EUGENE, OREGON, US, 24 March 2015 – Electrical Geodesics, Inc. (“EGI” or the “Company”), a leading neurodiagnostic medical technology company, today announces its audited results for the year ended 31 December 2014.
Operating Highlights
• Development and launch of Net station 5 software
• Award of two major research grants, each worth ~$1.8m over 3 years
• Showcasing of GTEN in June 2014 and award of Investigational Device Exemption (IDE) for non-invasive neuromodulation studies in epilepsy in February 2015
• Expanded commercial collaborations
o Agreement to distribute Soterix Medical products for transcranial stimulation (tDCS)
 o Agreement to supply GES 400 systems for use with ElMindA’s Brain Network Activation platform
• Placing of 3.1m new shares raising £2.0m ($3.0m) before expenses in March 2015
Financial Highlights
• Revenues up 14% to $13.2m (2013: $11.6m)
• North American sales of $5.5m (2013: $5.6m) with small increase in US offset by lower Canadian sales
• Good international growth to $7.7m (2013: $6.0m) with strong performances in Europe and Asia
• 139 dEEG systems and upgrades shipped at an average $58k (2013: 99 systems at $59k)
• Slight increase in gross margins to 60% from 59% in 2013 and gross profits rose $1.1m to $7.9m
• Loss before tax $3.4m (2013:$3.0m)
• Net cash at year end $1.2m (2013: $4.9m) Don Tucker, CEO of EGI, commented: “We are pleased to have delivered good revenue growth for the year and to have secured the funding needed to enable us to execute the next phase of our plans. Over the coming months, we will release a series of new and improved diagnostic and imaging products for the research and clinical markets which we expect to drive further growth. With receipt of the IDE from the FDA, we are preparing to commence our feasibility study for our GTEN product in mid-year. We remain excited by the opportunity which offers EGI access to the large and rapidly growing neuromodulation market, initially as a driver of research sales and later as an important clinical tool.”
For more information contact:
EGI
Christine Soden, CFO
+44 (0) 7710 484199
Peel Hunt LLP (NOMAD and Broker)
+44 (0) 20 7418 8900
James Steel, Clare Terlouw, Jock Maxwell Macdonald
FTI Consulting (PR Advisors)
+44 (0) 20 3727 1000
Simon Conway, Mo Noonan
Help employers find you! Check out all the jobs and post your resume.
Operating Highlights
• Development and launch of Net station 5 software
• Award of two major research grants, each worth ~$1.8m over 3 years
• Showcasing of GTEN in June 2014 and award of Investigational Device Exemption (IDE) for non-invasive neuromodulation studies in epilepsy in February 2015
• Expanded commercial collaborations
o Agreement to distribute Soterix Medical products for transcranial stimulation (tDCS)
 o Agreement to supply GES 400 systems for use with ElMindA’s Brain Network Activation platform
• Placing of 3.1m new shares raising £2.0m ($3.0m) before expenses in March 2015
Financial Highlights
• Revenues up 14% to $13.2m (2013: $11.6m)
• North American sales of $5.5m (2013: $5.6m) with small increase in US offset by lower Canadian sales
• Good international growth to $7.7m (2013: $6.0m) with strong performances in Europe and Asia
• 139 dEEG systems and upgrades shipped at an average $58k (2013: 99 systems at $59k)
• Slight increase in gross margins to 60% from 59% in 2013 and gross profits rose $1.1m to $7.9m
• Loss before tax $3.4m (2013:$3.0m)
• Net cash at year end $1.2m (2013: $4.9m) Don Tucker, CEO of EGI, commented: “We are pleased to have delivered good revenue growth for the year and to have secured the funding needed to enable us to execute the next phase of our plans. Over the coming months, we will release a series of new and improved diagnostic and imaging products for the research and clinical markets which we expect to drive further growth. With receipt of the IDE from the FDA, we are preparing to commence our feasibility study for our GTEN product in mid-year. We remain excited by the opportunity which offers EGI access to the large and rapidly growing neuromodulation market, initially as a driver of research sales and later as an important clinical tool.”
For more information contact:
EGI
Christine Soden, CFO
+44 (0) 7710 484199
Peel Hunt LLP (NOMAD and Broker)
+44 (0) 20 7418 8900
James Steel, Clare Terlouw, Jock Maxwell Macdonald
FTI Consulting (PR Advisors)
+44 (0) 20 3727 1000
Simon Conway, Mo Noonan
Help employers find you! Check out all the jobs and post your resume.
