30 January 2014 – interim results
As ever the results are largely meaningless in terms of the financials, although for the record the loss for the six months to 31 October was £0.5m. The group had cash at the end of the period of £0.4m although this was significantly strengthened by the sale of the Geomerics business in December to ARM Holdings for up to £6.2m in cash. Of this, £5.5m has already been received. Of more importance than the results has been the continued development of the Parsortix device. A specialist, large scale manufacturer has been appointed to manufacture the Parsortix system with the quality systems and capacity to support a roll out into the market whilst CE Mark authorisation has been secured for the system to be used as an in vitro diagnostic device for the treatment of patients in the EU. We maintain our recommendation of BUY.