EUGENE, OREGON, US, 10 September 2014 – Electrical Geodesics, Inc. (“EGI” or the “Company”), a leading neurodiagnostic medical technology company, today announces its unaudited interim results for the six months ended 30 June 2014.
Operating Highlights
? GES 400 receives FDA clearance ? Launch of Net Station 5.0 and 5.1 ? Show-casing of novel GTEN Geodesic Transcranial Electrical Neuromodulation technology ? Soterix tDCS distribution agreement secured for transcranial electrical stimulation products ? Low profile MicroCel 100 net launched for simultaneous recording of dEEG with TMS and MEG ? Improving grant position as reflected by recent $1.75m grant from NINDS/NIH
Financial Highlights
? H1 2014 revenues increased 7.4% to $5.8m (H1 2013: $5.4m, FY 2013: $11.6m)
? Strong growth from Europe, up 32% to $1.8m and Asia, up 23% to $1.4m
? North America down 7% to $2.6m (H1 2013: $2.8m) although outlook gradually improving
? 50% of revenues were from sales of complete dEEG systems (H1 2013: 52%) with the balance derived from Sensor Nets (21%) and accessories, software and support
? 58 GES dEEG systems sold at an average price of $48k (H1 2013: 43 at $67k)
? In addition 13 Avatar and 3 GEM lower-channel count systems sold
? Broadening customer mix
? 3 major clinical centres in the US added to customer base and expanding penetration of leading epilepsy surgery centres internationally
? Gross margins 59% (H1 2013: 62%, FY 2013 59%), operating loss widens to $2.3m as expected
? Net cash at period end $2.5m ($4.9m net cash at start of year)
_ $1.25m secured bank credit line agreed
Don Tucker, PhD, Chairman and CEO, said:
“We believe that our technology has a leading position in monitoring brain activity and that EGI is well-placed to build and retain a central role in the use of dEEG. Most excitingly, the launch of our GTEN product as a clinical intervention tool, promotes EEG into a fundamental part of disease management and we are developing our plans to position EGI to exploit this opportunity. With a growing respect for our technology amongst key opinion leaders, the completion and FDA clearance of our powerful GES 400 platform and the launch of our Net Station software packages, along with a series of targeted product launches and enhancements, EGI is set to accelerate growth in the second half of the year.”
For more information contact:
EGI UK: Christine Soden, CFO
+44 (0) 7710 484199
US: Ann Bunnenberg, COO
+1 541 687 7962
Peel Hunt LLP (NOMAD and Broker)
+44 (0) 20 7418 8900
James Steel, Clare Terlouw
FTI Consulting (PR Advisors)
+44 (0) 20 3727 1000
Simon Conway, Mo Noonan
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