Sales up at Medaphor in first year of AIM trading
Cardiff University spin-out Medaphor has posted a 33 per cent rise in sales its first preliminary results since its admission to AIM last August.
Medphor has developed ScanTrainer, a virtual reality education platform which can be used to train student doctors and sonographers.
The medical technology business reported a rise in turnover to £1.8m from £1.4m in 2013 and said it had been particularly pleased with growth from its US subsidiary company. It added that it had increased its UK and US sales staff to nine from two in 2013.
However, it also posted a pre-tax loss of £1.4m, up from £400,000 the year before.
Regarding Medaphor’s admission to AIM, chairman Riccardo Pigliucci said: “This was a landmark event for the group, which we believe will provide us with the backing and visibility to deliver on our growth strategy and we are grateful to our new and existing investors for their support.”
He added: “We have raised significant funds that have been used to expand both the sales force in the UK and North America and grow our already impressive product portfolio.”
Medaphor said it was continuing to “fund new developments, a number of which will be launched during 2015”.
Earlier this month the business released a version of its ultrasound training system in Mandarin Chinese and Japanese as it targets further sales in Asia.