28 February 2017

Sphere Medical Holding plc - Results for the year ended 31 December 2016

Sphere Medical Holding plc (AIM: SPHR.L), an innovative point-of-care monitoring and diagnostic devices company, announces its results for the year ended 31 December 2016.

Business highlights for 2016 and post year-end 

  • Successful commercial launch of Proxima 4 in mid-December 2016 in Europe with encouraging early market reaction
    • First sales of Proxima 4 achieved
    • Over 20 hospitals have requested evaluations of Proxima 4
    • 4 hospitals have monitored patients with Proxima 4
    • First paediatric patients monitored
  • Key Proxima 4 milestones met:
    • CE mark certification completed
    • Distribution partners appointed in Italy and Spain
  • >20% reduction in time to results demonstrated by University Hospital Southampton clinical study
  • Improved connectivity between Proxima and hospital data management systems
  • New production facilities established and operational in Wales

Financial summary

  • Reduced loss after taxation £4.5 million (2015: £5.5 million)
    • Reduced loss per share 3.2 pence (2015: 4.8 pence)
  • Operating expenses contained below budget
    • Total operating expenses reduced to £5.1 million (2015: £6.1 million)
    • Product development costs capitalised £2.1 million (2015: £0.9 million)
  • Revenue doubled to £30,000 (2015: £15,000)
  • R&D tax credit received £0.6 million (2015: £0.6 million)
  • Cash and short-term investments at year end of £3.2 million (2015: £10.0 million)
  • Additional £3.0 million loan facility secured post year end
    • £1.5 million cash drawn in January 2017
    • £1.5 million conditionally available to draw until March 2018 

“We are pleased to have launched Proxima 4 and are very encouraged by the early market reaction to it. As we build a growing customer base, who routinely use Proxima, more patients will be able to benefit from being managed with the system. We continue to advance distributor negotiations to expand Proxima 4’s commercial launch with the aim to make it available to a wider patient population across Europe.”

Dr Wolfgang Rencken

Chief Executive Officer of Sphere Medical

For further information, please contact: 

Sphere Medical Holding plc
Dr Wolfgang Rencken, Chief Executive Officer
Richard Wright, Chief Financial Officer
Tel: +44 (0)1223 875 222

Panmure Gordon
Freddy Crossley (Corporate Finance)
Duncan Monteith (Corporate Finance)
Tom Salvesen (Corporate Broking)
Tel: +44 (0) 20 7886 2500

Consilium Strategic Communications
Mary-Jane Elliott
Ivar Milligan
Hendrik Thys
Tel: +44 (0) 20 3709 5700

Notes for Editors
About Sphere Medical (AIM: SPHR.L)

Sphere Medical is an innovative point-of-care medical device company. Its Proxima platform measures blood gases, electrolytes and metabolites at the patient’s bedside and aims to improve patient care and reduce health system costs. The device is currently sold directly to the critical care market via Sphere Medical’s sales force in the UK, Germany, The Netherlands and Belgium and via distributors in Italy and Spain.

For further information, please visit www.spheremedical.com

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