Financial results: Meditech and Optiscan

Meditech Research (ASX: MTR) has reported that its revenues increased 90 per cent to AUD$679,495 while its net loss decreased marginally to $2.7 million during its financial year ending December 31, 2004.

The increase in revenue came primarily from interest and from payments from commercialisation partner Novozymes, which contributed $228,384 toward the cost of the HyCAMP clinical trial, plus a further $83,278 as reimbursement for the cost of trial materials.

Meditech's cash balance at the end of the financial year was $4.98 million, down from $8.29 million in the 2003 financial year.

Optiscan waits for revenues

Optiscan has reported revenues of AUD$1.49 million for the first half of the 2004-2005 financial year, down from $2.33 million in the corresponding period of the previous year, which included $1.49 million in non-recurring development contributions from R&D partner Pentrax. The company indicated recently that revenues from the $5 million order recently placed by Pentax would not start to appear on the balance sheet until the 2005-2006 financial year.

The total loss for the company for the half-year was $2.87 million, in line with expectations. Optiscan recorded a cash balance of $10.13 million at the end of December, after a successful placement raised $3.9 million from new institutional investors.

Optiscan has forecast that it will report a loss for the 2004-2005 financial year, and has noted that its prospects for making a profit in the 2005-2006 financial year are difficult to predict and dependent on a number of factors including uptake of the flexible endomicroscope system after its launch later this year, progress with securing a partner to develop a rigid endoscope.