TIDMMDST
RNS Number : 0747Q
Medicsight Plc
03 April 2009
+------------------------------------------+-----------------------------------------+
| Press release | 03 April 2009 |
+------------------------------------------+-----------------------------------------+
Medicsight PLC
("Medicsight" or "the Company")
Preliminary Results for the 12 months ended 31 December 2008
Medicsight PLC (AIM: MDST), industry leader in the development of Computer-Aided
Detection (CAD) and image analysis software to assist in the early detection of
disease, is pleased to announce its Preliminary Results for the twelve months
ended 31 December 2008.
2008 Highlights
+-------+-----------------------------------------------------------------------------+
| * | In the year ended 31 December 2008 Medicsight recorded GBP103,000 of |
| | revenue, and has a strong balance sheet with cash reserves of GBP18,387,000 |
| | at 31 December 2008. |
+-------+-----------------------------------------------------------------------------+
| * | Signed three new global partnership agreements: a preliminary agreement |
| | with the Systems Integration (PACS) Division of Toshiba Medical Systems |
| | Corp. and global distribution agreements with INFINITT Co. Ltd. and Ziosoft |
| | Inc. |
+-------+-----------------------------------------------------------------------------+
| * | Launched MedicRead(TM) 3.0, Medicsight's own advanced 3D visualisation |
| | workstation featuring Colon, Lung and Liver imaging modules, at the |
| | Radiological Society of North America (RSNA) meeting in November 2008 |
+-------+-----------------------------------------------------------------------------+
| * | Colon product regulatory approvals were granted in China and Brazil. |
| | ColonCAD(TM) 510(k) FDA Pre-market Notification submitted to the FDA in |
| | November 2008. |
+-------+-----------------------------------------------------------------------------+
Highlights post year end
+-------+-----------------------------------------------------------------------------+
| * | ColonCAD(TM) 4.0 launched in Europe. |
+-------+-----------------------------------------------------------------------------+
| * | Board restructured. New CEO streamlining costs to conserve cash reserves. |
+-------+-----------------------------------------------------------------------------+
David Sumner, Chairman of Medicsight PLC, commented: "During this period, we
continued our business development and added Toshiba, INFINITT and Ziosoft to
our existing partnership agreements. We also completed work on our latest and
best performing version of ColonCAD(TM) to date, which was launched in
March 2009. One of Medicsight's key achievements of the period was submitting a
510(k) Pre-market Notification to the United States Food and Drug Administration
(FDA) for clearance to market ColonCAD(TM) in the United States.
In early 2009 we took the decision to streamline operating costs across the
group and protect our cash position. This means deferring or cancelling some
discretionary spend and reducing headcount. We are confident that this is the
correct decision to take at this time. We have reviewed the product and clinical
roadmap and this reduction in costs will not jeopardise our longer term business
plans.
During 2008, we laid a great deal of groundwork in terms of partnerships and
regulatory approvals. I see 2009 as a critical year for Medicsight. I look
forward to reporting regulatory approvals in the USA and Japan, and the company
delivering meaningful revenues in due course. "
- ENDS -
For further information:
+-------------------------------------------+----------------------------+
| Medicsight plc | |
+-------------------------------------------+----------------------------+
| Allan Rowley / David Sumner | +44 (0)20 7605 7950 |
+-------------------------------------------+----------------------------+
| | www.medicsight.com |
+-------------------------------------------+----------------------------+
| Nomura Code | |
+-------------------------------------------+----------------------------+
| Jonathan Senior | +44 (0) 20 7776 1219 |
| Juliet Thompson | +44 (0) 20 7776 1204 |
+-------------------------------------------+----------------------------+
Media enquiries:
+-------------------------------------------+----------------------------+
| Abchurch | |
+-------------------------------------------+----------------------------+
| Stephanie Cuthbert/Simone Alves | +44 (0) 20 7398 7700 |
+-------------------------------------------+----------------------------+
| stephanie.cuthbert@abchurch-group.com | www.abchurch-group.com |
+-------------------------------------------+----------------------------+
Notes to editors
Medicsight PLC is a UK-headquartered, research driven, leading developer of
computer-aided detection (CAD) and image analysis software for the medical
imaging market. The CAD software automatically highlights suspicious areas on
computerised tomography (CT) scans of the colon and lung, helping radiologists
to identify, measure and analyse potential disease and early indicators of
disease. Medicsight's CAD software has been validated using one of the world's
largest and most population diverse databases of verified patient CT scan data.
Medicsight's ColonCAD(TM) and LungCAD(TM) software products are seamlessly
integrated with the advanced 3D visualisation workstations of several
industry-leading imaging equipment partners.
About Computer-Aided Detection
With increasingly sophisticated radiological imaging hardware such as
Multi-Detector CT scanners, radiologists are facing a growing challenge in the
amount of detailed patient image data that they must review for each patient
examination. Some CT scan examinations generate as many as 1000 images per
patient. Review of this data by the radiologist is not only time-consuming but
also prone to error due to reader fatigue. CAD software can help the reviewing
radiologist by analysing the image data and automatically highlighting
suspicious regions of interest for closer inspection. Without CAD software some
potential abnormalities or areas of disease may be overlooked. This is critical
for diagnosis and the management of patient outcomes as early detection of
disease greatly increases the probability of successful treatment and a positive
therapeutic outcome.
About Medicsight's CAD software
Medicsight's ColonCAD(TM) and LungCAD(TM) software use an advanced CAD algorithm
to analyse CT scans of the colon and lung and automatically highlight suspicious
areas that may be indicators of disease. CAD may highlight areas easily
overlooked by the reviewing radiologist, such as small lesions or regions that
are hidden from view behind folds in the colon or normal structures and
surrounding tissue in the lung.
Both CAD products seamlessly integrate with the advanced 3D visualisation
platforms of industry-leading imaging equipment partners. The integrated systems
provide sophisticated image viewing capabilities, including 3D reconstructed
image data, with the added advantage of demonstrating automatic CAD findings to
assist clinical end users in the detection and analysis of disease. This allows
clinical end users to perform either a 'second read', where CAD findings are
displayed to the user after completion of an initial review of the CT scan data,
or a 'concurrent read' where CAD findings are displayed during the user's
initial review of the original CT scan images.
Since inception, Medicsight has developed close and lasting relationships with
some of the world's foremost clinicians in product related areas. This provides
the Company with a wealth of clinical expertise and dedicated clinical research
to support ongoing product development. Medicsight also collaborates with a
number of leading academic institutions and clinical research programmes
worldwide to develop the Company's comprehensive database of population diverse
verified patient CT scan data, thus allowing Medicsight's products to be
validated to the highest possible standards.
Chairman's Statement
Medicsight is an industry leader in the development of Computer-Aided Detection
(CAD) and image analysis software to assist radiologists in the early detection
of disease.
The Group's focus continues to be on developing CAD software applications and
related technologies that help radiologists analyse medical images generated
from Computerised Tomography (CT) scanners. The technology helps to identify,
measure and analyse potential disease and early indicators of disease, such as
colorectal polyps. In the year ended 31 December 2008 Medicsight:
+-------+----------------------------------------------------------------------------+
| * | continued to improve the performance of the Medicsight ColonCAD(TM) |
| | application |
+-------+----------------------------------------------------------------------------+
| * | continued development of the Medicsight product range |
+-------+----------------------------------------------------------------------------+
| * | signed a preliminary agreement with the Systems Integration (PACS) |
| | Division of Toshiba Medical Systems Corp. |
+-------+----------------------------------------------------------------------------+
| * | signed new commercial distribution agreements with INFINITT Co. Ltd. and |
| | Ziosoft Inc. |
+-------+----------------------------------------------------------------------------+
| * | received regulatory approval in two new markets: China and Brazil |
+-------+----------------------------------------------------------------------------+
| * | submitted the ColonCAD(TM) application for 510(k) clearance to the USA |
| | Food and Drug Administration (FDA) |
+-------+----------------------------------------------------------------------------+
In the year ended 31 December 2008 Medicsight recorded GBP103,000 of revenue,
and has a strong balance sheet with cash reserves of GBP18,387,000 at 31
December 2008.
Financial review
Whilst still limited, revenues are growing - we recorded GBP103,000 in 2008
compared to GBP20,000 in 2007. Medicsight ended 2008 with net assets of
GBP17,475,000 including GBP18,387,000 of cash and short term deposits. At
various points during the year we have invested our surplus cash in highly
liquid, blue chip marketable securities and foreign currencies generating
GBP2,664,000 of finance revenue. At 31 December 2008 all of our liquid assets
were held as short term cash balances, mainly in Sterling. Post year end, we
continue to hold our surplus cash on short term deposit in Sterling.
Medicsight continues to have strong internal controls over accounting and
financial reporting procedures as governed by its parent company's
Sarbanes-Oxley programme. In early 2009, the board completed a review of the
product development roadmap, the status of regulatory approvals and partner
integration activities, and initiated a cost restructuring program to drive cash
flow savings without jeopardising the Group's longer term plans.
As part of this process and to concentrate on restructuring the MGT Capital
Investments, Inc. group of companies, Tim Paterson-Brown stepped down as
Executive Chairman but remains on the board as a Non-Executive Director. I was
promoted to the role of Executive Chairman and Allan Rowley, previously Chief
Financial Officer, was promoted to Chief Executive Officer. Troy Robinson,
previously Group Financial Controller was promoted to Chief Financial Officer.
Commercial progress
Medicsight's primary route to market is via partnerships with global advanced
visualisation companies, PACS suppliers and other OEM's.
In February Medicsight signed a preliminary agreement with the System
Integration division of Toshiba Medical Systems Corporation for the resale of
its MedicRead(TM) Colon and ColonCAD(TM) software solutions throughout Japan. To
complement this, Medicsight continues a local Japanese clinical research and
education programme to deliver clinical studies and training workshops to
support both the regulatory and sales and marketing efforts of Medicsight and
Toshiba.
In April Medicsight announced new global marketing partnership with INFINITT Co
Ltd, and successfully demonstrated the integration of Medicsight's ColonCAD(TM)
software and INFINITT Xelis-Colon application at major tradeshows in Korea and
USA.
In November, Medicsight signed a global partnership agreement with Ziosoft Inc
for the integration of Medicsight ColonCAD(TM) API within the Ziosoft 3D
advanced visualisation platform and distribution through the Ziosoft network.
These partnership agreements are in addition to our existing agreements with
Vital Images Inc., TeraRecon Inc., Viatronix Inc. and Barco N.V. (which has
recently been acquired by Toshiba), 3mensio Medical Imaging B.V. and Intrasense
SAS.
We have commercial discussions in progress with other global partners that we
expect to complete in 2009.
Regulatory approvals and submissions
In November 2008 Medicsight submitted a ColonCAD(TM) 510(k) Pre-market
Notification to the Food and Drug Administration (FDA) for clearance to market
the product in the USA. In December 2008 we received an Additional Information
(AI) letter from the FDA. In March 2009 we submitted our response to the FDA's
enquires.
In November 2007 we submitted our MedicRead(TM) Colon application to the
Ministry of Health, Labour and Welfare (MHLW) regulatory authorities in Japan.
During 2008 we attended a number of meetings with ministry officials,
demonstrated the product, answered specific questions regarding the product
application and formally responded to questions from the MHLW.
In 2008 the Group received approvals from the Chinese State Food and Drug
Administration ("SFDA") for its MedicRead(TM) Colon workstation and from the
Brazilian regulatory agency, Agencia Nacional de Vigilancia Sanitaria
("ANVISA"), for its ColonCAD(TM) and MedicRead(TM) Colon Products. In addition
to the above, ColonCAD(TM) has Canadian regulatory approval from the Therapeutic
Products Directorate of Health Canada and the Australian Therapeutic Goods
Administration (TGA).
In March 2009 the Group CE marked the latest version of the Medicsight
ColonCAD(TM) 4.0.
Product development
Medicsight's core technology is the proprietary ColonCAD(TM) algorithm that is
integrated into visualisation workstations for radiologists to use when
reviewing patients' colon scan data. The CAD algorithm assists the radiologist
as they search for polyps in the CT scan image data.The radiologist uses the
visualisation software to review the patient's CT scan images on the screen and
search for polyps (lesions on the wall of the colon which may be pre-cursers to
colorectal cancer). After a full review the radiologist then activates the
Medicsight ColonCAD(TM) software - which immediately displays "CAD marks" on the
images, drawing the radiologist's attention to potential polyps. The radiologist
will then assess the marked regions in order to make the final decision as to
the presence or absence of a lesion.
Clinical studies have demonstrated that radiologists assisted by Medicsight's
ColonCAD(TM) technology have a significantly higher sensitivity for the
detection of polyps in CT colonography image data compared to unassisted reading
(i.e. traditional reading without the assistance of ColonCAD(TM)).
In a recent study presented by Dr Stuart Taylor (a consultant radiologist at
London's University College Hospital) at the 2008 annual Radiological Society of
North America (RSNA) Conference, ColonCAD(TM) demonstrated a sensitivity of 85%
for the detection of colonic polyps sized 5mm or larger, and a sensitivity of
95% for the detection of polyps 10mm or larger. Polyp size is the main criterion
for follow-up action after a positive CT colonography finding; polyps in the 6mm
to 9mm range are often monitored over time whilst polyps with a diameter of 10mm
or greater are recommended for optical colonoscopy follow-up and possible
removal.
During 2008 the Group completed work on ColonCAD(TM) 4.0 API and formally
launched this product at the European Congress of Radiology (ECR) in March 2009.
This new release significantly reduces the number of false-positive CAD marks
presented to a radiologist reviewing a patient data set. This should lead to
further improvements in reader performance when readers are assisted by the
ColonCAD(TM) software.
This latest ColonCAD(TM) 4.0 upgrade will be integrated with our partners'
workstations and released into the European market during 2009. We believe that
this version of ColonCAD(TM) extends Medicsight's position as a provider of one
of the world's leading colon CAD software solutions. Medicsight's ColonCAD(TM)
has been developed and validated using a large database of CT scans from
hospitals around the world and has been assessed in many clinical studies, the
results of which have been published in peer-reviewed publications and presented
at leading radiology conferences.
The MedicRead(TM) product is Medicsight's advanced visualisation software
application with integrated Colon, Lung and Liver modules. Medicsight launched
MedicRead(TM) 3.0 in 2008. The next version of this product will be released in
2009 and will include improved workflow flexibility and improved 3D
visualisation options, as well as ColonCAD(TM) 4.0 within the CT colonography
module.
MedicRead(TM) is a flexible option for hospitals and clinics unable to invest
large capital sums in new image analysis workstation infrastructure.
MedicRead(TM) can be deployed either on a standalone basis or integrated into an
existing clinical IT infrastructure (e.g. a PACS environment). In addition to
which, MedicRead(TM) 3.0 will be available directly to end users via an easily
accessible on-line download from the Medicsight website.
In 2008 Medicsight began work on MedicServer(TM) - a server-based application
which enables the centralisation of the ColonCAD(TM) data processing and then
the distribution of the CAD results to workstations around the healthcare
enterprise network. We will begin integrating MedicServer(TM) into our partner
applications in 2009. As clinical IT architecture moves towards an enterprise
model and central processing, and away from desk-top solutions, we believe that
MedicServer(TM) will become a compelling offering to the market.
At the Radiology Society of North America (RSNA), 95th Scientific Assembly and
Annual Meeting, Medicsight unveiled its on-line MedicRead(TM) colon, lung and
liver solution. We plan to regulate and release this product in selected
territories during 2009.
Longer term projects
Our recent focus has been on developing the colon family of products. Some
longer term colon related opportunities that we are researching include:
+--------+---------------------------------------------------------------------------+
| * | Flat lesions (which are non-protruding lesions in the colon) have |
| | recently received much clinical interest. The Medicsight team are |
| | researching CAD technology for the detection of these flat lesions to |
| | compliment the existing ColonCAD(TM) application. |
+--------+---------------------------------------------------------------------------+
| * | Working with leading London academic and clinical centres, Medicsight has |
| | initiated research projects to explore additional CAD technologies in the |
| | field of optical endoscopy, with a view to these technologies improving |
| | workflow and combining information from multiple data sources in real |
| | time. |
+--------+---------------------------------------------------------------------------+
| * | In addition to the colon CAD applications Medicsight have developed an |
| | early version of a CO2 insufflation device called MedicCO2lon(TM). Each |
| | patient that has a CT colonography (CTC) scan requires their colon to be |
| | insufflated (distended) with either CO2 gas or room air administered |
| | prior to the acquisition of their CTC images. Good quality insufflation |
| | is essential for the acquisition of high quality images from the CTC |
| | examination. |
+--------+---------------------------------------------------------------------------+
Clinical Activity
The Group's Clinical Development team continued their work with Medicsight's
network of global medical luminaries. A North American Medical Advisory Board
meeting was held in Boston in 2008. A European Medical Advisory Board meeting
was held in January 2009. In total 16 key opinion leaders attended, contributing
valuable feedback towards Medicsight's product roadmap and clinical development
plan.
Medicsight ColonCAD(TM) is being used in a number of government-funded studies
looking at the performance of CT colonography and the comparison of CT
colonography with existing imaging methods, such as barium enema (DCBE)
examination and optical colonoscopy, both used for assessment of the colon and
in the detection of colorectal cancer.
The British Special Interest Group in Gastrointestinal and Abdominal Radiology
("SIGGAR") completed patient recruitment for the SIGGAR1 trial in late 2007.
(SIGGAR1 is the largest UK randomised control trial to date and compares CTC
with two other widely-used imaging approaches, optical colonoscopy and barium
enema). Medicsight's ColonCAD(TM) is the only CAD product to be involved in this
trial. The study outcome data was reviewed in 2008, with the results currently
undergoing final statistical analysis and expected to be announced later this
year.
ColonCAD(TM) has also been used in the first CT colonography colorectal cancer
screening programme undertaken in Japan. The screening trial is ongoing at the
National Cancer Centre in Tokyo. ColonCAD(TM) has been used on a number of
patients within the screening programme and the results of this assessment are
currently undergoing review between Japanese and UK clinicians with the
expectation that results will be presented later in 2009.
The Medicsight ColonCAD(TM) software is also integrated into visualisation
software used to read CT colonography examinations for the French STIC trial
(Sciences et Technologies de l'Information et de la Communication, Information
and Communication Science and Technology). The trial, undertaken across more
than 20 sites in France, is a prospective multi-center evaluation of CTC as a
screening technique, including the use of CAD for examination interpretation.
The study will also assess the cost effectiveness of CTC screening. Recruitment
has continued throughout 2008 towards the target of 1,500 trial participants.
In 2008 we signed an exclusive CAD clinical research agreement with leading US
CT Colonography radiologists, Dr. Perry Pickhardt and Dr. David Kim, from the
University of Wisconsin Medical School, Madison, Wisconsin. Dr Pickhardt,
Associate Professor of Radiology and Dr Kim along with The University of
Wisconsin were the first US group to establish a third-party reimbursed CT
colonography colorectal cancer screening programme in 2004. Since then they have
both played an instrumental role in building the clinical evidence base that has
proven the comparable effectiveness of CTC for the detection of colorectal
neoplasia within an asymptomatic population in relation to Optical Colonoscopy.
A key milestone recently achieved partly as a result of their research, was the
release of the American Cancer Society 2008 Consensus Guidelines, focusing on
colon cancer prevention, which for the first time have recommended CTC be
provided every five years for adults aged 50 years and over. Under the agreed
collaborative research program Drs Pickhardt and Kim will undertake a research
study evaluating the standalone performance of Medicsight's latest ColonCAD(TM),
version 4.0, in comparison to experienced radiologists in detecting colorectal
polyps.
Medicsight's products continued to have a high profile at many major
international radiology conferences and throughout 2008 the Group exhibited its
ColonCAD(TM) and MedicRead(TM) Colon applications at the European Congress of
Radiology (ECR) annual meeting in Vienna in March, the annual meeting of
Japanese Radiological Society (JRS) in April, the European Society of
Gastrointestinal and Abdominal Radiology (ESGAR) in Istanbul in June, the
Japanese Digestive Disease Week (JDDW) congress in October 2008, the Asia
Oceanic Congress of Radiology (AOCR) in Seoul in October and the Radiological
Society of North America (RSNA) annual meeting in Chicago in November; as well
as exhibiting at other international radiology conferences. Scientific research
featuring Medicsight's ColonCAD(TM) application was also presented at the ECR,
ESGAR and RSNA meetings.
Through 2008 Medicsight continued its support of a number of international CT
colonography training workshops. Workshops were held in Victoria, BC, Canada in
May and Chicago, Illinois in August. Medicsight once again supported the two
annual ESGAR CTC workshops - in Vigo, Spain and Berlin, Germany during 2008. All
these workshops train radiologists to interpret CTC images using the latest
visualisation and CAD technology and are fundamental to the increasing
acceptance and implementation of CT colonography as a routine imaging
examination for investigation of the colon.
Outlook
In 2008 Medicsight continued to make progress on all fronts: receiving
regulatory approvals in China and Brazil; submitting the 510(k) ColonCAD(TM)
Pre-market Notification to the FDA; signing new commercial distribution
agreements; and completing work on ColonCAD 4.0.
At 31 December 2008 the Group had strong cash reserves of GBP18,387,000 and has
taken action post year end to reduce operational costs without jeopardising the
longer term plans.
In 2009 we expect to announce further regulatory approvals and more commercial
progress.
As your Chairman and on behalf of the Board I would like to thank you for your
continuing support.
David Sumner
Chairman
31 March 2009
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2008
+----------------------------------+--------------+---------------+---------------+--+
| | | 2008 | 2007 | |
+----------------------------------+--------------+---------------+---------------+--+
| | | GBP000 | GBP000 | |
+----------------------------------+--------------+---------------+---------------+--+
| | | (unaudited) | | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Revenue | | 103 | 20 | |
+----------------------------------+--------------+---------------+---------------+--+
| Cost of sales | | - | - | |
+----------------------------------+--------------+---------------+---------------+--+
| | | _____________ | _____________ | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Gross profit | | 103 | 20 | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Sales & marketing expense | | (2,095) | (1,441) | |
+----------------------------------+--------------+---------------+---------------+--+
| Research & development expense | | (1,822) | (1,240) | |
+----------------------------------+--------------+---------------+---------------+--+
| Administration expense | | (5,839) | (4,243) | |
+----------------------------------+--------------+---------------+---------------+--+
| Share-based expense | | (1,253) | (831) | |
+----------------------------------+--------------+---------------+---------------+--+
| | | _____________ | _____________ | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Operating loss | | (10,906) | (7,735) | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Finance revenue | | 2,664 | 803 | |
+----------------------------------+--------------+---------------+---------------+--+
| Finance cost | | - | (71) | |
+----------------------------------+--------------+---------------+---------------+--+
| | | _____________ | _____________ | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Loss before taxation | | (8,242) | (7,003) | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Income tax expense | | - | - | |
+----------------------------------+--------------+---------------+---------------+--+
| | | _____________ | _____________ | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Loss for the year | | (8,242) | (7,003) | |
+----------------------------------+--------------+---------------+---------------+--+
| | | _____________ | _____________ | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| Loss per share (basic and | | (5p) | (5p) | |
| diluted) | | | | |
+----------------------------------+--------------+---------------+---------------+--+
| | | _____________ | _____________ | |
+----------------------------------+--------------+---------------+---------------+--+
| | | | | |
+----------------------------------+--------------+---------------+---------------+--+
CONSOLIDATED BALANCE SHEET
As at 31 December 2008
+---------------------------------+---------------+----------------+----------------+
| | | 2008 | 2007 |
+---------------------------------+---------------+----------------+----------------+
| | | GBP000 | GBP000 |
+---------------------------------+---------------+----------------+----------------+
| | | (unaudited) | |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
| ASSETS | | | |
+---------------------------------+---------------+----------------+----------------+
| Current assets | | | |
+---------------------------------+---------------+----------------+----------------+
| Cash and short term deposits | | 18,387 | 25,246 |
+---------------------------------+---------------+----------------+----------------+
| Trade and other receivables | | 1,298 | 707 |
+---------------------------------+---------------+----------------+----------------+
| | | _____________ | _____________ |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
| | | 19,685 | 25,953 |
+---------------------------------+---------------+----------------+----------------+
| Non current assets | | | |
+---------------------------------+---------------+----------------+----------------+
| Property plant and equipment | | 273 | 176 |
+---------------------------------+---------------+----------------+----------------+
| | | _____________ | _____________ |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
| Total assets | | 19,958 | 26,129 |
+---------------------------------+---------------+----------------+----------------+
| | | _____________ | _____________ |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
| LIABILITIES | | | |
+---------------------------------+---------------+----------------+----------------+
| Current liabilities | | | |
+---------------------------------+---------------+----------------+----------------+
| Trade and other payables | | 2,483 | 1,671 |
+---------------------------------+---------------+----------------+----------------+
| | | _____________ | _____________ |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
| Total liabilities | | 2,483 | 1,671 |
+---------------------------------+---------------+----------------+----------------+
| | | _____________ | _____________ |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
| Net assets | | 17,475 | 24,458 |
+---------------------------------+---------------+----------------+----------------+
| | | _____________ | _____________ |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
| SHAREHOLDERS' EQUITY | | | |
+---------------------------------+---------------+----------------+----------------+
| Ordinary shares | | 7,776 | 7,776 |
+---------------------------------+---------------+----------------+----------------+
| Share premium | | 57,306 | 57,306 |
+---------------------------------+---------------+----------------+----------------+
| Share based payment reserve | | 2,489 | 1,236 |
+---------------------------------+---------------+----------------+----------------+
| Currency translation reserve | | - | (6) |
+---------------------------------+---------------+----------------+----------------+
| Retained earnings | | (50,096) | (41,854) |
+---------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
| Total shareholders' equity | | 17,475 | 24,458 |
+---------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+---------------------------------+---------------+----------------+----------------+
| | | | |
+---------------------------------+---------------+----------------+----------------+
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2008
+--------------------------------+---------------+----------------+----------------+
| | | 2008 | 2007 |
+--------------------------------+---------------+----------------+----------------+
| | | GBP000 | GBP000 |
+--------------------------------+---------------+----------------+----------------+
| | | (unaudited) | |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Cash flows from operating | | | |
| activities | | | |
+--------------------------------+---------------+----------------+----------------+
| Cash used in operations | | (9,437) | (6,349) |
+--------------------------------+---------------+----------------+----------------+
| Interest received | | - | 803 |
+--------------------------------+---------------+----------------+----------------+
| Interest paid | | - | (1,645) |
+--------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Net cash from operating | | (9,437) | (7,191) |
| activities | | | |
+--------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Cash flows from investing | | | |
| activities | | | |
+--------------------------------+---------------+----------------+----------------+
| Purchase of equipment | | (207) | (149) |
+--------------------------------+---------------+----------------+----------------+
| Purchase of marketable | | (890) | - |
| securities | | | |
+--------------------------------+---------------+----------------+----------------+
| Sale of marketable securities | | 1,030 | - |
+--------------------------------+---------------+----------------+----------------+
| Interest received | | 2,672 | - |
+--------------------------------+---------------+----------------+----------------+
| Intercompany funding | | - | (15) |
+--------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Net cash used in investing | | 2,605 | (164) |
| activities | | | |
+--------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Cash flows from | | | |
| financing activities | | | |
+--------------------------------+---------------+----------------+----------------+
| Net proceeds from issues of | | | |
+--------------------------------+---------------+----------------+----------------+
| ordinary share capital | | - | 30,449 |
+--------------------------------+---------------+----------------+----------------+
| Finance lease principal | | - | (4) |
| repayments | | | |
+--------------------------------+---------------+----------------+----------------+
| Repayment of intercompany debt | | - | (4,025) |
+--------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Net cash used in financing | | - | 26,420 |
| activities | | | |
+--------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Effects of exchange rate | | (27) | 17 |
| changes | | | |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Net (decrease) / increase in | | | |
| cash and | | | |
+--------------------------------+---------------+----------------+----------------+
| cash equivalents | | (6,859) | 19,082 |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Cash and cash equivalents at 1 | | 25,246 | 6,164 |
| January | | | |
+--------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
| Cash and cash equivalents at | | | |
+--------------------------------+---------------+----------------+----------------+
| 31 December | | 18,387 | 25,246 |
+--------------------------------+---------------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+---------------+----------------+----------------+
| | | | |
+--------------------------------+---------------+----------------+----------------+
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the year ended 31 December 2008
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| (unaudited) | Share | Share | Share | Currency | Retained | Total |
| | Capital | Premium | based | translation | earnings | Equity |
| | | | payment | reserve | | |
| | | | reserve | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| At 1 January 2007 | 6,322 | 28,311 | 405 | (23) | (34,836) | 179 |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Loss for the financial | - | - | - | - | (7,003) | (7,003) |
| year | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Other movement | - | - | - | - | (15) | (15) |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Net exchange adjustments | - | - | - | 17 | - | 17 |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Total recognised income | - | - | - | 17 | (7,018) | (7,001) |
| and expense | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Equity settled share-based | - | - | 831 | - | - | 831 |
| payments | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Nominal value of ordinary | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| shares issued | 1,454 | - | - | - | - | 1,454 |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Premium on ordinary shares | - | 30,545 | - | - | - | 30,545 |
| issued | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Share issue costs | - | (1,550) | - | - | - | (1,550) |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| At 31 December 2007 | 7,776 | 57,306 | 1,236 | (6) | (41,854) | 24,458 |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Loss for the financial | - | - | - | - | (8,242) | (8,242) |
| year | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Net exchange adjustments | - | - | - | 6 | - | 6 |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Total recognised income | - | - | - | 6 | (8,242) | (8,236) |
| and expense | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| Equity settled share-based | - | - | 1,253 | - | - | 1,253 |
| payments | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| At 31 December 2008 | 7,776 | 57,306 | 2,489 | - | (50,096) | 17,475 |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+----------------------------+---------+----------+---------+-------------+------------+-----------+
NOTES TO PRELIMINARY RESULTS
The financial information set out above which is unaudited has been prepared in
accordance with International Financial Reporting Standards (IFRS) and those
parts of the Companies Act 1985 that remain applicable to companies reporting
under IFRS and does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
The Company's auditors have indicated that they intend to issue an unqualified
auditor's report, which will not contain any statement under Section 237(2) or
(3) of the Companies Act 1985, on the statutory financial statements for the
year ended 31 December 2008.
There have been no changes to the group accounting policies and the group has
followed the policies as previously published.
Loss per share and diluted loss per share
Loss per share is calculated by dividing the loss attributable to ordinary
shareholders for each year amounting to GBP8,242,000 (2007: GBP7,003,000) for
the year ended 31 December 2008 by 155,525,000 (2007: 141,896,000), being the
weighted average number of ordinary shares in issue during each year.
For the purposes of dilution, share options are non-dilutive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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