Microsaic Systems shares fell 0.6% to 0.08p in late afternoon trading on Monday, following a widened pre-tax loss of £3.4 million in FY 2021 compared to £2.5 million in FY 2020.
The group attributed its loss to share-based payments of £1.3 million, depreciation of £161,000, amortisation of £38,000 and professional fees of £66,000.
However, Microsaic highlighted a revenue surge of 357% to £910,000 from £200,000 last year as a result of MS instruments, consumables and end-user solutions spare parts sales.
In addition, the firm reported a narrowed adjusted EBITDA loss of £1.7 million against £2.1 million year-on-year.
The company mentioned orders in excess of £1 million, and an order backlog of £125,000 at year-end for shipping in 2022.
The firm noted a reduction in operating expenses to £2.5 million against £2.7 million, however other operating income slid to £67,000 against £97,000.
Microsaic confirmed cash and cash equivalents on 31 December 2021 of £3.4 million compared to £400,000, and mentioned its oversubscribed fundraising with gross proceeds of £5.5 million raised in February 2021.
The firm commented that it had reworked its revenue model going into 2022, moving on from selling equipment and consumables and focusing on generating sustainable, recurring revenues from a selection of sources.
The company said it aimed to sell products to provide medical diagnosis at the point of care, with predictive services already adding value for existing clients and projected to deliver real-time monitoring to detect contaminants in the environment.
Microsaic added that it had increased fiscal visibility for the coming months, and that its revenue expectations for 2022 remained secure on equipment and consumable sales, along with its recent £400,000 Manufacturing Framework Services Agreement, which are already above HY1 2021 revenue levels.
“2021 was transformational with a new Board, new business model and the financial injection that has delivered significant progress in the ongoing move from product sales to customer-centric service solutions in Human and Environmental Health,” said Microsaic Systems executive chairman Gerry Brandon.
“This has resulted in the identification of multiple sources of revenues that are expected to maintain growth this year and into 2023.”