Polarean Imaging shares dropped 2.6% to 60.8p in late morning trading on Wednesday, after the firm announced a gross profit decrease to $294,840 in HY1 2022 from $298,689 in the previous year.
The company reported a revenue growth to $834,087 against $621,874, as a result of its polariser systems sales to McMaster University in Ontario, Canada and the Cincinnati Children’s Medical Centre.
Polarean Imaging confirmed a rise in administrative expenses to $1.4 million from $1.2 million due to infrastructure building expenses to support the launch of its product, along with a cost of sales climb to $539,247 compared to $323,185.
The firm highlighted a loss from operations climb to $6.6 million from $5.2 million last year, and a loss on ordinary activities before tax of $6.9 million against $4.8 million.
Operating expenses rose to $7 million against $5.5 million on the back of higher regulatory costs to support the resubmission of its New Drug Application (NDA) for the firm’s drug-device combination.
The group mentioned net cash of $22.7 million as of 30 June 2022, which Polarean Imaging said could finance the company into 2024 “based on strategic decisions.”
Polarean Imaging noted a basic and fully diluted loss per share of 3.3c from 2.6c year-on-year.
“During the first half of this year, we have focused on the approval process of our NDA, and addressing the findings related to the CRL. The FDA processes are proceeding with question and answer and other interactions with the FDA as we approach our goal action date of 30 September 2022,” said Polarean Imaging CEO Richard Hullihen.
“We have also made appropriate progress on our commercialisation planning activities, which include medical engagement of pulmonology and radiology thought-leaders at scientific conferences, profiling of our target top-tier academic institutions, and reimbursement code investigation and applications.”
“We are excited to welcome our latest new researchers and sites, while renewing the capabilities of existing users, which continue to increase clinical research momentum.”