs - - 3,341
Share-based payments expense 35,000 55,000 70,600
------------ ---------- ------------
Operating cash flows before
movement in working capital (824,812) (731,109) (1,850,392)
Movement in inventories 44,132 29,881 (82,913)
Movement in trade and other
receivables 287,480 192,324 (350,911)
Movement in trade and other
payables (417,671) (46,013) 96,722
------------ ---------- ------------
Cash used in operations (910,871) (554,917) (2,187,494)
Income taxes received 45,534 - -
NET CASH USED IN OPERATING
ACTIVITIES (865,337) (554,917) (2,187,494)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant
and equipment (65,646) (62,428) (156,800)
Disposal of property, plant
and equipment - - 16,209
Internally generated and purchase
of intangible assets (244,652) (183,354) (472,452)
Cash acquired on acquisition
of IML - - 272,787
------------
NET CASH USED IN INVESTING
ACTIVITIES (310,298) (245,782) (340,256)
------------ ---------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of new shares - 3,017,684 3,200,000
Share issue costs - - (183,817)
Interest received/(finance
costs paid) - - (3,341)
NET CASH GENERATED FROM FINANCING
ACTIVITIES - 3,017,684 3,012,842
------------ ---------- --------------
Exchange losses (8,373) (1,474) (6,996)
------------ ---------- --------------
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS (1,184,008) 2,215,511 478,096
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,765,863 1,287,767 1,287,767
CASH AND CASH EQUIVALENTS AT OF PERIOD 581,855 3,503,278 1,765,863
============ ========== ==============
NOTES TO THE CONSOLIDATED INTERIM REPORT
for the six months ended 30 June 2017
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial information contained in this interim report has not been audited by the Group's auditor and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Directors approved and authorised this interim report on 31 July 2017. The financial information for the preceding full year is extracted from the statutory accounts for the financial year ended 31 December 2016. Those accounts, upon which the auditor issued an unqualified opinion and did not include a statement under Section 498(2) or (3) of the Companies Act 2006, have been delivered to the Registrar of Companies.
The auditor's opinion on the Group's financial statements for the year ended 31 December 2016 included matters to which the auditor drew attention by way of emphasis without qualifying their report. Those matters related to the Directors' disclosure of the Group's ability to continue as a going concern. As stated in the Chairman's Statement the Board has a reasonable expectation that the Group will continue to be solvent for the foreseeable future. The matters also included reference to the Directors' disclosures relating to the carrying value of goodwill and other intangible assets and the dependence of those values on the ability of the Group to achieve the cashflows set out in the Directors' forecasts. As regards the carrying value of those intangible assets, the next impairment review is due as at 31 December 2017.
This interim report has been prepared in accordance with UK AIM Rules for Companies. The Group has not applied IAS 34 "Interim Financial Reporting" (which is not mandatory for UK Groups) in the preparation of this interim report. The interim report has been prepared in a manner consistent with the accounting policies set out in the statutory accounts for the financial year ended 31 December 2016.
The Company is a limited liability company incorporated and domiciled in England & Wales and whose shares are quoted on AIM, a market operated by The London Stock Exchange. The Group financial statements are presented in pounds Sterling.
2. BASIS OF CONSOLIDATION
The consolidated interim report incorporates the results of the Company and its subsidiary undertakings. On 8 August 2016 the Company acquired the entire share capital of Inventive Medical Limited ("IML") and its sister company, IML Finance Limited, for a total consideration of GBP3,000,000. The results of the subsidiaries are included in the consolidated interim report using the acquisition method. In the statement of financial position, the acquirees' identifiable assets and liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained.
3. SEGMENTAL ANALYSIS
The following table provides an analysis of the Group's revenue by type (Distribution or Direct Sales) and geography based upon location of the Group's customers.
Unaudited 6 months ended Distribution Direct Total
30 June 2017 GBP Sales GBP
GBP
United Kingdom - 331,363 331,363
North America - 646,715 646,715
Rest of World 1,077,412 - 1,077,412
1,077,412 978,078 2,055,490
------------- -------- ----------
Unaudited 6 months ended Distribution Direct Total
30 June 2016 GBP Sales GBP
GBP
United Kingdom - 604,752 604,752
North America - 343,293 343,293
Rest of World 195,379 119,088 314,467
195,379 1,067,133 1,262,512
------------- ---------- ----------
Audited year ended 31 Distribution Direct Total
December 2016 GBP Sales GBP
GBP
United Kingdom - 1,198,457 1,198,457
North America - 864,366 864,366
Rest of World 848,292 375,032 1,223,324
848,292 2,437,855 3,286,147
------------- ---------- ----------
4. TAXATION ON ORDINARY ACTIVITIES
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
R&D tax credit (55,310) - (45,534)
Deferred tax credit (33,200) - (27,667)
---------- ---------- -------------
(88,510) - (73,201)
---------- ---------- -------------
5. LOSS PER SHARE
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Earnings:
Loss for the purposes
of basic and diluted
loss per share (LPS)
being the net loss attributable
to the owners of the
Company (1,223,242) (998,612) (2,414,145)
No. No. No.
Number of shares:
Weighted average number
of Ordinary shares for
the purpose of basic
LPS 31,898,576 23,012,256 27,354,160
------------- ------------ -------------
In the periods ended 30 June 2017, 30 June 2016 and 31 December 2016 there were share options in issue which could potentially have a dilutive impact, but as the Group was loss making they were anti-dilutive for each period and therefore the weighted average number of ordinary shares for the purpose of the basic and dilutive loss per share were the same.
6. INTANGIBLE ASSETS
The net book value of intangible assets at 30 June 2017 includes goodwill, intellectual property and brands acquired with IML totalling GBP2,926,799 (31 December 2016: GBP3,075,382, 30 June 2016: GBPnil).
7. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Trade payables 575,680 352,013 357,559
Taxation and social security 68,160 51,982 76,761
Accruals 371,821 327,972 906,134
Deferred income 187,998 76,425 330,290
Deferred consideration
(see note 8) 1,000,000 - 1,000,000
2,203,659 808,392 2,670,744
---------- ---------- -------------
8. SHARE CAPITAL
Allotted, issued and fully paid: No. GBP
Ordinary shares of 1p each
Balance at 1 January 2016 20,136,300 201,363
Shares issued for cash 7,111,112 71,111
---------- -------
Balance at 30 June 2016 27,247,412 272,474
Shares issued on acquisition
of IML 4,651,164 46,512
Balance at 31 December 2016
and 30 June 2017 31,898,576 318,986
========== =======
On 31 March 2016 the Company placed 7,111,112 new Ordinary Shares of 1 pence each in the capital of the Company at a price of 45 pence per share. Share issue costs of GBP183,817 were netted off against the share premium arising on the new share issue.
A further 4,651,164 shares were admitted to trading on 8 August 2016 upon completion of the acquisition of IML which represented two thirds of the total consideration payable at a fair value price of 43 pence per share. The issue of the remaining 2,325,582 shares was deferred for 12 months from completion with the actual number of deferred shares to be issued dependent on any vendor warranty or indemnity breaches (as specified in the Sale and Purchase Agreement) arising during that 12 month period. Currently, the Company is not aware of any such breaches and so the deferred consideration of GBP1.0m has been provided for in full. Consequently, the value of these shares at their fair value is included under creditors due within 12 months (see note 7).
9. INTERIM ANNOUNCEMENT
A copy of this report will be posted on the Company's website at www.medaphor.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSTDFIIVID
(END) Dow Jones Newswires
July 31, 2017 02:00 ET (06:00 GMT)
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