EUGENE, Ore.--(BUSINESS WIRE)--Electrical Geodesics, Inc. (London AIM: EGI.L, “EGI” or the “Company”), a leading neurodiagnostic medical technology company, today announces its unaudited interim results for the six months ended 30 June 2016 (H1 2016).
Financial Highlights
- Revenues up 27% to $6.6m (H1 2015: $5.2m)
- North American sales increased 45% to $3.2m (H1 2015: $2.2m)
- International sales increased 17% to $3.4m (H1 2015: $2.9m)
- Grant and contract revenue increased to $0.9m (H1 2015: $0.6m)
- Increased revenues and cost controls led to a reduced net loss of $1.9m (H1 2015: $2.3m)
- New revolving line of credit agreement in place to help manage cash flows
Operating Highlights
- June 2016 research market launch of a beta version of EGI’s ground breaking Geodesic Transcranial Electrical Neuromodulation system (GTEN)
- Introduction to the market of GeoSource 3 (GS3) a sophisticated electrical source imaging software with a broad range of advanced head modeling features
- Introduction of Net Station 5.3, EGI’s flagship software with added clinical features
- GTEN small-scale safety and feasibility clinical trial, being conducted at the University of Washington, for the treatment of focal epilepsy expected to progress from the diagnostic phase to the intervention phase
- Receipt of IDE from the FDA for the study of dense array EEG localization and rTMS treatment of focal epilepsy. The study is being funded and administered by Stanford University Hospital
Don Tucker, CEO of EGI, commented: “We believe that dense-array EEG (dEEG) has gained a firm foothold in our core research markets. With this growing visibility we expect to see improving acceptance of dEEG in the much larger clinical markets for neurodiagnostics and pre-surgical planning where our source localization technology can play an important role.” He added: “We expect that our research customers will assess the applicability of GTEN and GS3 across a broad range of indications that will highlight the potential of these technologies in the larger clinical markets both in diagnosis and treatment of important neurological conditions.”
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014 and is disclosed in accordance with the Company's obligation under Article 17 of those Regulations.
This announcement contains “forward looking statements” that involve substantial risk and uncertainties. These statements relate to future events or our future financial performance or condition and involve known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by these forward looking statements.
About Electrical Geodesics, Inc.
Founded in 1992, EGI designs, develops and commercialises a range of non-invasive neurodiagnostic and neuromodulation products used to monitor, interpret and modulate brain activity, based on its proprietary dense array electroencephalography ("dEEG") platform technology. The Company's technology uses up to 256 sensors, providing much higher resolution brain activity data compared to conventional 8 or 16 channel EEG and is used in medical, clinical and research settings in a diverse range of applications including important areas such as the diagnosis and monitoring of epilepsy, neurosurgical planning, sleep assessment, and many others. The Company's products are compatible with multiple diagnostic and imaging technologies, including magnetic resonance imaging (MRI), functional MRI (fMRI), and magneto-encephalography (MEG).
