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.
Operating Highlights
- 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
Financial Highlights
- 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.”
For more information contact:
EGI
UK: Christine Soden, CFO
+44 (0) 7710 484199
Peel Hunt LLP (NOMAD and Broker)
+44 (0) 20 7418 8900
James Steel, Clare Terlouw
FTI Consulting (PR Advisors) +44 (0) 20 7831 3113
Simon Conway, Mo Noonan
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